We talk to a lot of rental property owners who sense it may be time to move on from their current management company, but they’re just not sure they want to make the change.
Understandable. Change is hard, especially when some of your most valuable investments are involved.
However, if you’re thinking about changing your Myrtle Beach property management company, it’s likely because you aren’t getting the services or the value that you expected. While making a large change can be unnerving, it’s important that you have complete faith in your property managers. If you don’t have that faith and trust, it’s time to move on.
If you’re on the fence, here are some of the most important signs that it’s time to switch your Myrtle Beach property management company.
Communication Problems and Myrtle Beach Property Management
With the technology that’s available to all of us today, communication should never be lacking. Your property manager is busy, sure. We’re all busy. However, with technology where it is today, most questions should have an answer that can be easily found on the company’s online portal. Even a busy property manager should be expected to have a few minutes to take your phone calls or respond to your emails.
If you find yourself frustrated with the communication or lack of communication you’re receiving from your property manager, the first step should be to have a conversation with them. Perhaps they simply don’t understand your expectations. After expressing your concerns, if you continue to not receive updates, ability to access accounting statements, or answers to your questions, something is wrong. At this stage your property manager does not care enough about communication or giving you the service you deserve. And, if your manager isn’t communicating with you, chances are he or she isn’t being responsive to your tenants, either. This will create a negative rental experience for everyone, and you likely won’t retain those residents.
Don’t settle for a property manager who cannot or will not communicate. This is a good reason to switch.
Maintenance Problems: Deterioration, Damage, and High Costs
Maintenance is an expensive part of owning a rental property, and there are many ways in which maintenance can go badly.
- First, you might find that your home is not being maintained well. If there’s a lot of deferred and unreported maintenance, making those repairs and replacements will only be more expensive. You need a management company that keeps up with the needs of your investment and your tenants.
- Property damage has become an issue. Owners are responsible for keeping their rental properties safe and habitable. But tenants need to be held accountable when they cause damage at your home. If you find that there are thousands of dollars of repairs that need to be made after a resident moves out, there’s a lot of lease enforcement that your property manager is leaving undone.
- High maintenance costs. There’s not much that can be done about the costs associated with maintenance. There’s been a dramatic increase in the price for materials and labor over the last several years. However, you should rely on your Myrtle Beach property manager to keep costs contained and to invest in preventative maintenance so those expensive emergency repairs are not necessary too often.
You also expect access to a team of qualified, licensed, and insured vendors and contractors. Our team is able to provide in-house maintenance expertise for most maintenance or repairs, turnover work, and even some major projects. For the few things that are rather beyond our team’s expertise, we have top quality vendors who specialize in that field to get the job done right.
If your property manager is struggling to provide sound, affordable maintenance, you should consider finding someone else to work with.
Rental Property Accounting Cannot be Inaccurate or Missing
You should expect accurate, detailed, and transparent accounting statements and reports from your property manager.
There should be an investment in property management software and technology, allowing most of your accounting and report running to be completely automated. There’s no excuse for not having access to information about your income and expenses.
Effective property management companies have the tools and resources to deliver online statements. You should know when your rent is paid, and receive an automatic deposit. You should find it easy to review all of the income and expenses associated with your property or your portfolio, and you should have any questions or concerns addressed immediately.
Management fees also must be transparent. No one wants to work with a company where they’re constantly surprised by what they’re being charged. You should know exactly what you’re being charged, why you’re being charged, and when you’re being charged.
Don’t settle for hidden costs or fees that show up in your accounting statements. If rent isn’t being paid on time, you need an explanation.
There’s a Disconnect between the Value you Expect and the Services you Receive
One or two mistakes are understandable. But, when your property managers don’t do what they say they’re going to do, or they routinely drop balls that make your life more difficult, it’s easy to lose trust and become frustrated.
Perhaps your property manager promised to maintain your home, but when you drive by the property you notice that the screens are torn and the lawn is overgrown.
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 things like the accounting statements or requested inspections you were promised, it’s time to find a management company that will actually follow the terms of your contract.
Myrtle Beach Tenants Have Become an Issue
Finally, tenant screening should be rigorous, consistent, and thorough. It should result in a well-qualified tenant who is easy to work with and follows the terms of the lease agreement.
You don’t want tenant damage. You don’t want conflict. Oftentimes, if your tenants are a problem, your property managers are not screening them well, nor are they establishing positive relationships.
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.
We know it can be hard to switch management companies, but we are here to help you if you’d like to upgrade your services. If you’d like to talk about our method for managing homes, please don’t hesitate to contact us at J & P Unlimited. We manage investment properties in Myrtle Beach, Conway, Surfside Beach, Murrells Inlet, Socastee and the surrounding areas.