As a rental property owner, you may turn to a property manager for a more hands-off investment experience. Whether you’re tired of managing properties, moved away, experienced major life changes, or are dissatisfied with your current provider, choosing the right property manager is crucial.
While property managers should make your life easier, some may cause more harm than good with poor communication, missed rent payments, and neglect. It’s essential to recognize and address operational failures early to prevent financial and reputational damage.
Are Your Expectations Being Met?
Define the responsibilities your property manager should fulfill, including tenant management, maintenance, and maximizing profitability. Clear expectations guide effective oversight of your rental properties.
1. Finding Tenants and Screening
Thorough screening ensures tenants are reliable and financially stable. Property managers should handle all aspects of finding and selecting tenants, including background checks and references.
2. Lease Execution and Enforcement
A solid lease protects both parties, outlining rules, responsibilities, and legal compliance. Property managers must understand lease agreements to enforce rules and address tenant disputes effectively.
3. Rent Collection
Timely rent collection is essential. Your property manager should communicate clearly with tenants about payment policies and promptly update you on any payment issues.
How to Move On From Your Current Manager
If your current property manager fails to meet expectations, take action promptly. Address concerns with the manager, escalate if necessary, review your agreement, and consider terminating the contract if issues persist.
Reach out…again
Communicate your frustrations clearly with your property manager and seek resolution before considering termination.
Pursue a swift resolution
If issues persist, escalate the matter within the company or file a formal complaint. Document all communication efforts for reference in case of termination.
Review your management agreement
Understand the termination clauses and procedures in your contract before taking steps to end the agreement.
Steps After Termination
After terminating the contract, conduct thorough research to select a new property manager. Utilize resources like Property Manager Finder to vet potential managers and ensure a reliable partnership.
Ask critical questions about experience, services, fees, and tenant management practices to make an informed decision.
Final Thoughts
Don’t wait for operational failures to cause significant damage to your investments. Address concerns promptly, communicate effectively, and make informed decisions to ensure a successful property management relationship.
