When to Fire a Property Manager

| February 27, 2009 More

For some landlords having a property manager is essential. For whatever the reason, not every one has the time nor the inclination to handle all of the day to day operations of managing their property, so hiring a property manager is ideal until its not. As with everything in life, some property managers are excellent and everything you ever wanted and then there are others that are lacking in some way. If you find your property manager falling into one or more of the following categories then you will either want to fix the situation or find a new property manager.

Not Communicating

If you’re suddenly having trouble getting your property manager to return your phone calls, or regular correspondence has dropped off, then you’re headed down a bad road. It’s essential that your property manager contacts you regularly to let you know how your investment is doing. If you’re getting nowhere no matter how many times you ask for information then its time to find a more responsive property manager.

The Money Just Isn’t There

If you think the property manager is asking for money for repairs and other odds and ends that just aren’t necessary, or if you’re not getting all of your percentage of the rents then there is a problem. Ask for an accounting of everything they’re requesting and consider making a surprise visit to the property to see if the repairs are really being made. If things don’t add up its time to find a new property manager.

Property managers can make the difference in your bottom line, so it’s essential that you only hire the best and if there is a problem you need to move on and find a new property manager.

Category: Property Management

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