Apartment occupancy rates in the US are at an all-time high, with over 96% of units being occupied. So if you aren’t filling your available units with ease, there might be a problem. If you’re considering getting rid of your current property manager, you might be hesitating.
It’s hard to know when someone truly deserves to be fired. Keep reading to learn five signs your property manager isn’t doing their job right.
1. Too Many Negative Reviews
Did you know 94% of people have avoided a particular company because of a bad review? So you could be missing out on many potential tenants if your bad reviews are racking up.
Negative reviews are a clear sign your property manager isn’t dealing with problems and keeping people happy. Many people only leave bad reviews when things are terrible as the last resort to warn other people, so chances are they could be avoided.
2. Rent Is Below the Market Rate
Ideally, your rental property rate should be at or above the current market rate. If you provide good service, have up-to-date units, and are on par with other rentals in the area, charging less than what they do is another clear sign something is wrong.
If a property manager has the right qualifications, they should easily be able to accomplish this simple task.
3. They Don’t Know Laws/Regulations
The person managing a rental community needs to know the laws and regulations of the state they’re in like the back of their hand. If your property manager often seems unaware of these, it can lead you to have significant issues in the future.
4. It’s Difficult to Reach Them
If you have a hard time reaching them, imagine how difficult it is for tenant complaints to be taken care of before they spiral out of control.
Your manager needs to be accessible within a reasonable amount of time so you can keep tabs on your business and tenants can have their issues handled promptly.
5. The Property Doesn’t Look Great
You might not be able to keep a close eye on the property maintenance, but your property manager should be able to. If the property isn’t being well maintained when you visit the area, that’s another issue that falls on their shoulders.
Hire a Better Property Manager to See Stellar Results
Having a poor-performing property manager can lead to unhappy tenants, low profits, and many more headaches down the line.
Keep an eye on these five key areas to see if your property manager might not be cutting it anymore. The sooner you let them go, the sooner your rental property can get managed by someone who will turn the place around and leave you with glowing reviews to enjoy in no time!
If you want a team of trusted real estate individuals by your site to handle your property management for you, contact us today to see what we can do to take your property to the next level.