This is a sticky subject, but one that needs to be discussed: how do you know it’s time to fire your property manager? To determine whether the company is working for you, consider a variety of things.
Westminster Property Management MD: Accounting
Take a look at the accounting, and determine whether it’s being done properly. You should be able to see the transparency of what’s going on with your property. Do you have access to reports? Can you see when a tenant has paid and when you’re going to be paid? Can you see the bills that you’ve given the property manager permission to pay on your behalf?
Property Management Westminster MD: Tenant Payments
You also need a property manager who ensures your tenant is paying on time. There also needs to be a system in place to address what will happen if the tenant continues to not pay on time. Ask your property managers where they see that going.
Westminster Property Management MD: Communication
The best way to communicate is through multiple avenues; phone calls, emails, and text messages. We communicate in ways that are convenient for our owners. We also have online portals for our communities and investors to use.
Property Management Westminster MD: Your Best Interests
Do you feel like your property manager is looking out for your best interest? This is really important. Decide if they are handling the property like you would if you were doing it yourself. They should be following all proper laws and doing inspections. They should be keeping your expenses contained while still making sure they can maintain the fixtures and appliances at your property. Your property manager should be increasing the value of your property while they manage it. If the value is deteriorating, it’s time to find a new management company.