3 Signs You Need a New Property Manager
Change can be difficult – but sometimes, it’s necessary. Change can be an integral part of improvement, in both personal and business relationships.
If you’re utilizing a property manager and are unsure about the quality of the job they’re doing, making the decision to move on can be tough. The truth is, you’re engaged with them for their expertise. That, after all, is how you got here: you’ve chosen to use their property management services because they (supposedly) know what they’re doing.
But, how can you verify that that’s the case? How can you ensure that you’re not in a suboptimal situation with your current property manager?
And, when do you need to find a new property manager?
Don’t be intimidated by the prospect of change – we’re here to help. At Blackwolf Commercial, we’ve been around the block when it comes to property management, and we’re dedicated to helping maximize investments on property. With that in mind, let’s take a look at three signs you may need a new property manager.
1. Your Property Manager Doesn’t Communicate Well
Communication is always key in any relationship – and that’s the case here, too.
A high quality property manager is, by nature, a good communicator; they’re adept at communicating with tenants, owners, and everyone in between, to facilitate relationships, coordinate logistics, and make sure that things run smoothly.
Practically, here’s what that means. A good property manager should:
- Always be the first line of communication for tenants.
- Quickly respond to emails and phone calls
- Be in consistent, preemptive contact via phone or email, providing news, updates, etc.
- Regularly submit documentation for your review – reports, maintenance logs, etc.
If your property manager is not fulfilling those communicative duties, you may need a new property manager.
2. Your Property Manager Doesn’t Deal Well With Tenant Issues
This point requires a bit of a caveat: there will always be problematic tenants. That means that every property manager will have tenant issues. If you manage property for any length of time, there will be maintenance issues; there will be disgruntled tenants calling at odd hours for minor concerns; there will be unreasonable demands and unavoidable ire from less-than-ideal tenants.
The key thing to remember, though, is that dealing with tenant issues is an integral part of the job description for a property manager.
Your property manager should have experience dealing with tenant issues. They should be well accustomed to being the first line of defense on tenant communication. They should, ideally, have undergone training to optimize their communication skills.
Consequently, property managers should be well-prepared to deal with difficult tenants. They should be able to navigate confrontational situations, calm disgruntled tenants, and maintain positive and professional relationships with all involved parties. If they can’t – if you notice an uptick in the number, intensity, and effect of tenant complaints – it’s likely time to find a new property manager.
Property management, inherently, means managing conflict. However, if you notice high tenant turnover, an increase in negative activity, or even an increase in litigation, then there’s a good chance that it’s time to look for a new property manager.
3. Your Property Isn’t Maximizing Its Value
Finally, your property manager’s success will ultimately be measured on how they maximize your property’s value.
At the end of the day, success for a property manager hinges on generating a positive return on investment. That means maximizing the value of your property. It means:
- Quickly filling tenant vacancies
- Obtaining market-value or above renting rates
- Quickly addressing maintenance issues
- Proactively suggesting property improvements
- Efficiently managing maintenance and improvement projects
- Meeting projected budgets for projects – or coming in under budget
For all of these factors, it’s worthwhile to play a bit of the comparison game. How do your rent prices compare to similar buildings in your area? How are vacancy and occupancy rates in your area? What kind of improvement projects are optimizing property value on similar buildings?
At the end of the day, of course, these factors will be proven over a length of time through the construction of longterm trust. But, if you have an inkling that your property manager isn’t maximizing your property’s value, making sure that you’re checking off all of these boxes is worth the time to investigate.
Hopefully, your property manager isn’t falling short in any of these areas. But, if they’re falling short in one or more, it may be time to make a change.
Are you considering a new property manager? We’re here to help. At Blackwolf Commercial, we have a breadth of experience in commercial real estate and property management. From communication, to tenant management, to maximizing property value, we’re well-versed in the ins and outs of property management – and we’re committed to quality.
If it’s time for a change, get in touch with us.