Orlando is full of great property management companies, but there are also managers who simply aren’t up to the task. They may not have the experience that’s needed in the industry, they might not know the local market as well as they should, or they could be overwhelmed and lacking the capacity to effectively deliver management services.
We know that change is hard. But we also know that your Orlando investment property is important, and it needs to be managed correctly in order to make money. There are a few reasons that might indicate it’s time to change Orlando property management companies. We’re exploring those today.
Communication is Inconsistent or Nonexistent
When a client moves from a different property management company over to our team at R. Russell Properties, the most common complaint we hear is that there was no communication from their previous manager.
Your property manager is likely busy, but there should always be some time available to take your phone calls or respond to your emails. If you don’t receive updates, accounting statements, or answers to your questions, something is wrong with the flow of communication between property manager and property owner. And, if your manager isn’t communicating with you, chances are he or she isn’t being responsive to your tenants, either.
A nonresponsive property manager is dangerous. You need to know how your property is performing, and your tenants need to know they can get in touch with someone if there’s an emergency or a crisis. Bad communication leads to a negative rental experience for everyone.
With the various platforms, software, and other technology, communication should be easier and more efficient than ever. Don’t settle for a property manager who cannot or will not communicate.
Your Orlando Investment Property Isn’t Earning Money
You hire an Orlando property manager in order to make money, not lose it. So, if you find that your expenses are higher than your income, it’s absolutely time to switch management companies. We have found several reasons that bad property management can cost money. If you have noticed a history of these errors, you want to move on:
- Longer than necessary vacancies
- High rates of tenant turnover
- Deferred or unreported maintenance
- Late or missing rental payments
- Legal mistakes with service animals, security deposits, and fair housing
If you’re finding that tenants don’t often stay in the property longer than a year or it takes months for a management company to lease your vacant home, you should consider switching. Good property managers will save you money and steer you towards opportunities and ideas that will help you earn more cash flow and ROI.
Not Delivering the Services You’re Paying to Receive
When your property management company doesn’t do what they say they’re going to do, it’s easy to lose trust and become frustrated.
Signing a management contract means you agree to pay a management fee in exchange for a list of services and for the value of the management company’s expertise and knowledge. So, if your management contract says that your property manager will maintain your home, but when you drive by the property you notice that the screens are torn and the lawn is overgrown, you have a problem. If you have a guarantee that rent is always collected on time but your own payments are arriving later and later every month, there’s something wrong with the services your management company promised to deliver. You need to know what to expect, and you deserve to receive what you’re paying for.
If you’re concerned about the management services you’re receiving from your Orlando property manager, talk to us at R. Russell Properties. We bring a new standard of property management to central Florida, and we’re ready to tell you more about it.