Finding a professional and reliable property management company in Arcadia, California, is just as difficult as finding responsible tenants who pay on time. If you’re feeling drained and frustrated, it may be time to switch property management companies.
Many California rental property owners choose to work with property managers to take the stress and workload out of managing their rental. They trust their property managers to facilitate clear communication, coordinate repairs, and maximize their rental income.
Unfortunately, of the more than 54,000 property management companies in California, there are a few bad apples out there. However, there is no shame in deciding it’s time to switch property management companies to find one that better services your needs.
If you’re feeling rundown and exhausted by your current property management company, here are some signs it’s time to find a new one.
Tell-Tale Signs It’s Time to Say Goodbye to Your Property Management Company
When you work with a property management company, there are a few things that are expected to happen:
- Communication is easy and clear
- Receive rent on time each month
- Detailed accounting reports
- ROI increases with maximized income
- Reliable and discounted maintenance
- High-quality tenants due to thorough screenings
- A stress-free, laidback experience owning a rental property
If you are not experiencing these benefits from your current property management company, it may be time to consider finding a new one.
1. Inconsistent or Lack of Communication
The role of a property manager is to provide clear and consistent communication to both rental property owners and tenants. As a property owner, if you feel that you are in the dark about the status of your property, this could be a red flag.
Waiting days for your property manager to respond to a message or call with an answer to a question or an update on your property is unacceptable.
If you’re feeling frustrated waiting too long for a response, imagine how your tenants feel when they make a maintenance request or have a concern.
2. Late Rent Collection – Or None at All
One of the main responsibilities of a property manager is collecting rent on time each month from tenants and sending it to the owners.
If you receive late rent payments consistently or not at all, it’s a sign to switch property management companies, as this is a serious issue.
Before signing with a property manager, inquire about their rent collection methods and how they pay their owners. A company that uses electronic payment methods and sends reminders to clients before rent is due may have more success in timely payments.
3. Vague or Confusing Accounting Reports
One of the best benefits of working with a property management company is receiving a detailed accounting report about your property. From this report, you can see where your investment is performing, how much it costs to maintain it, and where you can improve financially.
If your property manager shares vague or confusing reports and refuses to simplify or improve them, this could be a sign that they are not taking your expenses seriously.
4. ROI Isn’t Increasing
Most property owners decide to work with professional property management companies to increase their overall ROI. Allowing an industry expert to handle the management and advise in investment decisions can increase property value and maximize income.
If you’re experiencing a stagnant or even decreased ROI since working with your current property manager, you’re losing money on your investment!
5. Maintenance and Repairs are Expensive
One attractive feature of trusting a property management company with your rental is a possible discount on repairs and maintenance due to agreements with local or in-house contractors.
If you’re receiving repair bills that are higher than what you would pay without a property manager and the repairs are constant and not preventative, it’s a clear sign it’s time to switch property management companies.
6. String of Bad Tenants
One bad tenant that ends in an eviction or slightly damaged property isn’t necessarily a sign to switch property management companies.
Two or three bad tenants in a row, though, is definitely a sign to switch.
Each time you have to evict a tenant or make extensive repairs to your damaged and disrespected property, it is a financial loss. Evictions are expensive, take time, and result in vacant apartments and lost rent.
These bad tenants are a result of improper tenant screening processes and practices by your property management company. In most cases, unreliable and problematic tenants are avoidable when there is a properly conducted screening process.
7. They Don’t Make Your Life Easier
Most rental property owners are not full-time landlords. They have full-time office jobs, other projects, families to care for, and hobbies to partake in. That is why so many owners choose to hire a property manager.
When you find the right property management company, you’ll have a stress-free, almost thoughtless experience owning a rental property. You can sit back and collect your rent without communicating with tenants and coordinating repairs.
A reliable and professional property manager will handle everything, so you don’t have to worry about the small details. They will keep you updated about the status of your property, investment, and tenants.
If you’re constantly asking for updates, feel like you’re spending too much on repairs, and are worried about your rental while working with a property management company, it’s time to switch.
Finding a Property Management Company in Arcadia That You Can Trust
Searching for a new property management company after deciding to switch from your current one can feel daunting. You may feel defeated and distrustful of other companies.
With Lotus Property Services, you don’t have to be!
As the area’s leading property management company, we know just how important it is for owners to find the right property manager for their goals.
Our goal is to help you reach your goals.
Providing white glove service to over 2,500 multifamily rentals in the Los Angeles area, we are experts in the industry and know what it takes to succeed in rentals and building relationships with our owners.
Contact us to learn more about what it’s like to work with Lotus Property Services today!