Perhaps you’ve been thinking about looking for a better King County property management company, but you hesitate to make such a change. After all, your finances and your investment property are important, and change can be disruptive.
We understand it can be difficult, but if you’re not maximizing the value of your rental home and your management company isn’t responsive to your needs or willing to make decisions based on your investment goals, it’s time to move on.
In today’s blog, we’re identifying three signs that you shouldn’t ignore. If you can relate to any of these things, it’s time to find better property management.
High Vacancy and Turnover Rates
One of the most critical jobs of your property management company is to keep your property occupied and earning rental income. You should have high-quality tenants in place, and those tenants should be enjoying such a fantastic rental experience – they’d never dream of giving notice and moving out after a year.
Vacancy is expensive. There could be many reasons that your property isn’t renting. Maybe the rental value has been miscalculated and it’s priced too high. Maybe deferred maintenance has caused its condition to deteriorate and good tenants aren’t interested. It could be that the marketing and online advertising isn’t strategic or aggressive enough. Whatever the reasons – your management company should be solving the problem with a sense of urgency.
If it takes a long time for your property to get rented and you seem to be losing tenants after every lease period expires, consider looking for better management.
Lack of Financial Transparency and Communication
In 2020, there is no reason for your property management company not to have advanced software and innovative technology. A lot can be automated and put online in order to save everyone time and money, and to be more transparent. You shouldn’t be waiting for a printed statement to arrive with your rent check every month. If your management company isn’t providing an online portal where you can view statements, print reports, and examine invoices and inspection reports, it’s time to find a management company that’s modern and efficient.
Communication is also important. If you can’t get an answer to why a maintenance invoice is so high or you have no idea why your rental income has dropped over the last two months, you have a serious problem. Find a more responsive team of property managers.
Maintenance is Deferred or Mishandled
Maintaining the condition of your rental home protects its value and retains good tenants. Emergency maintenance requires an immediate response and a property manager that’s available 24 hours a day and seven days a week. Routine maintenance also requires action as soon as it’s reasonable, and there should be a team of licensed, insured, and professional vendors and contractors ready to make any repairs that are made. If your property management company is ignoring maintenance or working with unlicensed or unqualified contractors, you’re taking on a lot of liability and putting your asset at risk.
Ask for regular inspection reports and maintenance updates. You should always know what the property looks like, and if your management company cannot provide the peace of mind and the response that your home requires, it’s time to find one that can.
There are three major indications that it’s time to find better management. If you’d like to talk to us about how to switch from an average management company to a superior one, please contact us at People’s Real Estate & Property Management.