property manager

property manager

Is your "property manager" no good for your "rental property"?- 3 signs to watch out for Part 3

2w ago
SOURCE  

Description

http://blog.hoffmanrealty.com/is-your-property-manager-no-good-for-your-rental-property-3-signs-to-watch-out-for-part-3/ Selecting the right "property manager" can make all the difference when it comes to the success of your "rental property". And while a good property manager can help maximize your investment's return value, a bad one will make you want to run for the hills. So, what happens when the property manager you choose turns out to be no good? Hoffman Realty LLC 3900 W Dale Ave Tampa, FL 33609 (813) 875-7474 http://www.hoffmanrealty.com Well, that is why we at Hoffman Realty in Tampa have put together this three-part blog series to help you determine if your current property manager just isn't getting the job done. In the last four to five years, we have never seen so many complaints from landlords about their property managers. We've compiled the top three reason landlords tell us, they're unhappy with their property manager or why they've fired their current residential manager, and they are: they won't return phone calls, their accounting is consistently incorrect, or they are unable to get any cash flow out of the owner's property. In part three, the conclusion of our series, we will discuss what happens when there is no cash flow in your property. So, what does this mean? Well, here at Hoffman Realty we have seen many landlords claiming they're going several months without any owner draws. This essentially means they are unable to take out any sum of money, from the cash flow of their property, for personal use. We believe there are three reasons for this: The property has been vacant for a long period of time. There are either non-paying or slowing paying tenants in the unit. Repair bills between tenancies are much larger than they should be. In our opinion, this is because their "property manager" is not aggressively pursuing good tenants for their property. You have to ask yourself, why is that? Is this not an important business for them? Is it purely a side job? For instance, if your property is vacant for months, is your property manager calling and telling you why? Are they even explaining to you what has to be done to get a good tenant in your unit? Additionally, if there are tenants who are either not paying rent or trashing your unit to the point there are expensive repairs when they move out, is that property manager doing proper background checks? If they aren't, ditch them. However, if they are doing good background checks, are they just settling for someone regardless of the outcome? Most of the time, the best thing a property manager can do for a landlord is not place a tenant with a bad background check in their unit. So, if your residential manager is giving you cash flow problems, the first thing you should do is talk to them. Maybe there is a legitimate reason, but if there isn't; find another property manager. Your priority as a landlord is to ensure your "rental property" is performing at its best, and an inattentive property manager will do nothing to help with that. Don't delay your cash flow any longer and choose a Tampa property manager who wants to help you.