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Things To Consider When Changing Property Managers

Things To Consider When Changing Property Managers

Looking for a change? Of course, its human nature we make changes in our life all the time. Maybe we're not happy about our health so we make resolutions, we want to change our look we buy new clothes, we don't like the color of our house we have it painted and the list goes on. Is that the right way to go about changing property managers? Let's examine when it might be the right time to change your property manager. 

Many times I have heard from homeowners they are just frustrated with their current property manager and are considering a change. When you drill down and find out what is the cause of their frustration it falls on four common mistakes all property managers make, hey we're human it happens. Those four common failures are:

  1. Communication
  2. Honesty/Integrity
  3. Accounting
  4. Management Availability

Communication is critical. Many homeowners live out of state they need to know if they have a question it will be answered promptly usually the same day typically within two hours is the best practice, but no longer than 24-hours. You are the client we are in partnership with you and your partner should be treated with compassion and respect. Just knowing your property manager is there and willing to engage you is so important to building that relationship.

Honesty/Integrity is often overlooked but it shows up frequently when delivering bad news or failing to answer difficult questions. Overpromising and under-delivering is the number one complaint I hear when a homeowner is thinking about making a change. How information is presented, if you hear a property manager say "we can do that"  to you and me that is a promise. A promise that oftentimes isn't kept or is represented differently when discussed later. 

Accounting of all money collected and spent. Is the accounting accurate, was it an approved expenditure and are you getting paid on time? Does your property manager provide some source of trust accounting service meaning are your revenues set aside to ensure sure you get paid? These are important management best practices every property manager should adopt.

Management availability is another common issue shared by homeowners. Does your property manager have time to meet with you while you are in town or are they always unavailable? Knowing that you have accessibility to your property management team is very important and they should make themselves available.

If you are considering a change in property management you must look at key factors like these before deciding to change property managers. If you can answer yes to two or more of the key factors touched on then it may be a good idea to look elsewhere. Changing property managers is a big decision and with it comes its own set of challenges.