When you’re working with a great Visalia property management partner, it’s easy to see where you’re succeeding. Rent is coming inconsistently, your property is well-maintained, and it’s easy to check in on maintenance requests, financial reports, and other issues through your online portal.
But how do you know when your Visalia property manager is no good at all?
Well, with the new clients that come to us from other property managers, we’ve noticed a few trends. Most of them complain that their former management company did not provide financial reports, they did not communicate, and they did not provide a great rental experience for their tenants – which resulted in higher turnover, late rent, and ongoing complaints.
At The Equity Group, we do things a little differently. We require property inspections to ensure there isn’t any deferred or unreported maintenance. We drive by your property from time to time to make sure everything looks good. And, we develop and maintain positive relationships with our tenants.
Here are some of the red flags you should be aware of when it comes to property management. If you’re not working with a Visalia property management company that meets your needs, it might be time to switch.
Terrible Communication from Visalia Property Managers
The communication between a property owner and a property manager needs to be open, transparent, and reliable. If you’re leaving messages for your property manager that aren’t returned, or it takes weeks for them to respond to an email, you might want to consider working with someone else.
The right property management company will provide an online portal where you’re able to see everything pertaining to your property and get most of your questions answered. However, your property managers should also be available for phone calls, texts, and emails. This is not an unreasonable expectation.
Property managers also need to communicate well with tenants. If you aren’t getting the responsiveness and accessibility you need from your property manager, your tenants probably aren’t getting great communication either. This becomes a major problem when tenants need to discuss maintenance or their rent payments.
Missing or Inaccurate Financial Reports
Your property manager must provide you with a regular accounting so you know how your property is performing financially. You should expect a monthly statement with your rental payment that breaks down how much you earned in rent and other fees and how much you spent in maintenance, management, and other expenses.
This information should also be available to you online, in your owner’s portal. As an owner, you are entitled to a clear and accurate accounting of your investment. If there are mistakes every month or you have to ask for an explanation because you don’t know what any of the math means, you probably aren’t working with the best property management company.
Vacancy and Turnover Rates are High
To effectively earn cash flow and increase ROI on your rental property, you need to keep it occupied. A good property manager will limit your vacancy time by marketing your home strategically and ensuring it’s priced correctly. If your property has been vacant on the market for weeks or even months and you aren’t getting any updates about showings or interested tenants, your property managers aren’t doing their jobs.
Avoiding turnover is another important function of a professional management company. If you have a good tenant in place, your manager should be doing everything possible to keep that tenant in place, paying rent, and caring for your property. If you’re not getting your home rented quickly or you’re losing tenants after every lease ends, you need to consider working with someone else.
Our standards are pretty high when it comes to delivering outstanding Visalia property management services. If you’re thinking it might be time for a new management partner, we’d love to talk with you. Contact our team at The Equity Group.