We can list 10 reasons not to hire a property manager, and today we’re focusing on the three biggest reasons. If you’re a landlord looking for professional management, avoid the companies that do these things.
Confusing or Insufficient CommunicationCommunication is critical, and if your property manager is too busy to communicate with you properly, it’s a major problem. At Group 15, our landlords are assigned to a specific property manager who can focus on their portfolio of properties. You shouldn't wait several days for a return phone call or a response to your email.
Expensive MistakesPoor property management can trigger a number of expensive mistakes. The worst thing that can happen is having your property manager place a bad tenant in your property. Most management companies claim to screen tenants, and that’s great. However, you want a manager who goes above and beyond the basic credit check to find out what you really need to know about a prospective tenant. Make sure your manager is asking for pictures of pets and checking social media profiles to get a complete picture of any potential residents. When they call for landlord references, they should know how to ensure they’re talking to a real landlord and not just a friend of the tenant.
Avoiding the PropertyThanks to technology, a lot of property management can be done from a desk. But you don’t want to hire a manager who never goes out to your property. You need someone who conducts inspections and ensures the tenants are following the terms of your lease. This also alerts you to any maintenance or repairs that are needed. Some additional reasons not to hire a property manager include:
- Property managers who don’t provide great service. Whether they are lazy, overwhelmed, or just not interested, you should avoid them. Property managers who don’t raise rents. You need someone who understands the market and can effectively raise rents while retaining good tenants.
- Property managers without market knowledge. Look for a management company that’s based in Raleigh and understands its tenants, prices, and trends.
- Property managers who cannot control maintenance costs. Don’t hire a manager who lacks good judgment when it comes to repairs or can’t keep a list of qualified, affordable vendors.
- Property managers without training. A management company and its staff needs to be up to date with laws, regulations, and best practices.
- Property managers with poor accounting. Bookkeeping and financials need to be transparent, accurate, and easy to understand.
- Property managers who don’t care. Look for a property manager who is concerned and interested in you, your property, and your investment goals.