How To Avoid Poor Property Managers

How To Avoid Poor Property Managers

There is a lot at stake when you engage a property management company to look after your real estate interests. A poor property manager can really lead to chaos, while a good one can be worth their weight in gold. So, how can you separate the wheat from the chaff BEFORE hiring them? Here are a few tips

Question To Be Asked

What kind of properties do they manage?

The fewer property types they manage, the better because it enables specialization. Before telling them what kind of property you own, if they handle several different kinds, find out which ones they are experts in. You must also ensure that they handle the type of property you own. Learn more about how property managers work here.

Do they handle maintenance?

Do they have a maintenance crew internally, or do they contract with reliable vendors? You should be cautious if they can’t immediately respond to this question.

How often do they deal with evictions?

This shows how carefully they screen potential tenants. Evictions are still handled by good property management companies, but they happen less frequently than with bad screening. You should ask about their eviction procedure as well. Are there a series of steps in place? Is there a general protocol? Here, the details are really important.

When does preventive maintenance take place?

When does the property management firm perform routine maintenance inspections? If they respond to your query by giving you a confused face, you might want to look for another business that does have a preventive maintenance strategy in place. One of the best methods to prevent long-term harm to your properties is through preventive maintenance.

Overview of the Fees?

The answer to this question is not straightforward. Although the management charge is the number that most people concentrate on, there are actually a lot of other costs that may apply. A breakdown of the management company’s fees should be requested. You’d be surprised to learn just how complicated this is. Asking the property management company for an overview will give you a good idea of the total cost that will apply to you and your tenants.

Red flags to look for:

Unprofessional behavior

Don’t work with somebody you don’t want to deal with regularly. It won’t get any better after you hire them because the interview is where they are putting their best foot forward. Consider the fact that this person will represent you to your tenants, and how they behave will be a key component of how well they do their job.

Limited working hours

24/7/365, property managers are available for emergencies. In this line of work, there is no 9 to 5. The lost rent from not showing your unoccupied flats on weekends will also cost you a lot of money for businesses that close on weekends.

Poor responsiveness

How long did it take them to respond to your initial message? It’s time to move on if they are difficult to contact or take a while to respond. Nothing is worse than a non-responsive property manager. Call their after-hours tenant hotline and see who answers to assess how responsive they will be to your tenants. When your tenant has a real emergency that requires a fast response, you don’t want them to ever get an answering machine.

Conducting interviews with at least three property management companies is one of the most crucial things you can do. This is essential as it will provide you with a comparative frame of reference for evaluating and analyzing what each is trying to tell you. We cannot stress enough how crucial this step is. To learn more about what to look for in a property management company, check out our other blog here.

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