May 18

How do you know it’s time to change investment property managers?

Five common reasons why property managers need to be fired

We take on a lot of clients whose current investment property managers are failing them. Over time, we’ve discovered the most common reasons why property investors choose to leave their current property manager and partner with Ezytrac.
Sometimes these investors have suffered for months before they have finally reached the end of their tether. Some have suffered financial losses because they waited so long. The property manager found them a tenant from hell; maintenance issues went unresolved; inventory lists were 90% useless in a battle to retain some of the tenant deposit; etc.
If you are suffering from any of the following five cases of abuse by property managers, you need to change your investment property manager sooner rather than later:

1.    The property manager doesn’t provide the service you need

When you signed up with your current investment property manager, you were under the impression that you would receive a full service. It transpires that you were wrong. There could be several reasons for this, including:

  • They don’t do everything needed because they don’t have the experience, expertise, or contacts.
  • You may have been led up the garden path; the property manager has deliberately lied to get you to sign a contract with them.
  • More commonly, a property investor who finds himself in this position hasn’t read the contract properly.

Whatever the reason, if you aren’t receiving the service you thought you would (or that you once did), it’s time to move on.

2.    The property manager never details their actions

You receive your monthly statement, and it simply states the amount deducted for costs. There’s no breakdown or no detail behind that breakdown of costs. You should receive an updated inventory list when a property inspection has been made. All costs should be explained. If you don’t know what has been done or why, how do you account for costs, and how do you know your property is being managed effectively?
If you aren’t certain that your property manager is effective, and they can’t or won’t explain why they are doing something or explain costs, you’re on the road to a stressed life as a property investor. Is this really what you signed up to?

3.    Your calls are never returned

Despite leaving a bunch of messages, your call isn’t returned. They promised a sleek, communicative service, but it isn’t happening that way. And leave you questioning why they are avoiding to talk to you. What is it that your current property manager is trying desperately to hide?
When a property manager fails to communicate, it’s natural that your trust in them should suffer. If you don’t trust your property manager, you need to change.

4.    Your property manager seems to overspend

Some property managers don’t take your property investment finances as seriously as they should. A good investment property manager will keep an eye on your bottom line as if it were their own. They’ll be proactive with rental reviews, and ensure that they discuss spending requirements with you.
If you have set spending parameters as part of your property investment management agreement, they shouldn’t be broken because the property manager ‘thought you’d agree to the overspend’, no matter how small the overspend is. If this happens even once, look for a new property manager immediately.

5.    The property manager doesn’t have the capacity they promised

You chose your current property manager because they promised the capacity to handle your property on top of their current list. It turns out that the property manager flies solo, except for his wife, who works as a part-time administrator in the office.
They’ve told you they manage houses, HMOs, apartments, and inner city and rural properties. In reality, they simply don’t have the staff or the expertise to handle everything.
You’ve discovered that the last property visit wasn’t conducted properly. Now you’ve found that similar properties to yours are renting for £60 per month more.
You need an investment property manager who is going to focus on your property. If they lack the capacity to do so, move to a property manager who doesn’t.

How to change your investment property manager

If you have decided it’s time to change, don’t hang around. Things will likely get worse, not better. Give notice to your current property manager (four to six weeks) and start the search for a new investment property manager immediately.
Contact prospective property managers and explain your situation. Ask them how they will help to administer the switch and ensure they handle properties like yours. Tell them why you are changing managers – if you don’t do this, you could find yourself hopping from the frying pan into the fire.
Contact Ezytrac today on +44  1522  503  717  and discover why disgruntled property investors pick us to manage their properties when their current property manager is a disappointment.
Yours in effortless property management,
Brett Alegre-Wood MARLA MNAEA


Investment Property Managers

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