Red Flags To Look Out for in a Property Management Company
If you’ve read our previous post (see it here) you understand that finding the perfect property management company can be something of a struggle – there’s a lot of trust involved in giving someone the rights to your property. We’ve seen past owners of ours get burned by other property management companies and with each company there’s been a similar trail of clues. Keep reading to see the four red flags we recommend looking out for when hiring a property management company.
#1.) You’re Unable to Contact Them.
Your property manager should be easy to contact and there should be a direct, reliable pathway for you to reach. If you’ve called your property manager 4-5 times with no call back, desperately emailed them and even gone to their office with no success – you should be concerned. Of course property managers get busy and there needs to be certain expected grace period for a response – but if you get no response and you don’t know who to go to… this is a major red flag.
#2.) Your property manager has no defined marketing plan to get your vacant spaces leased. Typically in property management the PM Company collects a certain portion of rent as their management fee; which means it’s in their best interest to lease as many spaces in your center. Of course it’s also in your best interest to have the least amount of vacancies in your center; after all vacancies are lost income. It’s a red flag if your PM Company has no plan, website, and listing evidence for your property or your vacancies.
#3.) Other Properties they manage are poorly upkept.
If other centers they manage are dirty, messy, poorly upkept and have high vacancies with no reason you should be wary of them treating your property the same way. Why would they treat your property any better if they’re unable to take care of the properties they currently have?
#4.) You can’t find anything about their company online.
Do a quick google search of Cambridge Group LTD – guess what comes up FIRST link – our website, and then our Facebook Page, and then our Angie’s List Posting, and finally we have a gorgeous side bar display of where we are located, our address and our hours and phone number. We exist on the internet. If you can’t find anything about a company online you should be very concerned. Here’s why this is a red flag; they’re probably trying to avoid bad reviews. Think about it like this… if you have +20 bad YELP reviews do you really want YELP showing up when you google the business, probably not.
Hopefully this helps you out in your property management hunt! You can reach us at 702-795-7900 Cambridge Group LTD.