Whether and when to change property managers can be a difficult question. Each week veteran landlord and property manager Hank Rossi answers questions from other landlords and property managers around the country about their rentals.
Dear Landlord Hank:
My property manager does not seem as focused on my rentals these days as he was in the beginning a few years back It is taking longer each month to get the slow-paying tenants to pay and catch up, for instance. I am wondering if it is time to switch property managers. How do you know when to change property managers?
Dear Landlady Connie,
If you are asking the question, this may be the time to change.
Property managers, if they are good, will continue to attract business. And, as the business grows, so do the numbers of issues requiring attention.
There are only so many hours in each day. Additional staffing may be required so no balls are dropped and everything is handled in a timely manner- just like you’d do if you only had one rental to deal with.
Have you spoken to your property manager and related your concerns?
It may be time to start checking out other property management companies. It would pay to check their references, too.
Editor’s note: Hank also wrote on why he loves being a property manager. He wrote:
When is it time to quit being a property manager?
When you no longer care enough to do a great job of taking care of your property and your tenants!
That doesn’t mean it is time to sell your property although that could be an option but there are great property managers out there that will care for your place.
Find one and check them out as well as you do your tenants
After all, they are managing your treasure chest.
Read Hank’s full post Why I Love Being A Property Manager And Landlord here.
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About the author Landlord Hank:
“I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.