If you are not been careful in selecting the right property management company, you will have to deal with several problems. The key phrase is “selecting the right property management company.” In my experience as a property manager, most property management companies are not bad. Nevertheless, you do not want issues with property management companies. Hence, I’ve listed a few ways that will help you protect yourself from an unethical property manager.
Research Thoroughly
Do not choose your property manager based on the best price only. Get references and find out what other properties they are dealing in. Check those properties to figure out how well they are maintained. You can also take the time to talk to the tenants as well. In addition, call the landlords of these properties that the company manages and ask them about their experience with the property managers. Do not be in a hurry and do a thorough research before you hire a property management company.
Contact Your Property Manager Frequently
Regularly get in touch with your property manager. In fact, I also recommend you talk to your tenants from time to time. If possible, make occasional visits to your property and let your property manager be aware of it. As a result, your property manager will ensure that your property is well-maintained and he will think twice before taking advantage of your absence.
Don’t Make the Payment Without Checking
If your property manager asks you money for any maintenance or repair work, make sure the work is carried out. Ask him to send you a copy of the bills or pictures of the repair work. If you are charged for snow removal, then check the weather history to be certain that it did snow. In fact, tell him in advance not to carry out any repair works before showing any proof of damages.
Do Not Ignore a Vacant Condo
If you have a vacant condo that is not in good shape, do not forget to check on it. There are incidences when property managers let tenants use it without you knowing about it. Even worse, these vacant condos can be used for illegal activities such as smuggling drugs, etc. If local authorities carry out raids on such condos, then being the property owner, you may get in a trouble. Therefore, either visit these condos or ask someone else to do it on your behalf.
Following these steps will surely protect you from getting cheated by your property management company. However, if you do the first step right, that is, selecting a professional rental advisor, then you do not have to worry about checking on your property manager regularly. Even if you have to pay a little more, it’s always worth selecting a professional rental advisor and ensure you have a peace of mind.