4 Red Flag Warning Signs You Need to Fire Your Current Memphis Property Management Company
As a Memphis landlord, there are a few red flag warning signs to look for concerning your property management company. We get a lot of phone calls every day from people who aren’t happy with their current property manager and the way their Memphis home is being handled. Most of the stories we hear from unhappy landlords are the same. So, we have put together a list of things that we hear the most complaints about. If one of these things is happening to you, it’s a good idea to fire the company that’s managing your Memphis rental properties, and find a new one.
Lack of Communication
If you’re not hearing back from your property manager, you have a problem. You should always get a return phone call within 24 or 48 hours. It blows my mind how many times we talk to people and they are waiting weeks and even months to hear back from their property manager. Don’t wait that long. If you’re not getting a response within 24 or 48 hours, it’s time to look for someone else.
If you’re not getting a monthly report, there’s a problem. You need to know and you want to know what is going on at your property, and you should be informed on a monthly basis at least. If your money is not showing up when it should, you need to address it immediately. Start looking for someone else to provide property management in Memphis.
A good property manager should be able to give you realistic expectations about your property and your Memphis tenants up front. You should know what to expect in terms of a vacancy rate, especially. Maybe you bought the property and you thought it would be rented all the time. But if you’re in an area where the vacancy rate is 20 percent, you’re going to be disappointed.
Establishing a Rental Rate
Your property manager should be able to tell you the right rent rate for that area. It doesn’t matter what you think the rent should be, your property manager has boots on the ground and is an expert in the local market. He or she should be able to tell you accurately what your property will rent for.