Rental owners hire property managers since they make the investor’s life easy by managing the rental unit on their behalf. However, in some situations, owners lose the willingness to continue working with their Columbus property management company and end up firing them. Based on extensive feedback from investment rental owners and investors across various platforms, here are the most common reasons why homeowners fire property managers.
Lack of communication
Communication is the cornerstone of a successful business. No business can thrive without proper communication. This is especially true in the rental management industry since it functions mainly on transparency and seamless communication. Naturally, the top reason why Columbus investment rental owners have fired their agents is due to lack of clear communication.
Different investment owners have different expectations from their managers. While some investors may expect to be constantly informed about the details of every activity taking place in regards to their property, others may find it unnecessary to know every minuscule detail.
It is, therefore, crucial for the property management company to identify the expectations and requirements of the owner, and strategize their services accordingly. At all times, remember, transparent communication is a must.
Good property managers understand the requirements of their owners, even when the place is vacant. Keeping the proprietor informed about potential prospects and the latest market trends can help them in building a better relationship, and eventually, turn better profits.
The communication can be something as simple as an email stating that the manager has received a few applications, or an update about screening new tenants, or about upcoming open house plans. Just do not go radio silent.
Differences of opinion
Differences of opinion can be another bone of contention between parties. As a rental manager, one is expected to understand the requirements of the investment homeowner as well as make relevant suggestions regarding financial decisions for the rental. However, not every landlord might be a fan of advice; some may even reject it outright.
Ideally, this should not be the case. Property managers have been in their field for a long time and they have a better understanding of how the market will evolve.
For example, if a property manager suggests the landlord lower the rent to some extent since it may help in attracting tenants, the owner should give it a thought. At times, shaving $20-$30 off the rent for now can earn you hundreds in the future.
However, there may be instances when a property manager and owner absolutely do not see eye to eye. At these times, the rental investor may end up firing the agent - or the property manager may let the client go.
Repairs and maintenance costs
Most owners do not like it when their manager constantly contacts them for resolving every little maintenance issue. The primary reason that they hire a property manager is so they can be free of the hassle of dealing with the day-to-day minutiae of real estate management.
To avoid ending a professional relationship due to this reason, property managers need to be proactive and very clear about how and when clients can expect to hear from them. A good property manager clarifies every detail right from the beginning. Communication is a two-way street, which requires both the landlord and the rental manager to be transparent about their requirements.
At Solutions for Real Estate (S4RE), our property managers have years of experience dealing with diverse clients and their needs. They're highly professional and know how to empathize with Columbus homeowners to ensure a positive and rewarding experience. Connect with us to experience the joy of hassle-free property management in Columbus.