Hired the Wrong Property Management Company in Orlando? Here’s What You Need to Do
Everyone makes mistakes, but if you are working with the wrong property management company, you should correct this error right away. Your investments in Orlando require attention, and you thought that the firm you hired is reliable.
The manager plays a significant role in the amount of time you spend on daily operations concerning your real estate investments in the city or the areas of Central Florida. Ideally, the property manager will handle all the stressful parts of being an investor. You may be willing to just hang around the property to collect the rent and take care of your other businesses.
However, if you have the wrong company, it will negatively impact several aspects of your investment from the yearly maintenance costs to the vacancy and occupancy rates to the number of times you may have to turn the properties over annually.
There are telltale signs that the property manager is incompetent and you should find a new one as quickly as possible. Here are the red flags to watch out for:
BIGGEST COMPLAINT: It is time to cancel your agreement with your current property manager. Unfortunately, you know you are working with a bad property manager when they charge you a HUGE cancellation fee. This in some circumstances is illegal, so please make sure you speak with a real estate lawyer and your real estate ethics board if your property manager chooses to “penalize” you by cancelling. Sometimes, the bad property managers know that it costs you more to get a lawyer to handle the case for you, even though they know you will win the case. And they have the nerve to continue to charge this illegal fee! Run away from these companies immediately! If you need assistance in cancelling your agreement with your current property manager, please give American Dream Homes a call. We have helped others switch over that have gone through this same horrible situation.
COMPLAINT #2: Your properties look horrible. If you have just visited the properties the company manages and you are not impressed, you know it is time to fire the manager. Otherwise, you will end up suffering from more headaches in the future. Signs of a poorly managed property include overflowing dumpsters and lawns filled with weed. Be wary of immaculate-looking outdoors since some parts of the property can have poorly-kept laundry rooms and lounge.
COMPLAINT #3: Only one person handles the job. If it is a one-person operation, you are not getting the value out of the money you paid the company. You rely on a business to maintain and look after your rental property. In this case, you should enjoy all the benefits of hiring a complete team of real estate experts. If only one person is caring for your property, you will eventually run into problems. Remember, as a solo operator, he or she can get sick, retire, or go on a vacation. If you have issues with your property, the person will be unavailable.
COMPLAINT #4: Communicating with the company is a challenge. If you do not receive updates about your property on a regular basis, you most certainly hired the wrong firm. It is true that the main reason why you hired them in the first place is so you can have more free time for other activities. However, you want to know whatever is going on with your properties – whether good or bad. Unfortunately, there are companies out there that believe they should only provide notifications to the owner when a tenant vacates the property. With this kind of mentality, you will live too close to the edge business-wise. It is always a good idea to look for a firm that will take care of not just the property itself but the owner and the tenants as well. At American Dream Homes, we use an online software to ensure landlords can see all rent history and maintenance requests so they are regularly informed.
COMPLAINT #5: You are still spending the same amount of time with your properties. In many cases, you will spend almost as much time as before mainly after you have hired the property manager. However, it should only last for a week at a maximum. If you are not at ease with the company, it may be a way of telling yourself you have hired people you do not trust. You can communicate with them about this, and it should ease the burden at the very least. Communication is essential, but if the manager is still dumping concerns in your lap, you badly need a change. Of course, you still need to be involved with your investment properties, but you should have more free time than before you hired them.
COMPLAINT #6: More and more problems about the property are cropping up. Your Central Florida investment properties are falling apart, and it is not a good sign. It is true that even the best teams will land a bad apple tenant. However, if your property is facing excessive bills because of repair and you notice there is an endless string of ruthless renters, bad luck may have nothing to do with it. Shoddy repairs, as well as delayed maintenance, can result in higher maintenance costs. Additionally, if you keep facing problems about your tenants, there is an issue with how the property manager is screening them.
COMPLAINT #7: You do not hear about maintenance or repairs done on your home. You have a lazy person handling your property if maintenance do not take place on a regular basis. Such managers do not take the time to go to your property and assess the area. They merely allow the problems to exacerbate and will only act when it is too late to make a move. At that time, the damage is extreme and difficult to fix unless you shell out huge amounts of money just for repair.
COMPLAINT #8: You do not hear about problems. No one wants to hear about maintenance or repair costs. However, if your property manager thinks that a fresh coat of paint and some duct tape can fix the problem, he/she is cutting a lot of corners. It is another sign of laziness and incompetence. In the end, you will spend more money to make those mistakes right.
COMPLAINT #9: You have been facing issues with funds or payments. If you have a problem with inconsistent payments, such as the company pays you late or has some trouble collecting rent from tenants, it may be due to their billing process. Remember that you hired them to make sure that you have the right tenants in place. At the same time, the rents should be collected regularly and on time. If you do not gain financial security and certainty with their service, you have the wrong property management team.
Property management companies in Central Florida exist to lend a helping hand to landlords and property owners in the area. The managers, along with their team, can come in handy, especially if you do not live near the property or you do not know anyone who can check on it habitually. If you have several rental properties and you find it difficult to manage all of them, you will benefit from the services of a property manager.
However, if the person you hired and the team that works for him/her are all incompetent, and you cannot rely on them, you will end up doing the things they are supposed to do. You will also keep on wasting time and money if you do not fire the manager immediately. He or she should help you in finding quality tenants, collect their rents, and let you know if the property requires repairs and maintenance.
The property manager should also be the contact person that your tenants can interact with if there are problems or inquiries. The manager should also handle evictions when necessary. Unfortunately, some managers can be deceiving, and the company can easily fool you into believing they are the right team for the job.
What You Should Do
If you know that your property manager is slacking off and falling short of his or her responsibilities, it is time to part ways. After all, these managers are getting paid, and they often get the payment whether they perform their job or not.
You should find a property management company that will take care of your Orlando property as if they are the owner. You do not have to look anywhere because we are the right team for the job. Contact us to get to know more about us and how we can help you with your properties. We pride ourselves in serving Central Florida areas, and we have experts who will make sure your property is well taken care of at all times.
If you feel that it is time to make a switch to a new management company, contact us, and we will help in making the transition as smooth as possible.