Switching from one Charlotte property management company to another may seem risky. You have all of your investments and financial information tied up with the company you’re currently using, so it can seem like a hassle and a headache to change. Or, maybe working with your current property manager has left you completely disillusioned with the entire industry.
We understand. We also believe you deserve unparalleled service from a Charlotte property manager. If you’re not getting the best leasing, management, and maintenance from your current manager, don’t wait too long to make the switch. You need an experienced real estate partner who can help you earn more and spend less on your investment.
A few things might easily tell you that it’s time to find a new management company.
Accounting Isn’t Transparent or Accurate
One of the things a property manager should do well is to provide you with accurate, detailed, and transparent accounting statements and reports. It’s easier than ever with today’s property management software and technology. Good management companies have the tools and resources to deliver online statements every month when your rent is paid. You should find it easy to review all of the income and expenses associated with your property or your portfolio, and you should have any questions or concerns addressed immediately.
You should know exactly what you’re being charged, and when. Don’t settle for hidden costs or fees that show up in your accounting statements. Find out why your rent isn’t being paid on time. If your repair bill seem high or you never approved the $800 charge that’s showing up in your statement, you want to address these things with your management company. If their response is insufficient or unacceptable, you should look elsewhere.
Tenants Have Become an Issue
Tenant screening should be rigorous, consistent, and thorough. It should result in a well-qualified tenant who is easy to work with and follows the terms of the lease agreement.
If you’re finding that the tenants your property manager has placed are falling behind in rent or leaving property damage behind or disputing every charge against their security deposits, you probably don’t have a management company that’s good at tenant screening or tenant communication. There shouldn’t be evictions or lawsuits. There shouldn’t be a lot of turnover, either.
Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes, property damage, and eviction court fees.
Bad Property Management Communication is Unacceptable
Your property management company must communicate well. They must be responsive and accessible to you and your residents. They should also communicate well with vendors and contractors and be proactive about their responses to prospective tenants when your property is vacant.
When phone calls aren’t getting answered and messages aren’t being returned, you should find a management company that takes communication seriously. It’s hard to trust people who refuse to talk to you.
Legal and Local Market Knowledge
New laws are always going into effect, and existing federal laws like the Fair Housing Act must be followed to the letter. There are constantly new developments with service animals and support animals. Many states across the country are getting tougher in terms of rent control and what can be used during background checks. North Carolina is not burdensome when it comes to tenant rights and landlord restrictions, but it’s still easy to make an expensive mistake. Your property manager needs to protect you against these errors.
Understanding the local Charlotte rental market is also essential. If your property manager doesn’t have a lot of experience here, it will be difficult for them to price your investment property competitively or market it strategically to the pool of tenants looking for homes.
If you’re ready to switch to a Charlotte property management company that can provide better service and performance, we’d love to talk to you. Contact us at AM Realty.