3 Signs That Your Property Manager isn’t Good
Selecting the right property managers can mean the difference between a profitable investment and a stagnant rental unit. Managing a rental property is no easy feat and you need a property manager who is knowledgeable and willing to get the work done. Finding someone who can run your property efficiently will help you get the maximum return on your investment.
From a landlord’s perspective, a good property manager should find reliable tenants, collect rent, ensure lease agreements are being met, and provide vendors for maintenance requests. Additionally, they should be conducting annual inspections to make sure the unit is being properly maintained.
But what happens when a property manager fails to do their obligations adequately?
Here at Hoffman Realty, Tampa Property Management, we have been in business for 25 years and never have we seen so many complaints from landlords about their current property manager. The top three reasons we found as to why landlords are unhappy with their current property managers.
3 Reasons Landlords are unhappy with their property manager
- The property manager doesn’t return the landlord’s phone calls
- The landlord’s accounting is consistently incorrect, or
- They are unable to get any cash flow out of the landlord’s property
Not all sales agents make good property managers
After the real estate sales market in Tampa collapsed there was an influx of real estate sales agents entering the property management industry. Many of them do an excellent job; however, there are some that really shouldn’t be in the business. To put it simply, not all sales agents make good property managers.
Although there are similarities in the skill set a sales agents and property manager need to have, there is still a distinct difference between the two. Unlike sales agents, property managers have specialized knowledge in areas such as rental laws, know-how of the eviction process, a network of qualified vendors, and accounting in place for rent collection and bill pay.
Problem with unresponsive property managers
So, let’s discuss one of the main issues landlords are having currently in Tampa, and that is unresponsive property managers. After all, why aren’t they returning your calls? What else are they doing? You’re their customers and if they’re not putting you first then it’s probably masking a much bigger issue. Same as in marriage, communication is the key element to a successful relationship between a landlord and their property manager. Without an open line of communication, the relationship is doomed to fail. Having to chase down your property manager for basic answers is completely unacceptable. If you’re not getting regular responses from the person who is managing your property and finances then it’s time to move on.
Possible conflicts of interest
A good property manager puts your needs first, but a sales agent may put a large sales commission ahead of your rental unit. Essentially, this is a conflict of interest for the sales agents and they may go chasing the sales commission instead of attending to their property management duties.
If your property manager isn’t returning your calls:
- Are they returning your tenant’s calls?
- Are they handling maintenance issues?
- Are they scheduling vendors?
- If your vacant is unit, are they showing the property?
- Are they returning the calls from potential tenants?
Most likely, if they can’t return your calls, they can’t perform these tasks as well and it’s time to find a new property manager. Great agents want to look after you, so find the person who will put your rental property first and help maximize its return value.
Contact us or give us a call if we can answer any questions at (813) 875-7474.
How Do You Know Your Property Manager is No Good? 3 Signs to Watch Out
Part 1: Property manager won’t return phone calls
Part 2: Property manager gets the owner’s accounting consistently incorrect
Part 3: Property manager is unable to get any cash flow out of the owner’s property