Property Management

5 Signs You Need to Change Your Property Manager

If you own a property, you are aware of the significant importance such investments hold. It involves two main things from you, one is time, and the other is money. As an income source, it is very remunerative, but only if it is in safe hands. You may have interviewed many property managers and figured out hardly a few qualified for the position. A good property manager has the trick to save thousands of your bucks. 

Here are a few of the signs that show you’re dealing with bad property managers- 

1. Communication Barrier

If your manager hardly attends your call or isn’t available whenever you need them. Ask yourself, are they of great help to you or not? If you are facing challenges to communicate and contact your property manager, it is time you switch to a new one. They should be professional and attentive and must respond within 24 hours. Unanswered calls or delay in communication is the sign you shouldn’t ignore. 

2. Delayed Reporting

Professional property managers are punctual and give importance to strict deadlines for work and any sort of reporting. They must contact your tenants and be present, so you don’t have to face any unforeseen circumstances. They are meant to ease your work and not forget important dates for providing you with monthly reports. 

3. Unable to Qualify Tenant

A bad tenant is riskier than a late tenant, believe it or not. They can soil your property because damage might trouble legally, or even disturb the neighbour. This is probably the last thing you’d want from them. Your property manager handles the tenant qualifying process. And if they are not doing their work correctly, they are of no use to you. A bad property manager only wants to fill the vacant space without researching tenants. 

4. Vacant Duration is Longer

If your property is displayed and on the market for a very long time, about some weeks. It is high time to change your property manager as they are not doing enough to fill it fast. If your property is vacant for more than it is supposed to be, what benefit are you getting from the asset? Professional property managers regularly check the market and make contacts to fill the vacant properties. 

5. Maintenance Charges Are Rising

If property rentals are cared for appropriately, maintenance issues are handled subjectively. The property manager ensures regular reviews are done on the rental space and how much maintenance is required. They also understand if the issue lasts longer, the problem will be uncontrollable later and much costly. If an issue arises, It needs to be fixed quickly with reasonable charges. But if your maintenance charges keep rising, it’s an alarm.

The time to take a step is as soon as you notice these signs. As the longer you wait, the worst the outcomes can be. 

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.