When you’re working with a great Big Island property management company, you won’t even think about leaving them. You’ll be satisfied with the money your investment is earning, and you’ll hardly have to think about the property at all. Rent will come in regularly, you’ll have the calm assurance that your home is being well-maintained, and you’ll know you can count on your property managers to respond to you promptly and completely when you have a question.
However, if you’re finding there are communication problems, financial issues, or a lack of transparency and accountability, you may want to reconsider the people you’re working with. Change can be difficult, but if your management company is not delivering on what was promised, you should not hesitate to switch companies.
We can think of three especially important reasons that it might be time to switch management companies.
Your Property Manager Isn’t Communicating
The complaint we hear most often from people who are switching property managers is that there is no communication. Your property manager is likely busy, but there should always be a few minutes 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. This will create a negative rental experience for everyone, and there’s no reason for it.
With all of the property management technology and digital platforms that are currently available, communication should be easier and more efficient than ever. Don’t settle for a property manager who cannot or will not communicate.
You’re Not Earning More and Spending Less
Is your Big Island property manager costing you money? If so, it’s absolutely time to find a new one. Property management should be one of the ways you keep costs down and profits up. If any of these things are happening, your property manager isn’t protecting your bottom line:
- Longer than necessary vacancy times
- Frequent tenant turnover
- Deferred maintenance
- Late rent
- Security deposit errors
- Poor lease enforcement
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.
You Aren’t Receiving the Services You’re Paying For
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. Perhaps your property manager promised to maintain your home, but when you drive by the property you notice that the screens are torn and the lawn is overgrown.
Before you signed the management agreement, your property manager may have assured you that rent is always collected on time, but your own rental payments are coming later and later every month. If you’re not getting the accounting statements you were promised or the regular inspections, it’s time to find a management company that will actually follow the terms of your contract.
If you’re struggling to justify staying with your Big Island property management company, let our talented team offer you an alternative. Contact us at Hawaiian Dream Properties, and we’ll make things better.