When your property management company in Memphis is not delivering communication, transparency and consistent rental payments, it might be time to fire them. These are the three telltale signs that indicate it might be time for you to move on and work with someone who can do better.
Communication is Required
Communication is the most important part of property management. As owners and investors, our clients don’t always live in the same city as their rental property, so communication is critical. Many times, owners have told me that they haven’t heard from their property management company in two weeks, two months or even longer. That’s unacceptable. If you feel like you can’t get any answers, and your emails, calls and text messages are ignored, that’s a good reason to leave your current company. Your property manager should be able to respond to your questions or needs within 24 hours. We make sure we get responses to our owners on the same business day, and then we follow up every day until the problem is resolved.
Transparency in Costs and Activities
A good property management company is transparent with your fees. You should know exactly what you are paying on maintenance. Some companies mark up those maintenance costs, and if that’s happening, you want to know how much the mark up is. Sometimes you’ll see work orders after work orders and you don’t know if you’re actually getting what you pay for. So ask your property manager for before and after pictures of everything they do. You should be able to see the problem, see the solution, understand the price and then see the documentation. If the company isn’t willing to do that, find another property manager.
Are You Getting Your Money?
I’m always surprised at how often I hear from owners who haven’t been paid in two months, or they’re not receiving rent consistently. You don’t want to silently hold out hope that you’ll get your money. If half a year goes by and you have no rental income to show for your investment, you’re going to be in financial danger. There’s no excuse for not getting paid every month consistently. If that’s happening, it’s absolutely time to make a move.
When any of these things begin happening to you, it’s time to move on and hire another property management company. Please contact us at CrestCore Realty if you have any questions or need any help.