Property Management nightmares?
When was the last time that you had a great experience with your property management company? One that left you absolutely speechless and wanting to reach out to your friends and family to tell them that you had someone phenomenal to work with that would take care of their property?
You probably started working with property management companies shortly after you graduated high school, and started renting apartments, houses, condos, townhomes. Basically, any time you had to pay rent, you were dealing with either a landlord, homeowner, or most likely a property management company.
We hope that you have had great experiences, but chances are that you have been in the upper 75% of people who have had to deal with slum lords, people who won’t fix things, or homeowners who simply won’t contact you when something is going wrong with their house.
This article shows you six signs that your property management company is doing a bad job, and I’m sure that either yourself or someone you know can back these 6 signs up.
So, we want to help you out a bit. Below, we have given you a few questions to ask of a property manager before either turning your keys over to them to be your property manager, or if you are renting a property, questions to ask that company before you enter into a contract.
- Does your company answer the phone, and have at least one repair person to deal with all the properties that you are covering? If your property management company has control over more than 10 properties, you need to have 1 maintenance guy on speed dial, or on staff. More than 20, 2 maintenance guys. More than 30, 3 maintenance guys. You get the drift. The more properties that a company is taking control of, the more maintenance is going to be a pressing issue.
- How many disputes have you handled in the past 12 months, and what have been the results of those disputes? If you see a greater number of disputes, ask to either speak with the homeowner, or the current renters to see what they say about each instance. If the solution was favorable to both parties, then you’re in good hands. If not, you might want to look elsewhere.
- How are rent increases handles, and how far in advance will renters know that the rent is increasing. Renters should be given at least 3 months notice before their lease is up that their rent will increase. If anything less, then you should look to work with a different property management company. Clearly, rent increases are up to the investor or homeowner, but that needs to be in the contract that you sign before you enter into agreement.
- Lastly, is there a main contact that you will be dealing with when it comes to a property management company? If so, make sure that you are comfortable speaking with that person, and that you know them on a first name basis. If you ever have a dispute, that person will be your go to person, so having them in your corner is a must-have.
We hope that you use this handy guide to finding a great property management company. If you have any questions, contact us today!