Trusting a Bellevue property management company with one of your greatest assets (or an entire portfolio of them) requires communication, transparent accounting, and the peace of mind that your property manager’s experience and professionalism will add to your investment experience and make it more successful. If you’re not getting the high quality of service you’re paying for, it might be time to look around for another provider.
Based on what we’ve heard from owners who switched to our team from other Bellevue management companies, there are a few important warning signs that will indicate it’s time to find new management for your rental properties.
Property Management Communication is Lacking
Communication impacts your ROI and your cash flow. If you’re not hearing what you need to hear from your property manager and you’re not having simple questions answered, you can’t make smart decisions about your property and your portfolio. This is no way to run a business.
You need a responsive and accessible Bellevue property management company. If your property manager isn’t available to you, that probably indicates he or she is not available to your tenants either. Tenants need to reach your property manager if there’s an emergency, and you need to reach your property manager when you have questions or concerns. It’s hard to trust people who refuse to talk to you.
Rent Isn’t Getting Paid or Accounting Statements Aren’t Clear
Your property managers have to be good financial stewards. They have access to your bank accounts and they make decisions about maintenance and repairs on your behalf. You should expect accurate, detailed, and transparent accounting.
There’s plenty of technology and accounting software available. It’s not too much to expect statements every month that reflect all of the income and expenses associated with your home. You should also have access to an online portal, where you can see everything in real-time as it pertains to your account.
When you begin to notice hidden fees, or you’re not getting your rent payments on time or the maintenance bills are adding up quickly but nothing every seems to get fixed at the property – it’s time to hold your property managers accountable. If they can’t provide answers, find a new management company.
Bellevue Tenants Have Become a Problem
Tenant screening should be rigorous, consistent, and thorough. If you’re finding that tenants are routinely late with rent or you’re having to evict them or they’re not taking good care of your property, it could be due to the fact that your management company isn’t screening well and isn’t enforcing the lease agreement.
When tenants leave after just one year and don’t have any interest in renewing their leases, you are faced with additional turnover and vacancy costs. That could mean your property manager isn’t looking for high quality tenants who will stay in place and help you take care of the home. Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes and other claims and lawsuits.
You’re Not Earning More and Spending Less
Placing tenants and collecting rent comes with the territory for all property managers. But, you should also receive real value. You need an expert in the local market who can help you stay in compliance with all the laws and regulations. You want someone who understands the market conditions and how they impact your investment.
You need to rely on your property manager for advice about pricing, marketing, selecting tenants, renewing leases, making updates, and identifying additional investment opportunities. If you’re not getting a lot of expertise and resources, you should find a property manager who is passionate about the industry and willing to help your investments perform better.
If you have any questions, or you think you’re ready to switch Bellevue property management companies, please contact us at Real Estate Gladiators. We’d be happy to put our experience to work for you and your investment properties.