There are some common complaints that landlords have about their property managers. We maintain a list of 10 reasons NOT to hire a property manager, and today we’re highlighting the three most important reasons not to hire a Charlotte property management company.
Poor CommunicationThis is a tough problem in the property management industry. If your property managers are good at what they do, they are probably fielding hundreds of phone calls a day. So, they have to invest in the right infrastructure, call centers, and technology in order to properly respond to the call and email volume coming in every day. We make sure our landlords have a dedicated property manager they can contact directly. Those property managers are then focused only on their landlords and those properties, and they aren’t juggling calls from so many people.
Costly MistakesThere are many costly mistakes your property manager can make, and the most expensive mistake is putting the wrong tenant in your property. All management companies will say they screen tenants, and most of them do. But you want them to go above and beyond and dig deep in qualifying the right tenant for your property. You want a manager to get pictures of pets, check social media accounts, or ask tricky questions of landlord references to ensure they’re talking to the real landlord.
Not Watching the PropertyA lot of property managers will do all business remotely all the time from their desks. But you want a property manager who will go to your property and regularly inspect the interior of the home. This is more than a drive-by; it’s checking to make sure there is no damage to the property and the tenant is following the terms of the lease. It’s a good way to see if any rental property maintenance is needed as well.
The other 7 reasons on our list not to hire a property manager are as follows:
- Property managers may be lazy or unresponsive. If they are overwhelmed or they just have no interest in working hard for you, you’re not going to get great service.
- Not raising the rent. You need to protect your ROI and your cash flow; don’t hire a manager who doesn’t understand the value in increasing rents.
- Lack of market knowledge. You need a property manager who understands the Charlotte rental market and its prices.
- Expensive repairs. Don’t hire a manager who lacks good judgment when it comes to repairs or can’t keep a list of qualified, affordable vendors.
- Poorly trained staff. You need a team who is current in all the laws, regulations, and best practices of the Charlotte property management industry.
- Confusing financial statements. All of the accounting should be transparent, accurate, and reliable. Don’t hire a manager who is sloppy with bookkeeping.
- Lack of care and concern. Don’t hire a property manager who isn’t going to treat your property like it’s their own. Working with someone who invests in property – just like you – is a great way to ensure you’ll get great service.
If you have any questions about your Charlotte rental property, please contact us at Group 15 Real Estate.