Hiring a property management company can be a smart move, as it reduces the stress and time-consuming responsibilities of managing your investment property.
However, not all property management companies are created equal, and there may come a time when you need to decide to make a change.
What are the signs that it may be time to consider changing property management companies?
Inadequate Property Maintenance
One of the primary roles of a property management company is to ensure the maintenance and upkeep of your property. If you notice signs of neglect, such as a poorly maintained exterior, delayed or improperly done repairs, or ignoring maintenance requests from tenants, it may be a red flag that your current property management company is not adequately fulfilling its responsibilities.
Lack of Responsiveness
Effective communication between you and your property management company is crucial. If you find that your current property management agency is slow to respond to your inquiries or fails to address tenant concerns promptly, it can lead to frustration and dissatisfaction for both you and your tenants.
A proactive and responsive property management company should be readily available to handle your queries and promptly address tenant issues to protect both your reputation as a landlord and your investment property.
Unethical Practices
Trust is of utmost importance when it comes to managing your property. If you have reason to believe that your current property management company is engaging in unethical practices, such as entering the tenant’s home without proper notice or permission or mishandling funds, it’s a clear signal that you should consider parting ways.
Ongoing Issues
If you frequently encounter recurring problems that are not promptly resolved by your property management company, it could be a sign that they are not effectively managing the property.
Persistent issues like tenant disputes, lack of maintenance or repairs, or excessive vacancies suggest that your property manager may not have the necessary skills or resources to address your property’s needs adequately.
Financial Loss
The primary goal of hiring a property management company is to maximize your investment returns by saving time and money.
However, if you consistently experience financial losses due to prolonged vacancies, subpar rental rates, or excessive fees and charges from your current property management company, it’s time to reassess whether they are truly serving your best interests.
Contract Violations
Your contract with the property management company outlines the terms and expectations of the service they will provide. If they continually breach their contractual obligations, it may be grounds for termination.
Whether it’s failing to provide transparent financial reports or not adhering to agreed-upon maintenance standards, contract violations indicate a lack of professionalism and reliability—things that can hurt your investment.
Poor Tenant Screening
Quality tenants are essential for the success of your rental property. If you notice a pattern of problematic tenants, such as frequent late payments, property damage, or complaints, it may indicate that your property management company is not conducting proper tenant screening. This oversight can lead to potential financial and legal complications for you as the property owner.
Find Your Best Property Manager With FAS Management
Your decision to change property management companies should be based on the best interests of your property and your own peace of mind. If you’re experiencing any of the above signs, it may be time to explore alternative property management options.
Find your best property manager with our team at FAS Management. Since 1946, we have helped property owners in the nation’s capital maximize their investments. Contact us today at (202) 337-5080.
