To be a successful property investor, you need to understand that you must always be professional when dealing with your investments.
Having an inept or lackluster Property Manager, can be very detrimental, to the value of your portfolio.
Here are 5 fundamental signs that you have a BAD Property Manager:
- Issues regarding Compliance.
A good Property Manager will always ensure and be up to date with inspections and that you as a landlord are also being compliant.
Property Managers are bound by certain rules and regulations and they must adhere to these at all times.
If you are having issues with Compliance, it is definitely time to rethink having a Property Man
ager.
- A Property Manager who is not very communicative
This is a “no brainer”. If you are consistently having issues, with lack of communication, it is definitely time to reconsider your Property Manager.
- Late Reporting
A Professional Property Manager knows that they are bound by strict “Notice Periods”. Late Reporting is simply not acceptable and is a sign that other things are probably being overlooked.
- No Follow Through
This is completely unacceptable and unprofessional. If this is happening regularly, it really is time to get rid of your Property Manager.
- Little or No Maintenance
Property Managers are supposed to organize maintenance and repairs in a timely manner. It would be a good idea to occasionally drive by your property, without alerting your Property Manager.
Have a look at the property and note any outward signs of neglect such as overgrown yard, shutter damage etc.
You can’t just assume that because you pay high fees, that you are getting a Premium Service.
Often, Property Managers have a very heavy workload and are just not able to service everyone properly. This is why Self Management is such an attractive option.
Investors are mostly passionate about their investments and want to take back control of their portfolios but not sure how.
RealRenta automates the whole Self Management process and makes things very simple and easy.
