Think of your real estate investment as a grand ship. It’s sailing in the vast sea of the real estate market. The captain of your ship is your property manager. Just like a captain navigates the sea, your property manager navigates the market, ensuring smooth sailing for your property. However, what if the captain can’t steer the ship properly anymore, or maybe the ship has outgrown the captain’s abilities? It might be time to change the guard.
Acknowledging the Iceberg
Sometimes, the signs that you need a new property manager are as clear as a looming iceberg in the sea. Yet, just like the captain of the Titanic, you may fail to realize it until it’s too late. Unlike a ship, though, your investment property won’t sink overnight. But, the damage of not addressing these problems can be long-lasting and painful.
The Lost Compass
One of the first signs that you may need a new property manager is consistent and unexplained vacancies. Imagine your property is a restaurant, and the tables (units) are empty most of the time. That’s a red flag. It’s like a restaurant with no customers. Something’s off. It could be poor advertising, ineffective tenant screening, or just plain bad management.
The Mutiny of the Crew
Tenant dissatisfaction is another significant sign. If the complaints from your tenants start to pile up like passengers waiting for a delayed flight, it’s time to look into your property manager’s operations. Unresolved maintenance issues, poor communication, or lack of transparency can lead to this dissatisfaction. Remember, a happy tenant is a long-term tenant. It’s like a well-fed guest at a party; they’re more likely to stick around.
The Holes in the Ship
Rising maintenance and repair costs are also a sign that it may be time to get a new property manager. If the costs are spiraling out of control like a merry-go-round with a broken brake, your property manager might be ignoring preventative maintenance, choosing low-quality contractors, or failing to address issues promptly.
The Leaky Faucets
Another sign of trouble is late or inconsistent reports or rent payments. If the cash flow from your property is more inconsistent than an amateur juggler’s performance, it’s time to find a new property manager. Reliable, consistent reports and rent payments are the bedrock of successful property management.
The New Horizon
Your growth and financial goals might have evolved. Perhaps, when you started, your property was a tiny canoe. Now it’s a full-fledged ship, and you need a captain who can handle this growth.
Navigating the Waters
So, when you have spotted these signs, what’s next? First, communicate with your property manager about your concerns. Perhaps there’s a good explanation, or maybe they can improve. However, if your concerns continue, it’s time to find a new property manager, one who can steer your ship through calm and stormy seas alike.
At WILMOTH Group, we take the captain’s seat seriously. We believe in transparent communication, robust financial reporting, tenant satisfaction, and cost-effective maintenance. So, if you’re ready to change your property’s course, we’d be happy to take the helm.