How do you know if it’s time to fire your current property management company? We think there are several things to think about if you’re not getting the service you need from your management firm.
A lack of communication is a definite problem. Your property manager must promptly return phone calls. It’s not unreasonable to expect to hear from someone within the hour. Even if they can’t answer your question or solve your problem right away, they should let you know they’re working on the issue at hand.
Is it taking too long to rent your properties? This may be because your property manager really doesn’t know the area, or perhaps isn’t marketing the property correctly. Every community has a different response to the various marketing approaches. In South Florida, the Multiple Listing Service (MLS) is vital. We make sure we get your property as much exposure as possible. Listing it on the MLS generates tremendous activity. The more people who look at your home, the greater the potential for higher the. Of course, quicker turnover time means more profit!
If your property manager is not using licensed and insured vendors, you have a good reason to consider using someone else. Do your vendors pull permits? If not, you risk penalties and fee assessments from your local municipality.
Problems Failure to properly account for your funds is another reason you might want to consider replacing your property manager. You should receive your rental income on a timely basis every month. Usually, a property manager will designate one or two days a month for transmitals. You shouldn’t expect to get your money the day the rent is paid, but a good property manager will disperse your funds on a consistent basis.
Please contact us at Florida Property Managers if you have any questions about this, or you’d like to talk about it further.