ENOUGH IS ENOUGH: THE BUCK STOPS HERE
The relationship between an owner and a property manager is one that requires a strong bond.This bond, however, can break due to various reasons and as a consequence, the owner has no choice but to bid the manager goodbye. Actions on the management’s behalf leading to such a situation could be the following:
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Communication gap:It is a property manager’s responsibility to answer phone calls, reply to emails, send timely reports and disbursements to the owner. Failure to carry out any of the above shows their incompetency.
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Great expectations, zero fulfilment:Those deals the manager made right at the beginning seemed too good to be true back then. Sadly, it turned out to be exactly that: merely empty words. Over-exaggerated rent prices and suspiciously low maintenance costs are some such dreams you might be guaranteed.But some management companies fail to keep up to these expectations they'd promised once they’re signed on. This becomes a reason for owners to fire property managers.
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Bad tenants: To screen for ideal tenants is the duty of the property manager. A couple of troublesome tenants may be unfortunate, but a string of bad ones is a clear sign of inefficiency on the manager’s part. In case the management places tenants without cautious screening and these tenants end up not paying the rent on time, owners are often left feeling troubled.
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Insufficient services:As an owner, you shouldn’t be doing the work you’re paying the property manager to do. A professional service consists of a full-fledged performance including requirements related to managing property and not just the surface jobs. If they are complacent about their work, it’s time to make a move. A few indicators of sloppy work from your property management are as follows:
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Inappropriate timeliness:If the response time is often delayed or irregular, it may give rise to problems in sticking to deadlines and other time-bound events.
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Low maintenance quality: Maintenance is an essential service that is provided by a property management company. You could incur a large loss if they fail to carry out the requirements they had registered to provide.
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Failure in performing duties: Systematic monitoring, collection of rental fees, maintenance checks, inspections are a few duties that need to be carefully executed and must be reported to the owner. It’s a red flag if you don’t get timely reports with all the required information, or when tenant complaints are not brought to your attention and resolved in time.
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Breach of contract: The owner-manager relationship is heavily dependent on trust. A lot of data regarding the property is expected to be kept confidential. The manager too has to provide the information that the owner requires for the contract. Unethical behaviour is an obvious sign of a bad property manager.
There may be other reasons for the rise of such situations, including personality differences or changing property requirements. Remember that the owner should be able to entrust the property management group with nearly every aspect of the rental property.As of the property manager, they must always act in the best interest of the property owner. Taking the time to ensure commitment to service will make a difference in the long run. Trust once broken is almost impossible to rebuild, and insincerity is the trait of a conniving mind.
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