Change can be scary, especially when the change involves one of your greatest investments: your rental property or your rental portfolio. However, if your current Orange County property management company isn’t delivering, it’s absolutely critical that you find new management.
At Bell Properties, we often take over property management when an owner isn’t happy with their current company. We have found that there are several common reasons that people begin to look elsewhere.
Property Management Communication is Lacking
Your property management company should communicate with you regularly, whether it’s to let you know that a tenant has signed a lease or to ask you to approve a necessary repair. You should always feel that you’re informed and that your property manager is responsive. When phone calls aren’t answered and emails aren’t returned, you have every reason to feel frustrated. A good property management company will provide an online portal, so you can always check on invoices, rental payments, and inspection reports. Talk to your property manager about your communication expectations and if they aren’t being met, look for other companies. If they’re not communicating with you, they probably aren’t communicating with your tenants either.
The Money Doesn’t Make Sense
You should receive your rental payment at the same time every month, and you should also get an accounting statement that details all the income and expenses associated with your investment. If something looks off in your statements, you need to question your property manager. If you aren’t receiving as much rent as you expected or there are lots of hidden fees and costs that you didn’t know about, ask for clarification. You need accurate and detailed accounting.
Long Vacancies and Frequent Turnovers
Keeping your rental property occupied with good tenants is the best way to drive your cash flow and increase your long-term ROI. If you are experiencing long vacancies, it’s probably because your property manager isn’t marketing your home well or responding to showing requests from potential tenants. It might also be priced incorrectly. If you find that your tenants are leaving before the end of the lease or after only one year of residency, it could be due to your property manager not being responsive, not responding to maintenance requests, or not providing a great rental experience for your tenant. These are reasons to find a new management company because your investment income depends on high occupancy rates and reliable tenants.
Bad Decisions Become Common
Even good property managers occasionally make mistakes, but if you find that your property manager doesn’t seem to have any systems or procedures to prevent costly errors, you might want to look elsewhere. Mistakes with fair housing laws and security deposit regulations can be very costly. Not understanding the difference between a pet and a service animal or using unlicensed vendors to make repairs will increase your liability dramatically. Find a property management company that has a lot of experience and makes smart decisions based on the legal requirements of rental property owners and their own established practices.
If you’re having trouble with your Orange County property management company, please contact us at Bell Properties. You can count on us to provide a higher level of residential management.