Selecting the right property manager can make all the difference when it comes to the success of your rental property.
While a good property manager can help maximize your investment’s return value, a bad one will make you want to run for the hills. So, what happens when the property manager you choose turns out to be no good?
Well, that is why we at Hoffman Realty in Tampa have put together this three-part blog series to help you determine if your current property manager just isn’t getting the job done. In the last four to five years, we have never seen so many complaints from landlords about their property managers.
We’ve compiled the top three reason landlords tell us, they’re unhappy with their property manager or why they’ve fired their current residential manager.
3 Reasons Landlords are unhappy with their property manager
- The property manager won’t return phone calls
- The property manager gets the owner’s accounting consistently incorrect, or
- The property manager is unable to get any cash flow out of the owner’s property.
In part three, the conclusion of our series, we will discuss what happens when there is no cash flow in your property.
Here at Hoffman Realty we have seen many landlords claiming they’re going several months without any owner draws. This essentially means they are unable to take out any sum of money, from the cash flow of their property, for personal use.
We believe there are three reasons for this:
- The property has been vacant for a long period of time.
- There are either non-paying or slowing paying tenants in the unit.
- Repair bills between tenancies are much larger than they should be.
In our opinion, this is because their property manager is not aggressively pursuing good tenants for their property. You have to ask yourself, why is that? Is this not an important business for them? Is it purely a side job?
Is your property manager trying to find a tenant for your vacant property?
For instance, if your property is vacant for months, is your property manager calling and telling you why? Are they even explaining to you what has to be done to get a good tenant in your unit?
Did the property manager find a good tenant with a clean background?
Additionally, if there are tenants who are either not paying rent or trashing your unit to the point there are expensive repairs when they move out, is that property manager doing proper background checks? If they aren’t, ditch them. However, if they are doing good background checks, are they just settling for someone regardless of the outcome? Most of the time, the best thing a property manager can do for a landlord is not place a tenant with a bad background check in their unit.
So, if your residential manager is giving you cash flow problems, the first thing you should do is talk to them. Maybe there is a legitimate reason, but if there isn’t; find another property manager.
Your priority as a landlord is to ensure your rental property is performing at its best, and an inattentive property manager will do nothing to help with that. Don’t delay your cash flow any longer and choose a Tampa property manager who wants to help you.
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