4 Tell-Tale Signs You Need to Get a New Property Manager
No property management company is perfect. The reality is that, while you think one may be terrible, to another person they are miracle-workers. However, there are some red flags you need to watch out for that are universally accepted as bad news.
Communication is lacking
When there is a lack of communication between the property manager and the property owner, there is a large disconnect. How will you know the condition of your property? How will you know if there is anything you need to take care of? Getting a property manager that is willing to work together with you through consistent communication is key to owning a successful property investment.
When you hire a property manager, you are hiring them to take away the hassle of managing your own property. When you hire a bad property manager, you instead add to that hassle. Now, you’ll have to add managing your property manager to your already busy schedule. Nobody wants that. Make sure that during the selection process you explicitly state your need for an accountable property management company.
You’ll want a company that knows their way around the city. You want a company that knows the neighbourhoods and the current state of the economy. This results in more competitive rental rates. Additionally, having someone with good connections throughout the city ensures that maintenance is completed hastily yet properly.
Don’t get me wrong; the large majority of property management companies act ethically. But, hiring that one unethical property management company can be catastrophic. Imagine the headache of missing financials, upset tenants, and fraudulent reports. You have to be absolutely certain that who you are dealing with acts ethically. An easy way to do this is to do your research. Maybe ask for references or talk to some of the other owners they do business with.
Are you looking for a property management company? Why not give Eagleson Properties a try? We always act with integrity and comply with the highest industry standards when it comes to our services. None of the above issues will be a problem. Call us today at 604-879-1070!