Switching Daytona Beach property management companies can seem impossible. After all, your property managers are responsible for some of your largest assets. Change is always a little scary, and when it involves hundreds of thousands of dollars – well, you want to be sure you’re doing the right thing.
But, if you’re not getting the high quality management you deserve, it might be time to look around for a better property manager in Daytona Beach. You shouldn’t have to settle for an unresponsive or mediocre management team. You need an experienced real estate partner who will ensure you’re earning more, spending less, and having a successful investment experience.
Let’s take a look at some of the things that should motivate you to find a new property manager.
Money Matters: You Need Transparency and Accuracy
One of the things a property manager should do well is to provide you with accurate, detailed, and transparent accounting statements and reports. With today’s property management software and technology, you should receive statements every month that reflect all of the income and expenses associated with your rental home. You should also have access to an online portal, where you can see everything in real-time as it pertains to your account.
When you notice unexpected or surprise fees and charges showing up, or you’re not getting your rent paid on time, you should be concerned. If maintenance bills are higher than normal and you don’t understand what you’re paying for, you need to ask some questions. If you don’t receive satisfactory answers, take your business elsewhere.
Tenants Have Become an Issue
Tenant screening should be rigorous, consistent, and thorough.
If you’re finding that tenants are routinely late with rent or they regularly need to be evicted, your property management company probably isn’t screening them well. A lack of tenant retention isn’t a good sign, either. Your property manager should limit your vacancy and turnover numbers because those things are expensive and a drain on your ROI.
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.
Communication is Unsatisfactory
Your property management company should communicate well. They should be responsive and accessible.
If your property manager isn’t available to you, that probably indicates he or she is not available to your tenants either. Tenants need to reach your property manager if there’s an emergency, and you need to reach your property manager when you have questions or concerns. 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.
You Aren’t Receiving Extra Value
Any property manager with any experience and training can place a tenant and collect rent.
However, you want an expert who is capable of much more than that. Your property manager should understand the laws and the real estate trends in Daytona Beach. A good management company knows the market conditions and can help you identify new investment opportunities if that’s what you’re hoping to do. Look for expertise and resources. You want a local expert and an industry leader.
If you’re ready to switch to a Daytona property management company that can provide better service and performance, we’d love to talk to you. Contact us at Oceans Luxury Realty.