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When to Fire Your Property Manager

When to Fire Your Property Manager
Do you find yourself wondering if it’s time to give your property management company the boot? The likelihood is great that if you’re questioning it, it’s probably time. But let us take this opportunity to detail some of the conditions that should raise your red flags.  Lack of Communication Has direct contact with your property manager become fewer and farther between? Do you find that it takes more effort to gain a returned phone call, or that it’s difficult to ‘catch’ him or her in the property office? It’s a pretty safe bet that a PM who is inaccessible to you is also inaccessible to tenants, which can significantly impact satisfaction, occupancy and the bottom-line. But, just as important, is the need to gauge the performance of your investment through your PM—something that’s hard to do with poor communication. Contract Fulfillment Depending on the type of contract you have with your PM, there are a wide variety of services he or she may provide. This can include marketing, bookkeeping, accounting, maintenance, and more. And, if a part or whole of the property management contract is going unfulfilled, you have reason to terminate the agreement. Fiduciary Duties Your PM has a fiduciary duty to act on your behalf, and that includes helping ensure the financial health of your investment. While no PM can help or overcome external forces such as market downturns, he or she can and should be able to negotiate costs for liabilities while also handling the influx of funds from rent. Part o......
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