Is Your Property Management Company Really Worth It?
May 20, 2016
Real estate investors oftentimes have a difficult time determining whether or not their property manager or management company is doing the job they are being paid to do. After all, the primary reason for hiring them is to ensure that the daily maintenance and operations of their properties are being handled properly in your absence. Whether you have the time to micro-manage them or not, that is not something you want to be doing anyway. However, you need to be assured that they are doing what you pay them to do and that your property isn’t getting neglected.
For instance, you may not have the time you desire to address the more important aspects of your life such as spending more time with family and friends or searching for more rental properties to invest in. The primary responsibility of any property management company is to manage all the issues that pertain to leasing, maintenance, and the people who rent from you. Unfortunately, no two property management companies today are ever created equal and the industry is not immune to companies that don’t deliver what they promise. So how do you know if the company you hired is doing their job and delivering on their promises?
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tors of how well your property management company is handling the daily operations of your rental properties. For instance, if a tenant is continually calling you regarding maintenance issues or paying their rent instead of the management company you hired, there’s definitely something wrong. This should make you question whether or not they are protecting your investment like they promised they would.
Secondly, your neighbors are also a good indicator as to how well your properties are being handled. If they are continually contacting you about the condition of the property such as the lawn being overgrown or the weeds not being pulled, it may be time to have a discussion with the property management company that you hired. If they were performing property inspections on a regular basis, these issues would never be brought to your attention.
Granted, you should always give the company that is managing your properties the benefit of the doubt until you are given a reason to question their performance. You may want to sit down with the tenants that are always calling you and find out if they are attempting to contact the property management company first. If they aren’t, you will need to explain how the process works in greater detail.
Keep in mind that communicating any issues you are having with your management company is always a two-way street. In other words, they should be allowed to give you their side of the story anytime these issues arise without you jumping to any conclusions first. However, if these issues persist, then it is obviously time to consider hiring another property management company in Scottsdale, AZ to handle your affairs.