If you work closely with property, one of the biggest things you’ll want to keep an eye on is your property management. Knowing whether your property management is up to scratch or not will make a huge difference to how successful you are in the property game. Hiring the wrong management company will impact everything you can think of. You’ll have to worry about the annual cost of maintaining your properties, your occupancy rates, the number of times you have to turn each property over each year, and much more.
By taking the time to make sure your property management is right, you’ll have a lot less to worry about.
The Properties They Manage Don’t Look Great
By visiting a couple of the properties that this company takes care of, you’ll get a good idea of what to expect with your own property. Seeing overgrown lawns, bins that haven’t been emptied for weeks, and other issues is not a good sign. Make sure you pay attention to the outside of the property and not just the inside. Providing that the Management company is responsible for the entire property, that is.
This is what your home could look like in the coming months if you’re not careful.
It’s A One Person Op
When it comes to property management, you need to be sensible and make sure you take advantage of hiring a team of professionals. When you hire just one person, you can pretty much guarantee that you’re going to run into problems at some point. Individuals will let you down. They’ll retire, get sick, go on vacation, get married and even move away. You just can’t rely on one person to manage your property.
Their Communication Is No Good
Staying informed on what is going on with your property is super important. If your chosen company seems to keep things away from you, you could run into trouble at some point. Shockingly, some companies have the idea that a notification is simply to not give you your funds when a tenant has vacated the property.
You Haven’t Saved Any Time
If you find that this company is dumping problems in your lap, and mismanaging tenants to the point that you are still getting involved, it is time for a change. A company like this is supposed to help save you time, energy and trouble. With the right residential real estate agency you should not still be involved in day to day operations at all.
The Property Looks Like It’s Falling Apart
A lazy property manager or somebody who is just no good at the job will not undertake regular inspections of the property, allowing potential problems to get worse and tenant damage to persist. You’ll spend time and money making things right in the long run, so you need to keep an eye on this.
If your property management company is constantly paying you late or having trouble collecting from your tenants, their process could be to blame. Make sure you check this out.
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