The No. 1 Reason Rental Owners Fire Property Managers (& How to Avoid It)
There are a lot of reasons that unhappy owners and investors might fire their Nashville property managers. Maybe maintenance costs are too high and repairs are too frequent. Maybe the rent consistently comes in late and there is no lease enforcement. Some owners leave property managers because reported financials are impossible to understand.
Any of these are good reasons to find a new property management partner. But, if you’re wondering what the Number One reason is that rental owners fire their management companies, it’s this:
Actually, it’s a lack of communication that leads them to look elsewhere. Here’s how you can ensure you don’t fall into the hands of a management company that cannot or will not meet your communication standards.
Discuss Expectations with Nashville Property Managers
Technology has enabled us to communicate in a variety of ways. Some owners prefer phone calls and others like emails. We also work with owners who text, chat, and instant message.
You need to talk with your property managers about your communication expectations before you begin working together. Discuss how often you want to hear from them, and in what method. If you’re a hands-off investor who doesn’t want to be contacted unless there’s an emergency, let them know that. If you’re a first-time landlord and you’re a bit nervous and would like to hear from your property managers every few weeks, let them know you’ll be looking for updates.
Setting expectations and sharing what you’re hoping for in terms of communication will help you establish if you’re hiring a management company that values communication as much as you do.
Use Your Online Owner’s Portal
Most Nashville property management companies have invested in great technology and software programs. You will likely be given access to an online owner’s portal. You can eliminate a lot of frustration around communication by using this portal as much as possible.
In your portal, you’ll be able to access financial statements and accounting reports. You can follow what’s been earned by your rental properties and what’s been spent. You can see maintenance invoices, lease documents, and records. Most portals come with a function that allows you to send a message to your management team.
Instead of playing phone tag or growing frustrated with the back and forth messages, see if you can find what you need in your portal. Maybe you’re looking for some tax records from a few years ago. Maybe you need an invoice or you want to know when you last replaced the roof. You don’t have to wait for your property manager to dig up that information for you. It’s right there, accessible 24/7.
Check in on Your Investment Goals
To establish a great relationship with your property manager, communicate your investment goals. Talk about why you’re interested in acquiring a new property or which neighborhoods seem to be appreciating more in value than others. When you let your management company in on why you’re investing and where you’re planning to go with your portfolio, they can serve you better. Make this part of your ongoing communication strategy.
These are just some of the ways to avoid frustrating communication errors with your Nashville property management company. If you’d like to talk about how we can be of service to you, please contact us at Omni Realtors & Property Management.