No one likes change, and when one of your most important and valuable assets is in the hands of a professional property management company, the idea of leaving that company to find a new property manager can be a bit unsettling. However, you deserve the best possible management and customer service. If you’re not getting what you need or what you’re paying for, it’ time to make a change.
We’re talking about three major signs that your Tyler property manager is not doing what a good property manager should do. The three major issues that should make you consider switching management companies are financial issues, trust issues, and communication issues.
Financial Issues and Tyler Property Management
In the worst case scenario, someone is stealing from you and you have no idea where your money is going. That’s an obvious breach that needs to be dealt with immediately. However, there may also be financial issues that are more subtle. Here’s a story about a 25-unit complex that we recently took over from another management company:
The owner of this property didn’t understand what was going on with his money, and he felt like he was being taken advantage of. As soon as we took a look at the financials for this complex, things began to make sense. We noticed that hundreds of thousands of dollars were shown as being spent on the property, but none of the work reflected was actually being done. Basically, the books were being cooked.
There are, unfortunately, some blatantly dishonest management companies out there. Make sure you’re receiving statements every month, and be certain they make sense. Everything involving the income and expenses related to your property should be transparent and detailed. If you have any property management questions, ask those questions immediately, and don’t settle for vague answers.
Outside of dishonesty, make sure your property manager is local and informed about accounting best practices. You’ll need someone who can help with year-end taxes and financial reports.
Trust Issues and Tyler Property Management
When you don’t understand the financials you’re seeing, it’s hard to trust the property management company that is providing them. Look for systems and procedures that check and balance each other. If your property managers are not checking on your property regularly, you don’t really know if your tenants are maintaining it or following the lease. Upkeep and maintenance are critical to preserving the asset and its value. If you cannot trust your property manager to take a look at the home and inspect it, you cannot really trust your property manager with any part of your property.
Check your management agreement so you know exactly what you’re paying. Hidden fees and surprises when you get your monthly statement are no good. You should know exactly what services you’re receiving in exchange for your monthly management fee.
Communication Issues and Tyler Property Management
Communication should be open, honest, and frequent. If you leave messages for your property management company that aren’t returned or no one seems to know what you’re talking about or who you are when you do get someone on the phone, it’s time to find a better management company. Communication is critical to the successful management of your investment. When your property managers don’t provide a clear and detailed way to reach them, you have to wonder whether your tenants are able to reach them with emergencies or concerns. Work with a company that’s responsive and accessible.
If you have any questions or you’re looking for a Tyler property management company that is the best in the business, contact us at CrossPointe Management Group.