5 signs it could be time for a new property manager

It is not unusual for landlords to sever relationships with their property manager. Here are five reasons this happens:

1. Breakdown in communication – The property manager does not return calls, answer texts or email messages from the landlord. This can frustrate the landlord who feels ignored by the manger. Many proficient managers try to respond to communications and address landlord inquiries within one business day.
2. Poor upkeep of property – One of the responsibilities of the property manager is to ensure rental property is maintained. If the property is deteriorating and manager has not notified the landlord of the need to repair, then there is a serious problem. Delayed or ignored maintenance is very costly and should be always avoided.
3. Vacancies – Whenever a tenant moves out management should be efficient in filling the vacancy. A robust marketing and tenant-finding process will reduce the loss of income by the landlord. Prolonged vacancies and frequent tenant turnover are very costly affairs and will make any landlord unhappy.
4. Inaccurate statements and accounting – There may be underlying problems if your statement contains mistakes regularly. Statements must be straight-forward and any variations should be easily explained and supported with documentations. At the very least, a landlord is entitled to receive timely and accurate statements. Failure to receive those can be a reason to lose confidence in any manager.
5. Unauthorized expenses – The property management agreement should have a maintenance limit requiring the landlord’s approval if an expense exceeds a certain amount. Failure of managers to seek the owner’s approval can erode confidence in the relationship.

When the relationship with manger breaks down because of any of reason, it is not easy to regain that trust and confidence in the property manager.

If you have any questions on property management, please contact Crest Premier Property Management Team.