Changing Orlando property management companies may seem daunting. Change is hard, and when you’re talking about one of your largest investments, the stakes are high.
However, if your management company isn’t providing the services that they promised to deliver, or you’re finding that you’re losing money and tenants, it might be time to look elsewhere.
Today, we’re sharing some of the very good reasons to find a better property manager.
Communication is Inconsistent or Lacking
Set your communication expectations at the beginning of your relationship with your property manager. Some landlords like to be involved in everything and others only want to be bothered if there’s a problem. When you find that you aren’t hearing from your property management company frequently enough, you might be able to resolve that by asking for updates.
However, if phone calls are going unanswered and it takes them a week to email you back, there might be a problem that’s difficult to overcome. Either they can’t answer your questions and respond to your needs or they won’t. It’s possible they’re overwhelmed with work and they don’t have the capacity to provide high quality service to you. The problem is that if they’re not responding to you, they probably aren’t responding to your tenants, either. This leaves your property – and your ROI – in danger.
If your property management team isn’t responsive and available, find someone who is.
Confusing or Inaccessible Financials
You cannot take any chances with your money. A good property manager will provide a monthly accounting statements so you can see the income and expenses associated with your investments. Most management companies will also deliver an online portal where you can log on and run reports, see details, and inspect invoices and receipts. If you don’t have access to any financials or you don’t understand what you’re seeing, you’re entitled to a full explanation. If you don’t get one – find another management company.
Rent should be collected consistently, and you should receive direct deposits electronically. At tax time, you should receive a 1099, and you should have complete confidence in the accounting and bookkeeping functions of your property manager. If you don’t, you need to work with someone you can trust.
Tenant Retention is a Problem
Do your tenants seem anxious to leave your property? If they’re not renewing leases or they’re breaking their lease agreements, there might be a management problem. Your property management company should be placing tenants who are reliable, well-qualified, and willing to stay for as long as possible. Losing tenants means higher turnover and vacancy costs. If retaining tenants seems to be a problem for your management company, it might be time to look elsewhere.
As you’re looking for a new property management company, find one that can make the transition as stress-free as possible. Spend some time investigating reputation, systems, and commitment to communication before you sign a new management contract.
As a landlord, you need to treat your rental property as business. When your property managers are failing to meet your needs, it’s okay to look elsewhere. We’d be happy to help you. Contact us at Park Avenue Property Management if you’d like to know more about what it’s like to work with us.