Do you dream of being a rental property owner but get cold feet about being a landlord?
Owning an investment property is an attractive option for many people because of the passive income opportunities. But that’s just one aspect of owning and managing a property. If you’re going to succeed, you also need to work with tenants. And that means being a landlord.
Not everyone wants to be a landlord, though. It involves working with people, handling complaints, collecting rent, and doing other things. Whether you’re introverted and don’t fancy dealing with people you don’t know, hate the idea of being a one-person customer service department, or lack the time to serve tenants, you may frown at being a landlord.
The good news is you don’t have to be a landlord. If you purchase a rental unit, you can hire a property management firm to serve as the landlord of your rental property. So, you can have your cake and eat it too. Depending on your needs, you can outsource as many or as few services as you wish. It can be a good arrangement if being a landlord isn’t your cup of tea.
But one property manager isn’t necessarily as good as another. If you’ve hired one but aren’t satisfied with the services rendered, you may want to see if the grass is greener elsewhere. You’ll be bound by the contract, but you may wish to look elsewhere for help at the end of the term.
Continue reading to see four signs it might be time to find a new property manager.
Your Tenants Are Underserved
One reason to hire a property management firm is to get help with tenant relations. Your tenants are a vital part of your investment strategy. If your property manager isn’t serving your tenants, that’ll reflect poorly on you. You’ll want the service provider to respond to queries or complaints quickly, provide professional and courteous service, and make you look good.
But if your tenants are dissatisfied and inform you that the property manager isn’t providing good customer service, you need to take action. Your first course of action should be to contact the property manager. Inform them about the problem and what you want them to do. Ask them what they intend to do to correct the situation.
If things don’t improve, you may want to seek another property manager. Hiring a property manager should mean getting a high level of customer service for your tenants. That’s one reason you should do your homework before selecting a service provider.
You Have Too Too Many Bad Tenants
You don’t want nightmare tenants who don’t pay rent, damage your property, and terrorize other tenants and neighbors. One reason people hire property managers is to avoid the hassle of finding good tenants. Property owners may not understand how to go about things the right way, which is why many of them turn to property management firms with expertise in screening applicants.
But if your property manager keeps finding tenants who turn out to be nothing but trouble, you’ll want to determine whether or not the status quo is workable. Bad tenants aren’t only a pain in the neck – they can also cost you money and jeopardize your investment if they don’t pay rent regularly.
If there are more misses than hits with tenants, it might be time to find another property management firm. You need good tenants who pay rent on time and don’t cause issues. A property manager that can’t deliver on that is not the right service provider for you.
Find a service provider with a track record of success finding good tenants for its clients. Don’t be shy about it. You can ask any service provider you’re considering about their success rate. That’ll help you make an informed decision on which company to hire.
You Need More Service Options
Another sign it might be time to find another property management firm is if you’ve outgrown the one you’re working with. While you might appreciate your current service provider, you might grow to a point where it no longer offers what you need.
For instance, if you need Houston property management and Austin property management but realize your current service provider only serves property owners in one or the other, you’ll have decisions to make. In such a scenario, your hand may be forced. You’ll need to find a service provider that operates in the cities where you have rental properties.
You may also find the need to change property managers if you need options that your current service provider doesn’t offer. For instance, you might want a licensed property inspection or vacant home services. If your current property manager can’t help, you may need to find another.
You’re Not Getting Your Money’s Worth
Yet another reason to look elsewhere for property management services is if you don’t feel you’re getting your money’s worth. If you don’t believe your service provider is offering enough value for what you pay, you should meet with the people there to discuss your concerns.
If you’re unable to reach a resolution, your next step might be to find another property management firm. It’s vital that you know what you’re getting into before signing a contract.
Need a Property Manager? Green Residential Has You Covered
Are you a property owner looking for help managing your investment? Have you had a bad experience with a service provider previously and need to find a more suitable property manager? We have what you need with a wide range of services for property owners.
At Green Residential, we specialize in helping people with their investment properties in Austin and Houston. Whether you need help finding tenants, collecting rent, maintaining properties, inspecting properties you’re interested in buying, or other services, let us know.
Our goal is to help our customers with their real estate investment goals. Get in touch to learn how what we do can help you take care of your rental property and tenants.