Making sure your property is managed by the right management company is not only smart but necessary to protect your investment.
The problem is that sometimes you could get used to a particular company or you might develop a sense of loyalty. You have to keep your eyes on the prize and recognize that what is important is your property.
The following are signs telling you it might be time to look for new property management companies in Calgary.
High Vacancy Rate and Poor Rent Income
One sign telling you it might be time to switch is if your property manager at the moment is having a hard time retaining residents. You may begin to notice that spaces stay vacant too long and the manager ends up leasing it under market value.
If many units you own are being leased under the market value, then it might be time for a change. This could sometimes happen due to negligence or the property manager’s ability to advertise the property to the right people.
Too Many Bad Tenants
Another sign telling you to start looking for new property management companies in Calgary is if the current manager keeps accepting bad tenants. Now, there is no way to have a perfect record, but a pattern is definitely something to worry about.
These types of tenants can cause all sorts of issues, like late rent payments, property damage, and may even cause distress among other tenants. It is the property manager’s job to thoroughly vet each potential tenant to reduce the chances of this happening over and over again.
Rise in Tenant Complaints
Another thing that may start happening is tenant complaints when a property manager is simply not doing his or her job effectively. Addressing issues is part of a manager’s job, such as general maintenance or repairs.
Tenants who are having problems with the manager are going to eventually try to contact you. That is no good because sometimes tenants do have certain rights and could sue you because you haven’t provided what is expected of you. There is a lot to lose here, so make sure you do not take that chance if you know it is time to look for a replacement property management team.
Hopefully, these signs are clear enough, but you can trust your gut, too, and if you know it is time, do not delay.
