Today, we are sharing five signs that you might not have a great property management company. If you are dealing with any of these frustrating situations, you need to think about making a change.
Not Getting Paid
It’s not normal for landlords not to get paid in a consistent manner. At Key West Residential Property Management, we pay our owners between the 10th and 15th of every month. If your property manager tells you that you have to wait to get your check, it’s a sign that you don’t have a good one.
Lack of Communication
Not communicating when repairs and maintenance are needed on your property is a big problem. Anything over $200 should be discussed with you. Sometimes, the property owner just needs a phone call. You might know something special about your property that your manager doesn’t. It’s possible you’ve fixed the issue for $100 before, and there’s no need to send out an expensive vendor.
Another sign you chose the wrong property manager is that you’re getting bad tenants. Your property management company needs to do thorough background checks and conduct proper screening. You want the best possible tenants in your home.
Low Rental Price
If the rental price is too low, your property manager is not tuned into the rental market. A low rental price indicates they don’t know where rents are going and what they should be. Right now, tenants are paying a prime rate because there is an extreme demand for housing and no supply on long term rentals.
Property Management is a Side Business
These days, a lot of real estate agents are trying to be property managers. This is a problem because they don’t know the rental market or the Florida landlord tenant laws. Make sure you are working with a professional and reputable management company, and not someone who is treating this as a side business.If you think you might be working with a bad management company and you’d like to talk about how we can do better, please contact us at Key West Residential Property Management.