Is it Time to Change Chicago Property Management Companies? - Medallion Property Management LLC
Is it Time to Change Chicago Property Management Companies?
by Paul Lebedinsky | Apr 23, 2021 | Owner Education, Property Management Education | 0 comments
Change can be unnerving, especially when it comes to making a change that affects a large financial investment. However, it’s often necessary, especially in the pursuit of your investment goals. If you’re not getting the service you need or expect from your Chicago property management company, it might be time to look for an upgrade.
There are many reasons to look for better property management. Today, we’re focusing on three specific red flags that may be telling you it’s time to move on.
Communication is Not Transparent or Responsive
If there’s a breakdown in communication, try to talk to your property manager about it, and remember that good managers are busy. Property management is labor-intensive, and your manager may not be answering the phone because he or she is out managing rental homes. It’s not necessarily that you’re being ignored.
However, if your property manager doesn’t respond to you within 12 to 24 hours, you might have a problem. Think about the form of communication as well. Email might be better than phone calls, but if you’ve tried to reach your property manager in a number of different ways and you’re still getting no response, you might want to consider working with another company. If your property manager can’t seem to respond to you, there’s a chance they’re not responding to tenants either, and that’s going to cause additional problems.
Accounting is Inaccurate or Difficult to Understand
Your property manager must provide you with a regular accounting so you know how your property is performing financially. You should get a monthly statement with your rental payment that breaks down how much you earned in rent and other fees and how much you spent in maintenance, management, and other expenses. This information should also be available to you online, in your owner’s portal. Technology has enabled us to provide immediate and accurate information to our owners, and your property manager should be doing the same. If there are mistakes every month or you have to ask for an explanation because you don’t know what any of the math means, you probably aren’t working with the best property management company.
You shouldn’t see surprise expenses or additional costs in your statement that you weren’t expecting or weren’t informed about. No one likes to be surprised by hidden fees, and everything you’re expected to pay should be disclosed to you in advance, before you sign a management agreement.
Vacancy and Turnover Rates are High and Costing You Money
To effectively earn cash flow and increase ROI on your rental property, you need to keep it occupied. A good property manager will limit your vacancy time by marketing your home strategically and ensuring it’s priced correctly. If your property has been vacant on the market for weeks or even months and you aren’t getting any updates about showings or interested tenants, your property managers aren’t doing a great job at leasing your home.
You also want a low turnover rate. If you have a good tenant in place, your manager should be doing everything possible to keep that tenant in place, paying rent, and caring for your property. If you’re not getting your home rented quickly or you’re losing tenants after every lease ends, you need to consider working with someone else.
These are three of the most important reasons that our clients leave their property managers and come to our team. We’re responsive, professional, and we give you and your investment properties the attention they need. If you’re looking for a higher standard of Chicago property management, please contact us at Medallion Property Management.