It’s important that you trust your property management company to make good decisions about your property and the people who rent it. What if you lose trust in the work your property managers are doing on your behalf? That might be a fear of many property owners, so today, we are pointing out some signs that your property management company may be up to no good.
First, make sure the company is licensed. When you hire a property management company, you want to work with a business that keeps its license up to date and active. If the property management company is not licensed, they might not be following the letter of the law. That can mean they are up to no good, and you don’t want to be associated with them. Make sure you only work with licensed property management companies.
Your property management company is definitely up to no good if you aren’t getting paid. We have heard owners complain that they haven’t received a check or any form of payment from their property managers in a month or two. This is completely unacceptable. If you are making calls and sending emails and you’re not hearing back, it’s not a good sign. Your property management company should be sending you a check and a statement every month. If you aren’t getting your rents paid to you, there is a serious issue. It’s also a problem if a statement does not accompany the payment. That statement should outline any details and transactions pertaining to your property, and you should be able to see all activity.
You know your property management company is up to no good if you get repeated charges for the same repair. Many years ago, I owned a rental property and I had a property manager overseeing it. I kept getting charged for the same toilet over and over at the same property. It turned out the tenant was flushing hair extensions down the toilet. My property management company should have been a little more responsive to this problem, and should have made those toilet repairs a tenant charge. This experience is one reason I got into the property management business. You want a company that is looking out for your interests.
You should be working with a licensed property management company that pays you every month and provides statements. You should also be comfortable that you’re not paying for the same charges over and over. If you have any questions, or you’re concerned about the work you’re receiving from your current property management company, contact us at Charlotte Homes and Rentals, and we’d be happy to help you.