Three reasons to fire a real estate property manager in New York.
If it wasn’t for real estate property managers, property owners wouldn’t have shorter vacancy cycles, high-quality tenants and increased value to their investment. Unfortunately, in this day and age, not every property manager will have your best interest at heart. In this post, we are going to share when it’s time to fire your property manager.
Monthly financial statements are inaccurate or missing.
A good property manager should be able to present organized and accurate financial statements to the Board regularly. If your real estate property management team fails to provide accurate financial statements within a quick timeframe, a red flag should go up in your mind. This could be a sign that you could be a victim of fraud. If this is the case, fire your property manager before it’s too late.
Fails to respond to tenant inquiries in a timely manner.
There is nothing more infuriating to a tenant than an absentee landlord/property owner who doesn’t respond to his/her inquiries. If your property manager doesn’t communicate with your tenants, all eyes will be focused on you – the owner. A property management team is supposed to represent you in a professional manner by returning phone calls promptly and making repairs. It is time to start searching for a new management team if your manager doesn’t communicate with your tenants.
Does not bid out capital improvement projects properly.
If your property manager fails to seek out the best prices for your property, it can cost you a significant amount of money. If he or she is not able to leverage the best prices, it is time to start gathering up new proposals and compare them to your current property manager’s proposals. Beware, some managers actually receive kickbacks and even incentives from vendors. When this happens the price for the job gets inflated. This is not in the best interest of the property.
There are several more ways to tell that it is time to fire your real estate property manager. These are just a handful of good reasons. If you are thinking about hiring a new property manager, feel free to contact us or give us a call for a consultation at: (718) 626-4400.