In this blog, we are covering the touchy subject of when to fire your property manager. Owning a rental property is really the same as owning and operating a business, and when results are not being attained, that’s the time to consider making a change. Before doing that, I suggest sitting down with your property manager. You should always take the time to communicate and discuss the problem. Talking things out with your property manager is similar to talk about problems with a business partner. Try and come to a decision about what steps can be taken to resolve the problems so results can be attained again. If you’re not able to come to an agreement or results are still absent, it’s time to look for a new property manager.
Buying and owning investment property is also an emotional process. This means there is a lot of communication required. Constant dialogue is necessary to feel comfortable with your investment. You don’t want to be awake in the middle of the night wondering what’s going on with your property. If you are having problems communicating with your property manager, talk to him or her about that and see what improvements can be made in the sharing of information. When there is not adequate communication, it’s time to find a new property manager.
Lastly and probably most importantly, there has to be the honesty factor and trust. These are the most important components of your relationship with your property manager. If honesty isn’t there or trust hasn’t been developed or you think they’re absent, take the time to do a little investigating and find out for sure. If you confirm the person you’re working with is not honest, even in little ways, it’s time to let go of that relationship. You cannot be successful working with someone who you cannot trust.
These are hard decisions to make, and finding a new property manager is always a challenge. But in some cases, it has to be done. Remember that letting go of a property manager that isn’t a good fit will open the door for a new property manager who can give you better results with your investment property.
If you have any questions about Hayward property management, we’d be happy to help you out. Please contact us at Aapex Property Management, and we’ll talk about what you need.