Being a landlord comes with its fair share of challenges, and a key reason many landlords seek out property management services is to allow the rental property to become stress-free. However, it is not uncommon to hear stories from landlords about signing on with a property management company they trust, only to find that the communication was reduced significantly, or even stopped communicating altogether. This is a situation that is not only frustrating for a landlord, but deeply concerning. Without good communication from the management company, landlords may not know what is truly happening with their property.
In this article, we will explore the steps landlords can take when faced with an unresponsive property management company. Additionally, we will delve into a few reasons you may be experiencing communication gaps, ways you can effectively address it, and when it might be time to consider finding a new property management company entirely.
Steps to Address the Situation
- Document the issue: Start by keeping a record of your attempts to contact the property management company and any responses (or lack thereof). This documentation may be very valuable down the road, if further action is required.
- Send a formal written request: Draft a formal letter or email expressing your concerns and the need for clear communication. Clearly state your expectations and provide a reasonable deadline for a response. According to a study conducted by the National Association of Residential Property Managers, 60% of landlords reported that sending a formal written request helped resolve their communication issues.
- Look into other companies: If your attempts to communicate with the property management company remain unsuccessful, it’s likely time to switch. Your business is valuable, and you should always be in-the-loop about your property.
Understanding Communication Gaps
Communication gaps can occur for various reasons, including staff turnover, poor internal processes, or a lack of professionalism within the property management company. In fact, a study conducted by RentPrep found that 42% of landlords experienced communication issues due to high employee turnover. It's essential to address these gaps promptly to maintain a healthy landlord/property manager relationship.
Regular, open lines of communication foster transparency, build trust, and ensure that all parties are aligned. As a landlord, your property management company should prioritize clear and timely communication to keep everyone informed about rental property operations, tenant issues, and financial matters.
Deciding to Switch Companies
If efforts to improve communication with your property management company consistently fail, it may be time to consider finding a new provider. Signs that indicate the need for a switch include continued unresponsiveness, unresolved maintenance issues, financial mismanagement, or a lack of trust. According to a study by All Property Management, 65% of landlords who switched property management companies reported improved communication and better overall service.
Maintaining effective communication and trust in a landlord/property manager relationship is crucial for the success of your rental property investment. By recognizing red flags, taking proactive steps to address communication gaps, and considering a change in property management companies when necessary, landlords can safeguard their interests and ensure a positive and fruitful relationship.
