Switching from one South Bay, Bonita or Chula Vista property management company to another can be stressful. When you trust someone with one of your greatest assets (or an entire portfolio of them), you are making a huge investment in that partnership. However, you need high quality management from your company, and if you’re not getting what you expect and deserve, it might be time to look around for another provider. You don’t have to settle for mediocre property management in Chula Vista, Bonita or South Bay, and you shouldn’t.
Today, we’re focusing on a few warning signs that it’s time to find new management for your rental properties.
The Money Seems Funny: Accounting Statements Don’t Add Up
One of the things a property manager should do well is to provide you with accurate, detailed, and transparent accounting. At the very least, you should receive statements every month that reflect all of the income and expenses associated with your home. You should also have access to an online portal, where you can see everything in real-time as it pertains to your account. If you’re noticing hidden fees have begun to show up or you’re not getting your rent payments on time or the maintenance bills are adding up quickly but nothing every seems to get fixed at the property – it’s time to hold your property managers accountable for those issues. If you cannot get satisfactory answers, take your business elsewhere.
You’re Dealing with Problem Tenants
Tenant screening should be rigorous, consistent, and thorough. If you’re finding that tenants are routinely late with rent, needing to be evicted, or violating the terms of the lease, your property managers are not doing a great job with tenant screening. When tenants leave after just one year and don’t have any interest in renewing their leases, you are faced with additional turnover and vacancy costs. That could mean your property manager isn’t looking for high quality tenants who will stay in place and help you take care of the home. Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes and other claims and lawsuits.
Communication is Difficult or Nonexistent
You need a property management company that is responsive and accessible. If your property manager isn’t available to you, that probably indicates he or she is not available to your tenants either. Tenants need to reach your property manager if there’s an emergency, and you need to reach your property manager when you have questions or concerns. When phone calls aren’t getting answered or returned and no one is responding to your emails and texts, you need to find a management company that takes communication seriously. It’s hard to trust people who refuse to talk to you.
You Aren’t Receiving Valuable Advice
Any property manager with a decent amount of experience and training can place a tenant and collect rent. However, it takes an expert to help you navigate the laws, requirements, and market conditions that go into managing an investment home. You need to rely on your property manager for advice about pricing, marketing, selecting tenants, renewing leases, making updates, and identifying additional investment opportunities. If you’re not getting a lot of expertise and resources, you should find a property manager who is passionate about the industry and willing to help your investments perform better.
If you have any questions or you’d like to talk about the process of switching Chula Vista property management companies, please contact us at Encore Realty.
