Managing a property by yourself can be a challenging task. Sure enough, you can manage on your own, but it may not be the wisest decision. Working with the right property manager who understands your needs is crucial for your reputation as a landlord. At some point, you will need a property manager if:
You live far from the property, and you have limited time to manage it regularly
You have multiple rental properties and have no time to manage them all
You simply want to take the stress and hassle that come with managing a rental property
You need to make sure, however, that you have a reliable property manager. A bad one will cost you a lot of time and money. Without the right person, your property could sit in the market for a long time, leaving you with no income and more expenses. Or you could probably end up with bad tenants because you are too anxious about those days your property has been on the market.
You have to be wary of the signs to know when it’s time to change your property manager. Here are some behaviors or signs that will indicate potential concerns along the horizon:
Lack of Communication
No investor would want a property manager who is not responsive to any of their queries. A reliable property manager should be proactive. It is their responsibility to report to you and be on top of things regarding your rental properties. They should be able to do that without you nudging them for information. What’s worse is that if your property manager is not returning your emails or calls. This kind of property manager is unreliable, and working with them can create a problem in the future.
No Follow-Through
The reason you invested your money in a property manager is for them to manage your assets. When issues arise, you would expect them to be there to fix those. No follow-through means that repairs are not done on time and/or in an orderly manner, a serious lack of regular property maintenance, or tenants’ complaints not being attended to. That is a major sign of unprofessionalism, and in some cases, just absolute laziness.
Failure to Submit Monthly Reports
Every month, property managers should send you a report of income and expenses related to your property. They should be transparent with all the details and make sure nothing is missed out.
The report should be able to list how much rent was collected from the tenants, how much was taken out for maintenance, or how much was deducted for management fees, among others.
It is part of their job to send you detailed reports. If you are not getting any, ask them to have it sent to you. Make sure they are consistent. If you are still not getting any, even after you have already asked from them, then it’s already considered a red flag.
The right property manager can help you save thousands of dollars in the long run. If the one you hired is showing any of these signs, then it’s time for a replacement. Remember, property managers normally charge eight percent to ten percent of the monthly rent, which is a pretty huge investment.
However, with the right person for the job, it could be worth it. Contact us at True Management NYC for managing your New York properties.
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