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How To Detect Bad Property Management Companies
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If you are a landlord with several properties scattered round your state, the last thing you’ll ever want is to hand over the management of those properties to an incompetent company. A bad property management company would completely ruin your investment especially if you are someone with so much loads of work at your office that you don’t have the slightest time to see what is going on with your properties. You might be lucky to salvage something from the investment if you detect their bad management practices on time; but if you know the signs to watch out for right from the onset, you’ll be able to avoid such companies and your investments would be safe. There are many signs you’ll need to look out for in order not to fall prey to these inexperienced companies and here are three major ones.
Stagnant rental charges
It is a normal thing for tenants rent to increase at least once in 4 or 5 years to combat the dwindling economy, so if your property management company continues to pay the same amount of money into your account for several years, you should know there is something wrong somewhere. If they cannot add a little increment and appeal to the tenants to pay the new rental charge, then they are not worthy to be called a property management company. If the company feels adding slight increments would do more harm than good to the investment, then they are free to come up with a better plan to help you boost your investment.
Too much bills for you to settle
Your property management experts are supposed to be extremely good negotiators and as such, they must know the best way to handle property bills. If they truly pay periodic visits to your properties which are one of their duties, they should notice faulty facilities such as leaky taps and get them fixed before the situation aggravates. As experienced experts, they are supposed to have as much contacts in various agencies as possible that will prove useful to them when they have to negotiate the lowest price possible for a bill.
Proper tenant management
Being a property management company doesn’t mean they shouldn’t manage the tenants occupying the premises too. No two persons can be the same so they shouldn’t expect to have calm tenants all through. Some tenants can be very troublesome and it is the duty of the management company to ensure that such tenants get what they want in order to avoid a confrontation. The major cause of disputes between tenants and the management company in charge is the refusal of the company to fix faulty facilities in the property as agreed. If a management company has an agreement with the tenants that they’ll take care of faulty facilities, then they have to stand by the agreement as a competent property management company.
These are few but extremely important signs you as the owner of the property have to always watch out for in your management company. The earlier you detect their incompetence and fire them, the better for you and the progress of your investments.
For Phoenix based local information, you should visit the following website: Property Management Phoenix.
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