While many property owners are alert to glaring red flags when hiring a property management company, several subtle oversights can go unnoticed. Shedding light on these areas can help you avoid common pitfalls and ensure your property gets the premier management it deserves.
1. Ignoring Tenant Feedback: One of the most honest evaluations of a property management company comes from tenants. If existing or past tenants have consistent complaints, it’s a sign worth considering.
2. No Regular Updates: A company that only reaches out when there’s a problem isn’t doing its job correctly. Regular updates, even if it’s just to report that everything is running smoothly, are crucial.
3. Bypassing Contract Details: Every clause in a contract serves a purpose. Pay particular attention to termination clauses, responsibilities, and fee breakdowns. If a company is hesitant to let you thoroughly review the contract or seek legal counsel, consider it a red flag.
Conclusion: Property management is as much about fostering healthy relationships as it is about efficiently handling logistics. By being vigilant about these common oversights, property owners can ensure they’re entrusting their assets to a company that genuinely has their best interests at heart.