Time to Switch Property Managers in NYC

Property management is a line of work that requires persistence and close attention to detail. Managing a property is no easy feat, which is where property managers come in. They ensure that all aspects of a property are catered to and up to standard. Nonetheless, hiring a property manager might not end up being the solution to your problems if you haven’t done your research.

While reputable property managers can surely aid in better management and keeping things in line, the real difference is made through persistence and continuous improvement. That is why you must be careful in noting ups and downs and determining whether it’s time to switch your property manager in New York City.

While this might be a difficult decision to make, it’s important to emphasize that the main goal stands in bettering your property and generating revenue, especially if you’re in a dynamic real estate market such as New York City. 

In this article, we’re talking about the signs that indicate its time to find a new property manager. We’ll cover common signs and provide insight on handling the situation professionally.

Signs That Indicate The Need For A Switch

If your property manager has showed regress and lack of performance, this more or less is displayed in the form of the following signs:

Lack of Communication

Lack of communication and responsiveness is a key indicator that you must switch your property management. If you are not able to communicate with your manager on a normal basis or find yourself reaching out often and receiving no response, then it’s surely time to cut them loose. You are not meant to chase your property manager for information on the property but rather receive that information without even asking for it. 

In handling this situation professionally, you must first raise your concerns and provide them with an opportunity to mend their behavior. If there is no progress afterward, then you must find a new property manager. Note that in switching property management companies you must outline your dos and don’ts clearly.

Poor Tenant Relationships

A good property manager focuses on providing quality to the residing tenants. If you find that tenants are leaving your property at a higher rate under a specific management, then you must consider the fact that the management might play part in the reason for it. 

Tenants are likely to leave when their basic needs are neglected. This all goes back to your pocket, resulting in lost income. In such instances, it’s essential to talk with your property manager and assess what the issues are. If these issues persist going forward, then this is a clear indication that it’s time for a shift in management.

Financial Issues & Transparency

Property managers are also responsible for managing finances. In this area, trust is of utmost value and can make or break the relationship between the owner and the manager. If you believe that your property finances are not adequately managed due to discrepancies and repeated miscellaneous charges, you should begin to look into this matter deeper. 

Request a detailed financial report about your property and question every expense and charge. This is a delicate matter, as one might consider it an accusation. That’s why you must be careful in how you address the situation and convey your point of view. If the issues continue to be present, then you must take the necessary steps and find a new property manager.

Ethical Concerns

The idea behind hiring a property manager is to have someone you can trust and rely on. If you find your manager behaving unethically by disclosing private information, mismanaging funds, and self-dealing, then there’s no debate that you should consider switching property management companies.   

Declining Maintenance & Cleanliness

If your property is declining in appearance and is not well kept, this is definitely a conversation you must have with your property manager. Such an issue can have an affect on how the property is perceived, leading to reputation issues and potential loss of tenants. The first step is conducting a thorough property check and determining problematic areas that need significant improvement. 

If you notice that this process is not being well-managed, you should have a conversation with your manager to understand where the issue stands. In choosing new management, you must make sure to include all necessary maintenance records to let them know what issues were present before and what you expect going forward.

Lack of Expertise & Professionalism

Property managers who lack industry knowledge are more likely to make mistakes that could lead to losses. If they’re not well aware about industry standards they might end up mismanaging situations and going over budget. If your managers lack experience you could show them how certain processes are handled. However, if they’re not interested in learning it might be time to find new property management.

Declining Property Value

Property managers are brought in to maintain a certain standard while continuously aiming to increase the value of the property they manage. As such, if the standard of your property is on a continuous decline with no real reason or explanation as opposed to simply bad management, it’s time to change your property management company. If your manager has no clear strategy on pricing and rental rates, this will cause financial losses. Overpricing and underperforming do not go hand in hand. 

In sum, you should set a precedent for how you want your property manager to address their tasks and conduct themselves in doing so, paying close attention to the above list.

Key Takeaways

All in all, managing your property is definitely hard work and it gets harder when it comes to trusting someone else with this task. Nonetheless, you’re not without hope as there are surely some well-equipped and professional property managers out there. You can utilize the list above to set a standard of quality for your property manager, clearly outlining what you expect out of them. 

Additionally, it is imperative that you pay close attention to how they engage with your tenants. Good relationships serve as the foundation for long lasting ones. That’s why you should make sure that your property manager is always on good behavior and willing to help whenever needed. This will establish a sense of trust between your tenants and the manager, allowing for good communication. 

Moreover, you must set a standard for how finances are managed. You might look into separating this process from the manager duties and hiring someone else to do it to facilitate accuracy and efficiency. There’s no playing around when it comes to property finances. After all, this is an operation meant to be profitable. 

Overall, aim to look into the details of everything without getting in the way too much. This will enable you to be in the loop about the most important things while allowing your property manager to do their work without constant pressure. It is recommended that you design a performance review process to ensure that everything is going according to plan. You do this every three months or so and localize areas for improvement that you can then assign to your property manager as high priority tasks. 

Contact us if you have any questions regarding the management of your property and see how we can help.

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