Working with a good property management company is important to a successful investment experience. If you’re not experiencing the value and the results that you expected with your current management company, it might be time to change companies. We know that change can be difficult, especially when it comes to the management of your largest investments. But, ineffective San Francisco property management can cost you money, and that’s not why you partner with professionals.
Property Management Communication Must be Responsive
All property managers are busy, but that’s no reason to settle for phone calls that aren’t returned and messages that are left unopened. If you can’t get in touch with your property manager, there’s a good chance that your tenants can’t get in touch with your manager either. That can create a lot of issues, especially when it comes to maintaining your home and avoiding tenant turnover and vacancy.
Pay attention to response times and whether your management team is accessible and available to you when you need them. If you’re not getting answers, start interviewing new management companies. Take note of the speed with which they respond to you. If a property manager returns a call or gets in touch right away before you’re a client, you can probably count on them to continue communicating well once you are working together.
Accounting Reports Should be Transparent, Detailed, and Accurate
You are trusting your property managers will a lot of your personal and financial information. It’s important that they managing your finances responsibly and working hard to communicate all of the income and expenses associated with your property or portfolio.
If you’re not receiving rental payments consistently every month, there’s likely a problem that needs to be explored. Are tenants paying late? Are the property managers slow to manage the accounting? You need to know, and you need to get it fixed. When you’re wasting time asking for your rent, you need new management. You should expect direct deposits and monthly accounting statements that don’t have any surprise expenses. You should also anticipate receiving a 1099 at the end of the year so you’ll be prepared to file your taxes.
Financial irregularities will make any investor incredibly nervous. If you cannot see real-time information about the financial performance of your property through an online portal and you cannot count on regular and consistent rental deposits, it’s time to find another property manager. You also want to be sure your managers are careful with your money. Don’t tolerate inflated maintenance costs, and question any expenses that don’t make sense.
Expensive Mistakes that Affect your Property
Experienced property managers will have systems and processes in place to ensure your property is being managed professionally and properly. If there are a lot of mistakes and missed opportunities, those are going to cost you money. Some of the problems and issues that can be especially problematic include:
- Higher vacancy rates or long turnover times.
- Tenants who need to be evicted.
- Excessive property damage after move-out.
- Improper handling of the security deposit.
- Unauthorized pets or people living at the house.
- Improper rental values and property pricing.
You hire a property manager to access their tools, resources, and expertise. If mistakes are being made that you wouldn’t make yourself, you need better management.
We’d be happy to talk to you further about the importance of an experienced, capable property management company. If you’re unhappy with the services you’re currently receiving or you’d like to experience a higher standard of customer service, contact our team at Leading Properties. We’re the best in San Francisco property management.