Do you love change or do you not love change?
Everyone handles it differently, and even if you’re somebody who feels energized by change, switching property management companies can seem a little scary. These people have access to your financial information. They’re responsible for some of your most valuable assets.
Won’t they be mad at you if you leave them?
It doesn’t matter. When you’re not getting the service or the results you expect, you need to look elsewhere. Las Vegas property management is about helping you reach your investment goals. You don’t have time to chase down your property manager or beg them to keep their promises.
Don’t be afraid of change if your property management partner isn’t working for you. When things aren’t going well, you should absolutely look for a company. Your investment success depends on the support, structure, and advice you get from your management team. You should be leveraging their experience, resources, and advice. If you can’t count on them to even collect rent on time, you’re not getting a good return on the money you’ve invested in management and leasing fees.
When owners and investors come to us from other companies, it’s usually for one of the reasons we’ve listed below.
Here are four excellent reasons you might want to switch Las Vegas property management companies.
1. Your Las Vegas Property Managers Won’t Communicate
Communication is mandatory. It’s part of building trust with your property managers. They should prioritize communication with you and with your tenants. If there’s a breakdown in that communication, there’s going to be less trust. There’s also going to be some danger that your property and your tenants aren’t getting the attention they need. What if there’s a maintenance emergency and your property manager can’t be reached?
Bad communication or a lack of responsiveness usually indicates that there are bigger problems to worry about. When your property is managed by someone else, you need access to accurate, reliable, and regular information. You should expect that your phone calls and emails will be returned. You should expect that your property manager won’t wait months to tell you about a problem that should have been addressed right away.
Always talk to your management company about communication expectations before you begin working together. If they make big promises but don’t follow through, it’s time to look elsewhere.
Tenant communication should also be a priority. When your property manager doesn’t respond to maintenance requests and they don’t answer tenant questions or follow up about lease renewals, you’re going to lose those tenants. When you lose tenants, you lose money.
We’re property managers. We understand that things get busy. Everyone is busy, including you as an owner and your tenants and vendors. That doesn’t mean communication should suffer.
It’s not that property managers should be available to you 24 hours a day. But, they should get back to you in a reasonable amount of time, and they should always be accessible if there’s an emergency.
When you begin to notice a pattern where your calls aren’t returned and your messages are left unanswered, there’s a problem in the way your management company is handling their business and their relationships.
Find a new Las Vegas property management company that values communication and accessibility.
2. Maintenance Costs and Needs are Out of Control
A good plan for emergency, routine, and preventative maintenance is an indication that you’re working with a good property manager. If your property is falling into disrepair, if the same things need to be fixed over and over again, or if your maintenance bills seem to be sky-high without any explanation for why, it might be a problem with your management company.
Over the last year or so, prices have gone up on everything, including maintenance supplies and labor. Everyone is facing higher maintenance costs, and you cannot necessarily blame your property manager for that.
But, you can expect them to work hard at keeping your costs down. You should expect to benefit from their resources and good relationships with vendors and contractors. A really impressive property management partner will leverage those relationships to negotiate discounted rates whenever possible.
If costs simply keep going up without any explanation, you should start looking elsewhere.
Keeping costs manageable is one function of your management team. They should also be protecting the condition and value of your property.
Are the maintenance needs of your investment being met? For example, are there inspections and preventative maintenance plans that are helping you avoid those expensive emergency repairs?
If your HVAC system dies in the middle of a sweltering Las Vegas summer, you’re facing a huge expense. Could your property manager have prevented that expense with scheduled service appointments and the enforcement of filter changes?
When repairs aren’t being made or there is a lot of deferred and unreported maintenance discovered during inspections and turnovers, there’s something wrong with the way your management company is handling the repairs at your property.
Look for a Las Vegas property manager who will help you budget for maintenance. Look for a partner who is willing to leverage their relationships with preferred vendors. Ask for help with seasonal maintenance and preventative inspections. This isn’t too much to expect from your management company.
3. Las Vegas Tenants are Not Performing
Tenants are risky, even well-screened tenants. You never know when an ordinary resident may suddenly lose a job and stop paying rent. Every investor expects a bit of risk when they own Las Vegas rental property and turn it over to tenants.
You count on your property manager to mitigate that risk. You expect your property manager to protect you against bad tenants, property damage, unpaid rent, and eviction.
When unqualified or problematic tenants are being placed in your property, you’re less likely to have a profitable and pleasant investment experience.
Your property manager needs to protect you from these risks, and if they’re not – it’s time to find a new management partner. Don’t settle for a property manager who does not know the law or does not stay up to date on tenant protections, fair housing requirements, and habitability issues.
4. The Money is Funny
You can’t wait around while your property managers figure out how to collect rent on time. They should already have a consistent process in place, and you shouldn’t be stuck waiting for late payments to finally arrive month after month. Your rent should be collected on time from tenants every month.
More importantly – it should be deposited into your account on time every month.
If rent is coming in later and later or not at all, there’s a serious problem that needs to be addressed immediately with your management company. Is it a problem of tenants paying late or is your property manager sitting on that money for several unnecessary days?
Ask about rent collection processes before you even hire a management company. There should be something specific in the lease agreement that explains:
- When rent is due.
- How much rent is due.
- Where and how it should be paid.
- What the consequences are for late rent.
Your Las Vegas property manager shouldn’t only have a rent collection policy. They should also enforce it.
Lease enforcement is a big part of what you expect from property management. You should know that only well-screened tenants who can pay rent on time are placed in your property. There should be an online rent collection platform that allows tenants to schedule payments in advance or set up recurring payments. When rent isn’t paid, your property manager should follow up immediately and dedicate time and resources to getting the tenant caught up. Otherwise, your own financial foundation gets shaky.
Do not delay in switching management companies when you aren’t getting your rent paid.
With all the technology available today, there’s no reason that you should be waiting for a paper check to arrive in the mail. You should have access to ACH deposits, and you should know when that money is arriving in your account.
Accounting statements should be delivered to you with rent every month. You need an accurate and detailed expression of all your income and all your expenses.
The same technology that helps bring in on-time rental payments can also deliver some great financial reports. If you don’t understand what you’re reading or accounting statements are unclear and lacking detail, you need to find a new property manager with better accounting practices. You’re not only trusting a management company with your property – you’re trusting them with your money.
Be vigilant about any hidden fees or unexpected costs that pop up in your statement. If you see charges that you weren’t expecting or weren’t informed about, talk to your property manager and get an explanation that makes sense. Discuss any future costs that you might not know are coming. Investigate your management contract to see if these were ever disclosed before you signed.
Do not settle for confusion when it comes to your money. Hold your management company accountable, and find a new property manager if you can’t get them to be direct and clear about income and expenses.
These are four good reasons to find a new Las Vegas property manager.
Not sure how to start the transition? We can help. Contact our team at Strawberry Property Management Las Vegas.