Getting over a bad property management experience isn’t too dissimilar to leaving a bad romantic relationship. There’s a lot of distress, a lot of confusion, a lot of wondering how it all happened.
There’s some grieving.
There may be some hesitation about doing all of that again.
We understand.
At Hoffman Realty, we work with a lot of landlords and real estate investors who have had a single bad experience or a string of bad experiences with local property managers who didn’t do what they said they would do or who caused problems instead of making their investment experience better.
It’s a bit traumatic, and we can help you move past it.
We do things a little differently here. We’re more professional, we have higher standards, and we take the effective leasing, management, and maintenance of your property very seriously. We have a history of success stories that we can share with you and many owners and clients who have been with us for a decade or more. Tenants, too, appreciate our attention, knowledge, and responsiveness.
We’re different. And, if you’ve had a bad experience, we invite you to recover from that by partnering with our team for all of your Tampa real estate and property management needs.
Here’s what to do when you’ve had a bad experience with a property management company.
Common Experiences You Might Encounter
Dealing with an underperforming property management company can be a stressful ordeal for landlords and real estate investors. Your property is a significant investment, and when it’s not managed correctly, it can lead to financial losses and endless frustrations.
This feels like a lonely place to be, but it might help to know that you’re not alone. While we believe that professional property management is the best way to maximize what you earn on your investment, we know that bad property management is often worse than no property management.
If you find yourself in this situation, it’s essential to take decisive action. Here are some of the most common bad experiences that landlords and investors will have with their property managers. Recognize the red flags so that you’re not stuck hoping that things will get better. They probably won’t, and you want to get out of that relationship as quickly as you can.
- Poor Communication: You’re always the one initiating contact, and information on your property’s status is vague or delayed. There’s no excuse for bad communication, not in our digital age where there are dozens of ways to get in touch with someone.
- Frequent Complaints: Tenant complaints are going unresolved or mishandled, leading to high tenant turnover. This is a big problem. Your property managers work for you, of course, but you want them to invest in good tenant relationships because that drives tenant satisfaction and retention.
- Lack of Transparency: Accounting statements are unclear or they contain unexpected fees. We hear this a lot. Or, those financial statements and accounting records aren’t provided regularly or made available around the clock.
- Negligence in Maintenance: Repairs are being ignored or handled improperly, affecting property value and tenant satisfaction. This is a great way to lose tenants, and it’s also likely to diminish the value of your asset.
- Sub-par Tenants: Tenant screening seems superficial or non-existent, resulting in problematic renters and more issues to handle. You shouldn’t be evicting tenants all the time or dealing with property damage or broken leases.
Steps to Take After a Bad Experience
1.Document Everything:Keep records of all communications, agreements, and issues you’ve had with the property management company. You should be able to make a clean break, but if you need to prove or explain why you’re leaving, the documentation will help.
2.Review Your Contract: Understand the terms of your agreement and the process required to terminate services if necessary. You may have to give a specific amount of notice.
3.Communicate Your Concerns: Address the problems directly with your property manager. Sometimes, companies are willing to rectify the issues. If they’re willing to listen and make changes, the relationship can perhaps be saved. If they’re defensive and deflect what you’re saying, then you know you’re making the right decision to leave.
4.Legally Sever Ties: If improvements aren’t made, take the legal route to end your contract ensuring you comply with its terms to avoid further complications.
5.Notify Your Tenants: Once you decide to switch companies, inform your tenants about the change and work with your new property management team to ensure a smooth transition.
Finding a Reliable Property Management Company
Now let’s focus on how to find a new property management company that aligns with your expectations and investment goals:
- Research Potential Companies
Start by searching for property management companies in Tampa with a strong reputation in the industry. Check online reviews, ask for referrals from fellow landlords or real estate networks, and look at the track record of potential companies.
- Talk to Potential Management Partners
Prepare a list of questions to understand their processes thoroughly:
- How do you screen tenants?
- What is your communication policy?
- How do you handle maintenance requests?
- Can you provide references from current clients?
- Understand Fee Structures
Discuss fees upfront to avoid any hidden charges. Compare fee structures across different companies but remember that the cheapest option might not always provide the best value.
- Assess Technology and Tools
Check if the company utilizes property management software for transparent communication, record-keeping, and efficient operations.
Talk about Transitions
Your new property manager must take the lead in transitioning from one company to another. You’ll want to rely on them to take possession of the lease agreements, security deposits, and other paperwork. A good management company will do all of this for you so that you don’t have the stress of trying to get what you need from the company you’re leaving.
Turning a corner after a bad experience with a property management company is a critical step toward safeguarding your rental investment. The right property management company will not only protect your asset but also contribute to its growth and your peace of mind as an investor. Don’t let a bad experience define your journey in real estate investment. Instead, let it be the catalyst for improvement and future success.
We can do better for you. Contact us at Hoffman Realty, and let’s turn your terrible experience into something that exceeds your goals and expectations.