A property management company is wholly responsible for the welfare and sustainability of your business as a property owner relying on a consistent stream of income. As a result, the amount of work they put – or don't put – into maintaining day-to-day operations, tenant turnover, vacancies, and other various issues can make or break your reputation. Here are five telltale signs that your property management company is no good, and that it's time to switch to a professional and reputable organization instead.
Nothing is a bigger red flag to a property owner working with a property management company than a missed deadline, and if there are multiple ones in rapid succession of one another, it can indicate that your company isn't truly caring anymore. A good and professional property manager will reach out to tenants as deadlines loom closer, ensuring that no opportunities are missed for you or them.
Nothing is more unsettling or discouraging than a body representing a property owner either refusing to respond or delaying their communications with tenants. Emails and phone inquiries should be responded to within 24 hours, and if your property management company is simply ignoring messages, they need to go as quickly as possible.
Tenant Dissatisfaction or Abandonment
Although tying into poor communication, the process of upsetting or even "abandoning" your tenants can result from another factor – cost savings on behalf of your property management company without your knowledge. Unprofessional companies may attempt to string tenants along by delaying maintenance expenses or performing patch repairs as opposed to long-term solutions that cost more man-hours and money. If you suspect this is occurring, it is important to take action to retain your current tenants as well as your reputation.
Inaccuracies or Unauthorized Owner Charges
On the flip side, are you noticing excessive charges on your credit card that weren't authorized or that you are unfamiliar with? If so, it could very well mean that your property management company is doing a little spending behind your back, which can wreak havoc on budgetary planning and future investment strategies. It's important to have the chance to approve or disapprove differences in cost – nothing is right about a $400 repair costing you $900, for example.
Vacancies Lasting Several Weeks or More
Perhaps you've noticed that your property is on the market for multiple weeks, yet you aren't receiving updates from your property management company or any guidance from them. If so, it's a sign of them simply listing your property, collecting their fees, and theoretically sitting on a goldmine to do little to no work as long as you don't act. This isn't always the case, and it could be more complicated than it seems, but regardless, you need to act fast and not ignore the issue.
If you're interested in moving on to a professional, reputable, and results-driven property management company that respects your needs, Rent in Ottawa Property Management can lend a hand without hassle. Contact us today or visit our property management services page to learn about all of the ways we keep you informed, protected, and properly marketed to the Ottawa area.