There are so many things to take care of when you own a rental property in Westchester. You have to find high quality tenants, deal with rent collection, handle maintenance, landscaping, and what about emergency issues?
A lot of owners realize that hiring a property manager is more profitable then the hassle and expense of tackling so many responsibilities.
It’s a tough decision for many owners. But in the end, they know their time is valuable, and the peace of mind of having a property manager is priceless.
But what many owners overlook is sometimes the best decision is changing who manages their property. It’s easy to keep the status quo – everyone knows change can be difficult. But how can you tell when you need a new property manager?
Here we lay out some things to keep an eye on. And if you see some of the signs below, don’t hesitate to call Sterling Property Solutions to explore the next steps.
Is Your Manager Focused on Your Bottom Line, or Theirs?
Everyday tasks and normal wear-and-tear-maintenance are par for the course for all property managers. But there isn’t always a clear-cut goal to make sure you’re getting the best possible returns. If your manager isn’t helping find ways to increase your cash flow, that could be a sign to think about switching.
A property management company thinking about your bottom line looks at all aspects including tenant lease structures, repair costs, rent increases, and more.
When You Have a Vacancy, Do You Feel a Sense of Urgency?
Since the purpose and goal of owning rental property is passive income, a vacancy is really bad news for any owner. If a vacancy occurs, all energy and focus should switch to keeping the turn-time as short as possible.
The urgent actions your manager should be taking include:
- quickly and professionally preparing the property for a new tenant.
- Price & market it correctly, in order to get plenty of quality applications.
- Make adjustment when needed and be dynamic – get that vacancy dealt with!
If you’re not sensing real urgency, maybe it’s time to consider a change.
Is It Easy to See Performance Reports and Financials?
Most property managers have functioning electronic systems to offer owners reporting and numbers. But some are better than others. You want everything to be easy to find online, easy to understand, and most importantly accurate.
Are You Paying Too Much for Repair Costs?
If you’re starting to suspect you may be paying too much for repair work, consider some of the other options out there. A company like Sterling Property Solutions has long term working relationships with local contractors and services. When you hire a property manager with such close ties to the local area, you’ll find those business connections mean repair costs are reasonable. And that means more cash flow for you.
Do Your Tenants Give Your Property Manager Good Reviews?
Your manager should have a respectful, professional relationship with all tenants. If you’re seeing bad reviews online or by word of mouth from tenants, that could be a red flag. Or if there aren’t any reviews, that could also be something to look into. It could be time to make a change to a property manager with positive online reviews by tenants.
It’s your decision, but in the end a good property manager is there to alleviate the burdens of owning rental property. If you’re noticing any of the signs in this article, it’s likely time to explore your options. Don’t let fear of change keep you from making the right decision. Your business, your portfolio, and your retirement plans will thank you!