As an investor, balancing between establishing a large property portfolio and managing your properties can be hard. This is because both tasks require time, energy, and skills to do well. Luckily, you can hire property managers to manage your rental property investment so that you can focus on building your property portfolio. Property management Aurora CO-based can help reduce the stress of handling tenants. But how do you evaluate the services of the property managers? Here are telltale signs of poor property management.
Inadequate Tenant Screening
To get high-quality tenants, you should hire property managers with experience in tenant screening. The managers should examine the eviction history and criminal background of the renters. They should also order an income insight report to evaluate the income of the renters to lower the risk of rent payment problems.
If your property managers aren’t screening the tenants well, you will face problems such as
- Constantly having bad tenants with many issues
- Persistent late rent payment
- Damage to your property
- Conflict among tenants
You certainly want the best return on your investment. Property managers should make this happen through proper rent negotiation. The managers should be well-informed about the changes in housing prices in your area. This will ensure they adjust rent prices as the market develops. When your properties are under poor managers, they will charge the same rent over the years in fear of changing tenants.
The main reasons property managers avoid tenants changeovers are:
- They find bringing new tenants tedious as it requires viewings, inspections, paperwork, etc.
- They avoid the regular engagement that could occur between them and the tenants when the rentals are vacant.
Communication Failure Between You & The Managers
Great property managers must be active. After all, you have hired them to manage your properties, so you shouldn’t be managing the managers. Since you have entrusted lots of duties to the property managers, you should be able to reach them through emails or phone calls.
Although everyone is busy, you should not entrust your property to managers who won’t respond to your emails or calls for weeks. This is because so much can happen to your tenants or property within a short period. There should be an open communication channel between you and your property managers.
Lack Of Regular Inspections
The property managers must inspect the rental properties regularly. Regular inspection is important because:
- It ensures tenants adhere to the agreed terms and conditions.
- Prevent serious repair problems.
- It helps you understand the behavior of your tenants.
Basically, too many tenant issues could be an indication of a lack of property inspection.
Your rental properties business is a huge investment. You should ensure it’s managed well by a reliable and reputable property management Aurora CO. When the right management team is in place, you can have peace to focus on growing your business.