29 Dec Property Managers
Property Managers Property Management
How to Seamlessly Change your Property Management Company
Property managers are hired to handle the daily operations of a real estate investment. At a very basic level a property manager collects rents, pays necessary expenses and taxes and sends periodic reports to the property owner. One of the most fundamental skills a property manager must have is the ability to communicate and relate to people.
Communicate is key to any successful property management business. Thriving relationships begin and end with open and direct communication. No communication or poorly communicated information almost always results in conflict. Property managers must have the ability to see multiple perspectives. A successful property manager has excellent listening skills, the ability to solve problems, fulfill the needs of multiple interested parties and most importantly will know how to maximize a property’s potential in order to produce the expected cash flow.
So, as 2015 comes to an end… as a rental property owner you should ask yourself this, “Did my property manager or property management company produce the cash flow you know your property or properties are capable of producing”? The New Year is almost here, and if you have a nagging feeling your property management company is not doing what you are paying them to do… you may want to consider hiring a new one.
Remember, good property management does not cost it pays!
When it is Time to Change Property Managers
What to Look for
Great property management companies will be ahead of the curve, offer a higher level of service, and will be proactive in their approach. Choosing the right property management company encompasses many things. Knowing when to hire a new property management company can help you save money and your reputation. With this in mind we offer you some insight. Knowing what signs to look for and understanding them will help you determine whether or not it is time to change property managers.
Lack of Communication:
- If you are not hearing from your property manager on a regular basis
- Chances are you have no idea what is going on with your rental property or properties.
- Does not get back to you in a timely manner.
- Does not return phone calls or emails.
- Does not report to you on a regular basis.
- At the very least a rental property owner should receive a monthly report so you understand the details of how your investment property or properties are performing.
- Creates conflict due to:
- Inability to communicate in writing.
- Poor listening skills.
- Lack of empathy.
- Inability to adapt one’s self when dealing with different people.
- Does not complete regular inspections.
- Delays or resists regular property inspections.
- Does not turn in a copy of inspection reports.
- Does not offer regular inspections as a part of their services (you should hire a new one ASAP).
- Does not respond to maintenance requests in a timely manner (see also automated tenant management systems).
- Does not complete routine maintenance and repairs.
- Avoids expensive repairs and replacements that deferred maintenance can cause.
- Rental properties sit vacant for long periods of time.
- Does not have a list of pre-qualified tenants in the event of a vacancy.
- Cannot get the house rented (fire your property manager NOW).
- Does not or cannot determine if the property is priced too high and does nothing to analyze this important fact.
- Lacks advertising and marketing tools to get vacancies filled.
Accounting Problems and Discrepancies:
- You question where your money is going.
- Receipts and other documentation: disorganized, out of order and/or missing.
- No accounting detail of maintenance, fees and other costs.
- Expenses and repairs are submitted without your approval.
No Automated Systems in Place:
- Does not use or does not have automated tenant management systems.
- Does not use or does not have automated owner management systems.
While it is uncomfortable and stressful to change property managers, it makes no sense for you to stay with a property manager who leaves you with more questions then answers. As a rental property owner your main objective should be turning your properties into lucrative investments and the only way you can efficiently achieve that is by hiring a property management company that offers the exceptional service and return you deserve.
How to Seamlessly Change Property Managers
If you have decided that changing property management companies makes sense we offer you some advice on how to make that change both easy and seamless.
Likes and Dislikes (Knowing your Expectations):
- Take notes and make a list of what you like and dislike about your current property manager.
- Use your notes to make list of what you require your new property management company to do for you.
- Use this as a tool to interview multiple property management companies.
- Once the interviews are complete: see which company or companies have the ability to fulfill every requirement you listed.
Meet with your Current Property Management Company (If you have not done so yet):
- Explain your likes and dislikes.
- Ask if they can improve and offer the services you expect. If yes, give them at least a quarter to make improvements.
- Meet again to go over results and if you still feel they have not met your requirements then it is truly time to change.
Interview Multiple Property Management Companies:
- Interview three or more property management companies to compare and contrast the services they offer.
No one likes to fire someone… however, if your property manager or property management company is unable to do an effective job and leaves you with more questions then answers it is time to make a change… because if you don’t it may cost you more then your properties are making.
Remember, good property management does not cost it pays. Get rented faster and maximize your property’s potential today! At Rancho Mesa Properties, we turn your properties into lucrative investments.
Property Management San Diego
Looking to lease, manage and maintain your rental property? Want to reduce costs and maximize your rental revenue? Our comprehensive property management service ensures excellence in every little detail. Whether you own one property or a portfolio of many rental properties, Rancho Mesa Properties has the expertise, technology and experienced team to help you maximize your rental investments.
Rancho Mesa Properties is a full-service San Diego property management company that specializes in the management, marketing, and leasing of rental properties. Our innovative technology and experienced team enables our rental management and leasing services to be more affordable and economically advantageous for all San Diego rental property owners and investors. Call us TODAY!
San Diego Property Management Company
Welcome to Rancho Mesa Properties, your resource for the best property management services in San Diego… Whether you own one rental property or several selecting the right property management company is IMPORTANT! At Rancho Mesa Properties, we build one-to-one relationships with every client.
Our teams of property managers are trained to use their knowledge and experience to guide every client through the process of managing their rental properties so they feel at ease. Our intent is to help each of our clients make the right choices when it comes to their rental properties.
We want each of you to remember, your property manager works for you… not the other way around! We strive to make each and every person we come in contact with feel like THE most important client we have… because the truth is, YOU ARE.
Contact our San Diego Property Management office today and let us help you fulfill your property management needs by exceeding your expectations. All we need is one chance to show you why making the switch to Rancho Mesa Properties makes sense.
We look forward to serving YOU!