When Should I Get a New Property Management Company?

When is the Time to Get a New Property Management Company?

Many of us have been fired at one point or the other in our lives.

It’s never pleasant, and sometimes it’s unfair, but it has to be done. The same goes for your current property management company.

If you use a property management specialist, you should always evaluate the relationship and whether or not you are getting what you need from your business association with the company. After all, if a landlord isn’t happy, and the property management company can do something about it, but doesn’t, that company needs to go.

There are several common problems people run into when they hire property managers. This isn’t to say that all property management specialists have these problems or flaws, but when a property owner needs to fire someone, there are usually typical reasons as to why.

Poor communication is one of the prime culprits. Some property owners expect to be in regular contact with their managers, especially if they have multiple properties under management. This is fine; an owner has the right to stay up-to-date on his or her property. Some companies do a poor job of staying in touch, keeping their owners informed, and being available.

Another common problem is late payment. Owners want to get paid on time. That is your right. A company that is habitually late with payments is a company you shouldn’t work with.

Lack of maintenance or responsiveness with tenants is yet another common problem. Tenants need to be kept happy just like owners. Otherwise, they’ll go somewhere else as soon as the lease is up, leaving the owner without a paying tenant. This happens more often than you would think with poor property management companies.

Therefore, if your tenants have reason to complain, you probably do, too. You may be happy with your current company. If so, terrific. But if there is a reason why you’re doubting whether or not you should continue your relationship with your property managers, don’t be afraid to fire them – and protect your business.

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