Most investors and landlords look for a trusting and long term relationship with their property management company. It’s hard to change property managers, especially when continuity for large investments seems so important.
But, you are entitled to high quality New Jersey property management, and if you’re not getting what you expect and need, it might be time to look around for another property manager. You don’t have to settle for mediocre property management in New Jersey.
Here are some of the signs that may be telling you it’s time to move on.
Communication is Difficult or Nonexistent
Almost everything starts with communication, and you need a property management company that is responsive and accessible. If your manager isn’t available to you, that probably indicates he or she is not available to your tenants either. Residents need to reach your property manager if there’s an emergency or a problem, and you need to reach your property manager when you have questions or concerns.
If your phone calls aren’t getting answered and messages aren’t being returned, you need to find a management company that takes communication seriously. It’s hard to trust people who refuse to talk to you.
Residents Are Not Paying or Non-Compliant
Tenant screening should be rigorous, consistent, and thorough. If you’re finding that tenants are routinely late with rent, needing to be evicted, or violating the terms of the lease, your property managers are not doing a great job with tenant screening. They’re also not doing much to develop and sustain positive and respectful relationships with your renters.
When you have good tenants in place but they are always leaving after just one year, you are faced with additional turnover and vacancy costs. That could mean your property manager isn’t responsive or focused on tenant retention. Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes and other claims and lawsuits.
Accounting Reports are Inaccurate or Difficult to Read
New Jersey property managers should provide you with accurate, detailed, and transparent property management accounting. At the very least, you want to receive statements every month that reflect all of the income and expenses associated with your investment.
You should also have access to good technology, including an online portal, where you can see everything that touches your account. If you’re noticing hidden fees or your rent payments never seem to arrive on time, you need to hold your property management team accountable for those issues. If you cannot get satisfactory answers from them, take your business elsewhere.
There Isn’t Any New Jersey Investment Advice
Any property manager with some experience and training can place a tenant and collect rent.
However, it takes an expert to help you navigate the laws, requirements, and market conditions that go into managing an investment home. You need to rely on your New Jersey property manager for advice about pricing, marketing, selecting tenants, renewing leases, making updates, and identifying additional investment opportunities.
If you’re not getting a lot of expertise and resources, you should find a property manager who is passionate about the industry and willing to help your investments perform better.
If you have any questions or you’d like to talk about the process of switching New Jersey property management companies, please contact us at KeyVest LLC. We can help make the transition smooth.
