Hiring a property manager can take a huge load off of a landlord’s back when it comes to handling the ins-and-outs of the rental business. However, a bad property manager can ruin a landlord’s otherwise honest, hard-working reputation.
When you are hiring a property manager to help with the day-to-day operations of your business, the following are 3 red flags that you might have a bad property manager on your hands who will do your business more harm than good in the long run.
Lack of Communication
The most common problem with property managers is a lack of communication. They have to be open and willing to talk to the landlord. If the property manager keeps evading communications or doesn’t return emails, phone calls, etc. you will be fighting a huge problem in no time.
Lack of Payments
The biggest red flag of all is if the property manager does not give the landlord the money they owe within 30 days following the end of a given month. If a landlord isn’t receiving their payments, that can signal many problems from tenants not paying their bills to property managers who are taking money from their landlord. You should account for your money down to every penny. If your property management company can’t give a solid answer as to where your money is going, then they are not being honest with you as a landlord.
Lack of Punctuality
Almost all landlords have a 24-hour response requirement or within one full business day. That means that if a tenant reports a problem at their residence, the property manager will need to respond within 24 hours of the call getting placed. Property managers that leave maintenance and property issues (even minor ones like a leak in a faucet or a non-working dishwasher) for days or even weeks on end show that they are not ready to take ownership of their responsibilities as a property manager.
If you have any questions about our property management services here at 1836 Property Management, please feel free to contact us for further assistance. If you are interested in renting one of our properties, please set up an appointment to come in at your convenience, and we will be happy to show you what we have to offer.