Are you working with a property manager but not seeing your property thrive in the Tampa rental market? Well, in that case it may be time to change your Tampa property manager.
Working with a Tampa property management company can be one of the most beneficial steps you can take towards scaling your property’s success and occupancy. However, working with an unmotivated or inexperienced Tampa property manager may cause a detrimental loss of profits.
As a Tampa rental property owner, you want to be sure your property manager has ambition and drive, and will manage your property as if it were their own. Property managers with experience and proven results will guide your property to success; staying on top of your property and in constant communication with you regarding any necessary processes.
If you feel your property manager is lacking or doesn’t have your best interest in mind, here are five signs that you need to change property management companies.
1. Lack of Communication
In the property management industry, communication plays a pivotal role in the success of your property. Issues often arise when a property manager fails to keep an open line of communication with their property owners or tenants. To know whether or not your property owner is slacking in the communication department, here are some questions you should ask yourself:
- Are you waiting days or weeks to hear back from your property manager?
- Is your property manager making significant changes without permission/not adhering to your property management agreement?
- Is your manager’s communication method confusing?
- Does your property manager ignore your tenant?
If you have a pressing issue that needs to be addressed immediately and your property manager doesn’t return your call for days or even weeks, that’s a big red flag.
A property manager’s job is to oversee your property and all of the processes that come along with it. This means that their job doesn’t end at placing a qualified tenant. If your property manager goes ghost when you have a question about your refrigerator’s warranty or the lawn care, they may not be suitable to manage your property.
In addition, your property manager’s responsibilities and decision making power will be detailed in your specific property management agreement.
- For example: your property management agreement might specify that your property manager cannot charge you over $500 for a maintenance request without permission, or change the listing price more than $300 without your approval.
If your manager is taking matters into their own hands and not adhering to your property management agreement before communicating with you first, it may be time to change your property manager.
2.) Maintenance Issues
As a rental property owner, we know that one of your top priorities is making sure your property is operating smoothly. No matter the size or severity of your maintenance issue, when you hire someone to manage your property, you expect them to do so. Property managers should address all maintenance issues promptly whether it’s a faulty dishwasher, a leak, or a broken air conditioner. Two questions you should ask yourself regarding maintenance issues are:
- Does it take multiple maintenance requests to get the issue addressed?
- Do maintenance charges seem more expensive than they should be?
In some cases, a maintenance issue can make or break the success of your property. If you don’t have a property manager that is diligent about responding to and resolving maintenance requests, you can be putting your property’s success at risk.
If your tenant’s maintenance request goes unanswered, you will not have a happy tenant. Happy tenants are what drive the success of your property; a tenant satisfied with your property will likely renew their lease. The second your property manager finds out your tenant is living amongst unlivable conditions such as mold or no air conditioning, immediate action should be taken.
Prior to hiring a property manager, it’s essential to ask how they conduct maintenance and repairs. An effective property manager will work with a network of preferred vendors with proven success. Licensed, bonded, and insured local vendors will provide fast and quality maintenance to ensure your rental property is protected.
In addition, reliable property managers and local vendors should not be over charging you. If you feel the charges you are receiving for maintenance are unreasonable and unnecessary, you must communicate with your property manager to review your invoices. An experienced property manager will work with vendors who have competitive pricing and will provide the best service for your property, at the appropriate price.
3.) Property is Not Renting
One of the main reasons property owners hire a property manager is to find a reliable tenant. If you’re managing a property on your own, you may not have the knowledge or resources to properly screen tenants. An experienced property manager will go through an extensive process to filter out unreliable tenants and select those that are qualified and have shown past rental responsibility.
Properties may go unrented because the potential tenants do not meet the rental qualifications. However, if your property is not being rented and your property manager is showing no evidence of effort to obtain a tenant, it may be time to change property managers. Ask yourself these questions:
- Has your property been on the market for months with no communication from your property manager?
- Has your property manager made minimal effort to get your property rented?
In some cases, your property may be put on the market during the slow season or applicants are consistently under-qualified in one way or another. A good property manager won’t fill your property with a tenant who doesn’t meet the qualifications just because the property has been listed for a while.
When your property isn’t attracting qualified tenants, your property manager should take further action to make your property stand out and gain more traction. An experienced property manager will propose price changes, leasing specials, and extend the marketing efforts for your property when needed.
If your property has gone unrented for months and your property manager has not taken initiative to take further action, we recommend changing your property manager.
4.) Unprofessional/Unethical
An effective property manager will execute their work with professionalism and give you the respect you deserve as a client seeking their professional experience. A property manager will play a pivotal role in the success of your property if they take their job seriously and make their managed properties a priority. Hiring a property manager that does not conduct themselves and work in a professional manner may be the cause of a significant loss of profits.
It is highly likely that conflict will arise when working with an unprofessional property manager. An unprofessional or inexperienced property manager may fail to abide by the law or by your property management agreement. Is your property manager disregarding maintenance requests, failing to communicate, and delaying the processing of payments? These are all signs that your property manager is unprofessional and will continue to lack in completing these processes, as well as others.
In addition, an unprofessional property manager may not prioritize screening tenants and filling your property with qualified applicants. Failing to implement strict qualifications for tenants may pose a threat to the success of your property. If tenants don’t meet certain criteria such as a good credit score and income verification, you may have to deal with issues such as late rent payments or neglect of your property.
5.) Lack of Transparency
In the property management process, a lack of transparency and a code of ethics can significantly impact the relationships between the property manager and the tenant, and the property manager and property owner. Transparency is crucial for maintaining a trusting relationship between all parties involved, which is an essential part of handing your property over to a property manager.
Do you often find yourself wondering:
- Why am I uncomfortable communicating with my property manager?
- Why am I being charged for this?
- What exactly is my property manager doing for my property?
- Why haven’t I received updates about changes being made to my property?
As a property owner, you must keep in mind that this is YOUR property. You are trusting someone with your investment and you want to be sure that it is in the hands of a trustworthy property manager. With a transparent and ethical property manager your property will thrive and you will reap the benefits of renting it to responsible tenants.
What signs show a lack of transparency or ethics in a property manager?
- Charging you for services not specified in your property management agreement
- Exhibiting personal bias when selecting tenants
- Charging a larger property management fee than agreed upon
- Lying about the severity of maintenance issues or repairs
- Not taking responsibility for their faults
A property manager must follow the golden rule, implementing honesty, integrity, transparency, and non-biases to allow for smooth and ethical transactions. However, if your property manager starts to show signs of a lack of transparency or ethical code, it may be time to change your property manager.
How to Change Tampa Property Managers:
Well, after reading all of the signs that your property’s current manager may be doing more harm than good, we understand that you may feel discouraged about working with a property manager. However, the good news is that you CAN change your property manager, and it’s a lot easier than most people assume.
Whether you’re new to renting your Tampa, Florida home or you’re a seasoned investor, you want to ensure you can trust your property manager to guide you through the process. If your current property manager is hindering the success of your property, it’s time to start the search for a new one.
Step 1: Review Your Property Management Agreement
Your individual property management agreement will detail the terms and conditions of your contract. Some property management companies may require a certain amount of notice to terminate the agreement. It’s essential to abide by this agreement to ensure the process is completed smoothly.
Step 2: Communicate with Your Property Manager
You will need to communicate your desire to end the agreement with your property manager. Whether you feel your manager violated your agreement, acted unethically, or did not handle maintenance requests with efficiency, it’s important to communicate that to them.
Step 3: Research New Property Management Companies
Fortunately, there are a variety of Tampa property managers to choose from. To avoid running into the issue of hiring an unprofessional and inexperienced property manager again, make it a priority to do some in depth research on your potential hires.
How should you conduct your research? Well, you will find a lot of answers through the property manager’s website. Aspects to look out for are testimonials from past clients, the quality of photos and property descriptions, and how much detail is provided throughout the website.
Struggling to find information about the company on their website is one of the first signs that they are not fully transparent. A professional property manager will detail the services, property management pricing, and experience they provide.
In addition, don’t hesitate to pick up the phone and have a conversation with potential property management companies. A phone conversation can tell a lot about the company. Are they professional when speaking to you? Do they know what they’re talking about? Do they make you feel comfortable and provide enough information? Are they willing and able to answer your questions?
Step 4: Choose the Best Tampa Property Manager
After conducting your research, you should have a good idea of the company that is the best fit for you. At The Listing Real Estate Management, we are true professionals dedicated to property management in Tampa, Florida. We make it easy for you to relax as we treat each of our client’s properties as if they are our own. Trust and transparency are of utmost importance to us as we believe your story is our story.
Our 12-month tenant guarantee, comprehensive tenant screening, and client reviews ensure that you will be more than satisfied with our services. If you’re in need of changing your property manager and need assistance, we are here to help and more than happy to do so!
Contact us today at The Listing Real Estate Management, your boutique property manager, to change your property manager today!
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