Maybe a few small things have gone wrong here and there but you’re not sure those little mistakes are enough of a reason to switch property managers.
We understand that moving on from one management company to another can feel risky. However, there are certain signs that may indicate it’s time to find a better property management partner in Boise.
These six things are difficult to explain or defend, and if they’re happening to you - it’s time to switch management companies.
1. Communication with Owners and Tenants isn’t a Priority
You should expect your Boise property managers to be responsive and accessible. You shouldn’t be chasing them down, and it shouldn’t take them a week to return a phone call.
If your property manager isn’t available to you, that probably indicates he or she is not available to your tenants either. Tenants need to reach your property manager if there’s an emergency, and you need to reach your property manager when you have questions or concerns.
With all of the advances in technology today, it’s impossible to imagine your property manager can’t keep you in the loop. When it seems your phone calls aren’t getting answered and no one is responding to your texts or emails, it’s time to consider a new management company. Look for someone who takes communication seriously and understands its impact on your investment experience. Discuss your communication expectations before you hire a new manager. You can’t trust people who refuse to talk to you.
2. Tenant Screening Isn’t Great
Tenant screening should be compliant with all fair housing laws, and it should also be rigorous and thorough.
When the tenants your manager has placed seem not to be performing, this creates issues for you. It leads to lost rent, deferred maintenance, and the potential for property damage. You don’t want the expenses and stress of an eviction. You don’t want to incur turnover costs at the end of every lease term because tenants are choosing not to stay, either. Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes, property damage, and eviction court fees.
3. Property Management Accounting is Difficult to Understand
Your management company should provide basic bookkeeping on anything pertaining to your rental properties, and they should provide you with accurate, detailed, and transparent accounting statements and financial reports.
Most real estate investors have a good CPA or tax accountant. But, you need someone tracking the day to day expenses and income, and that’s something you can reasonably expect your property managers to do. You should receive statements every month that reflect your portfolio’s performance. Hopefully, there’s also an online portal, where you can see up to date rent payments, invoices, and other financial documentation.
When hidden fees begin to show up or you’re suddenly not getting your rent payments on time, you need to address it with your property manager. If the response is unacceptable, find a new management company.
4. Your Property Manager Isn’t Increasing Your ROI
Professional Boise property management should never cost you money. Instead, it should save you money and help you earn more with your real estate investments. If you have noticed any of these things going on with your property or your investment portfolio, it’s time to find a management company that can do a better job of protecting your income and ROI.
- Long vacancies
- High turnover
- Deferred maintenance
- Late rent
- Property damage
Effective property managers will save you money and steer you towards opportunities and ideas that will help you earn more cash flow and ROI.
5. You Aren’t Receiving the Services You Expected
When your property management company doesn’t do what they say they’re going to do, it’s easy to lose trust and become frustrated. Most property managers tell you that they’ll maintain your property, but if you drive by the home and notice that the screens are torn and the lawn is overgrown, you might wonder what kind of maintenance they’re doing.
Before you signed the management agreement, your property manager may have assured you that rent is always collected on time, but your own rental payments are coming later and later every month. If you’re not getting the accounting statements you were promised or the regular inspections, it’s time to find a management company that will follow the terms of your contract and deliver on their promises.
6. Investment Goals Are Not Considered
Lots of property managers in Boise can collect rent and find tenants. You should be looking for something more than that. A valuable property manager will take the time to understand your investment goals and identify opportunities that will help you grow. Maybe you’re interested in diversifying your investment portfolio and you’d like to look at mobile homes available for purchase. Perhaps you want to earn more income on the properties you currently have and you’re looking for recommendations on cost-effective upgrades and renovations.
If your property manager isn’t prepared to help you grow, you need to find one who is.
We’d be happy to tell you more about our services when it’s time to find better Boise property management. Contact us at Wave Property Management.
Wave Property Management is a full-service leasing and management company serving Boise as well as nearby communities such as Meridian, Garden City, Nampa, Mountain Home, and Caldwell. We work with new rental property owners as well as established investors with growing real estate portfolios.