4 Signs That You Need a New Property Management Company - What to Know
Owning a rental property in New York is a lucrative investment because this venture takes up much of your time, effort, and money. This is why working with a dependable property management company that is more than capable of managing your building well is important.
Why Hire a Property Manager?
Investing in a rental property is one matter, but taking care of its business aspect is another. If you feel like you are not qualified or knowledgeable enough in handling the building by yourself, then know that you can depend on a property management company in New York to write up lease contracts, care for your tenants, and maintain your rental property.
When you hire a property manager, you can be assured that your building is well-maintained, and your tenants are satisfied with what you offer. A reliable property management company also makes sure that vacancies are filled, all tenants are qualified, and they pay on time.
Sometimes, however, property managers may fail to do their job properly. In cases like these, your money might go down the drain, and such failures can put your investment in danger.
In this article, we will share with you four warning signs to look for if you’re concerned about poor property management:
1. Lack of Communication
Clear and constant communication is important to the success of any business. Property managers must be fully transparent with you about your building and should be easy to contact, especially in case of emergencies.
Unanswered calls or messages are signs of unprofessionalism. If you find that your property manager difficult to get hold of and doesn’t relay important information to you, it’s time to move on and find a more responsible manager.
2. Lack of Trust
Having a harmonious working relationship with your property manager is the key to making your investment work, which means that trust and respect should go both ways. If you doubt your property manager’s quality of work and you’re often compelled to check up on your property and handle tasks on your own, chances are you should look for another more competent property management company in New York.
3. Tenant Complaints
Tenants’ issues should be addressed promptly to make them feel safe, cared for, and respected.
Your property manager should be responsible for collecting rent from your tenants on time, keeping your building clean and in tip-top condition, and having your property repaired when needed. If your tenants try to contact you directly and voice out their concerns about your property, however, then this could mean that they don’t find your property manager helpful.
4. Piled Up Bills
Bills that accumulate over time may indicate mishandled money. This might even mean that your property manager is getting a cut from your approved budget for building repair and maintenance.
If you notice your expenses rising or your repair costs are more than expected, look into the situation, and investigate thoroughly first before making any accusations.
Managing a property by yourself is indeed a challenging task, which is why you may hire a property manager to assist you. However, not all managers prove to be dependable, and that may cause you to search for more reputable companies.
If you need a reliable property management company in New York, get in touch with us to see how we can help. We offer multi-family residential, mixed-use, and commercial property management and real estate brokerage services as well. We look forward to hearing from you!