4 Signs You Should Fire Your Current Property Management Company
Our topic today is identifying reasons that you might want to consider changing your property manager. Before we get into details, it’s important to understand that it’s not a good idea to change property managers as soon as you have a minor issue. A lot of times, better communication is all that’s needed. If you can figure out the problem you’re having, it makes more sense to stay with your current property manager who knows the house and its history. However, there are certain things that might make you think it’s time for a change.
1. Property Manager Communication Problems
If you call your property manager and you don’t hear back that same day, or it takes them a few days to respond to an email, that’s a problem. You want real time answers and assistance and you don’t want to be left waiting for help. Your property manager should have emergency numbers in case there is something an owner needs right away. Usually, the questions we get are accounting related or pertaining to something that may be going on at the property. However, we believe that those questions also require a prompt response.
2. Property Maintenance Delays
When you have a tenant who keeps putting in a lot of work requests and there is no action on the part of the property manager, that’s another big problem and a good time to re-think your property management company. Most owners don’t talk directly to tenants, but when you have information that a property management company isn’t paying attention to problems, act on it. Those delays will only lead to larger damage and bigger costs down the road.
3. Lack of Transparency
Charges that show up on your account that are unexplained should also be a cause for concern. Property management billing issues should be explained in detail, and if costs are getting tacked on and you’re not sure why, your property manager owes you an explanation. Understanding what you are getting billed for is extremely important.
If your property management company isn’t using modern accounting techniques, you may want to switch companies. Back in the day, it was perfectly acceptable to use the shoe box full of receipts system. However today, everything is done online. At Advanced Solutions Property Management, we have the latest and greatest accounting software and it helps with collecting rent, managing reconciliations and dispersing payments to our owners right away. We can account for every dollar that is spent, and there is never a question about how your money is being handled. If your property management company needs an upgrade, start looking elsewhere.
If you have any questions about property management in Salt Lake City, please contact us at Advanced Solutions Property Management, and we would be happy to share more information.
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