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.
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.
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.