No one likes break-ups, but if it’s time to move on from your current King County property management company, don’t wait too long to do it.
The relationship you have with your property management company has to work for all parties, otherwise it’s not serving your interests or those of your investment properties. You may have arrived at the point where your needs are not being met or the quality of service has slipped. If that’s the case, don’t be shy about looking elsewhere.
Today, we’re helping you spot the warning signs that it might be time to change property managers.
Communication is Not What it Should Be
If you notice there’s a breakdown in communication, this is a major problem. Communication affects everything when it comes to leasing and managing your home. If your property manager can’t communicate, they likely can’t stay on top of maintenance or manage tenant disputes. Property managers are busy people – we know that better than anyone. However, there is no reason that your property manager should be ignoring you.
When you can’t get a response within 12 to 24 hours of your phone call or message, you might have a problem. If you can’t get anywhere with phone calls, emails, texts, or messages through your portal – you might want to consider working with another company.
Accounting is Inaccurate or Difficult to Understand
You should get a monthly statement with your rent payment that clearly and accurately breaks down how much you earned in rent and other fees and how much you spent in maintenance, management, and other expenses. This information should always be available to you online, in your owner’s portal. As an owner, you are entitled to a clear and accurate accounting of your investment. If there are mistakes every month or you have to ask for an explanation because you don’t know what any of the math means, you probably aren’t working with the best property management company.
You also need to watch for hidden fees. If you see additional costs in your statement that you weren’t expecting or weren’t informed about, you should find another manager. No one likes to be surprised by hidden fees, and everything you’re expected to pay should be disclosed to you in advance, before you sign a management agreement.
High Vacancy and Turnover Rates
To effectively earn cash flow and increase ROI on your rental property, you need to keep it occupied. A good property manager will limit your vacancy time by marketing your home strategically and ensuring it’s priced correctly. If your property has been vacant on the market for weeks or even months and you aren’t getting any updates about showings or interested tenants, your property managers aren’t doing their jobs.
Avoiding turnover is another important function of a King County management company. If you have a good resident in place, your manager should be doing everything possible to keep that resident. If you’re not getting your home rented quickly or you’re losing tenants after every lease ends, you need to consider working with someone else.
There are a lot of other things we can discuss if you’re worried about the service you’re receiving from your property managers. Let’s talk about what your concerns are and whether you’d be better off with an experienced and responsive team of King County property managers like us. Contact us at Real Estate Gladiators.