Investors seem to tolerate been unhappy with their property manager and hope that the situation will improve. Rarely does the situation improve and it’s best to for a landlord to change property managers if things don’t improve and find a new property management company / rent manager, before you start spending a lot of time and effort overseeing the situation.
What are the top 3 reasons investors are not happy with their current property manager?
- The property manager is constantly changing. In most agencies property managers change every 6 to 18 months. This is very frustrating for an investor who needs to update the new property manager on the property & start a new relationship all over again with them. In this instance managing the property breaks down, time & history are lost with issues getting forgotten/not resolved. Also it is frustrating for the tenant for the exactly the same reasons.
- Investors have had enough of dealing with an inexperienced property manager. It takes up a lot of their time, creates stress & a lot of extra unnecessary work. This can sometimes relate to the owner of the real estate agency not having an interest in the property management department or doesn’t support the property managers or doesn’t train or hire the right staff. Another possible reason is that the real estate agency has more focus in another area of their business.
- Constant turnover of tenants every 6 to 12 months. This could be for a number of reasons like the condition of the property or the property is leased above market rent. However we find the most common reason is poor tenant selection, this comes down to the age of the person showing rental properties or they are just not trained to select good tenants.