Changing property management companies can be stressful, and many owners stay with bad managers longer than they should because they’re worried about the transition. You have to think about your time, your investments, and your ROI. You also have to think about your residents. Staying with a company that isn’t performing won’t be good for anyone. 

There are certain red flags that will tell you it’s time to fire your property manager and find someone who can do a better job for you and your investment. Today, we’re highlighting the top three reasons owners and investors decide to move on.

Fire Your Property Manager When Communication is Unresponsive

The communication between a property owner and a property manager needs to be open, transparent, and reliable. If you’re leaving messages for your property manager that aren’t returned, or it takes weeks for them to respond to an email, you might want to consider working with someone else. 

A good property management company will embrace and invest in technology, making communication much easier. They should provide an online portal where you’re able to see everything pertaining to your property and get most of your questions answered. However, your property managers should also be available for phone calls, texts, and emails. 

Property managers also need to communicate well with residents. If you aren’t getting the responsiveness and accessibility you need from your property manager, your residents probably aren’t getting great communication either. This becomes a major problem when residents need to discuss maintenance or their rent payments. Don’t hesitate to fire your property manager if you aren’t getting the communication you need.

Fire Your Property Manager if Accounting Statements are Inaccurate

Your property manager must provide you with a regular accounting statement and detailed reports as needed so you know how your property is performing financially. You should get a monthly statement with your rental payment that breaks down how much you earned in rent and other fees and how much you spent in maintenance, management, and other expenses. 

This information should also be available to you online, in your owner’s portal. As an owner, you are entitled to a clear and accurate accounting of your investment. If there are mistakes every month or you have to ask for an explanation because you don’t know what any of the math means, you probably aren’t working with the best property management company. 

Fire Your Property Manager When Vacancy and Turnover are High