A property management company should help take the load off your shoulders and not cause more stress. When you hire a company, keep in mind that it is similar to hiring an employee. Their job is to manage and look after your investment according to your agreement. In order to do this, there must be set expectations and standards, as well as communication and a mutual agreement.
Most real estate markets across the nation experience overlap in reasons why property owners want to switch to a different management company, such as communication and maintenance. However, each market has unique standout reasons, including Colorado.
Why Switch Property Management Companies?
Take a look at this list of reasons why property owners in Colorado switch their property management company:
Lack of Communication
If a property management company doesn’t return phone calls, communicate issues with your property, or isn’t readily available to listen to your needs, consider looking for different management.
No Preventative Maintenance
A property management company should have a preventative maintenance schedule. This saves everyone time and money in the long run because emergency situations can be expensive and inconvenient.
Do the math. Sometimes it is worth paying the extra dollar to have a quality management company. You can rest easy, knowing that your property is taken care of. However, if the management company is charging top dollar for minimal service, shop around.
In Colorado, we have a saying, “If you don’t like the weather in Colorado, wait a minute.” Property Management companies need to be prepared for anything from rain, snow and hail to wind and drought on the turn of a dime.
Every time a tenant moves out, owners pay more to get another lease signed. It’s not only a huge headache, but also a big red flag that your management company is missing something.
There are tons of property management companies to choose from in every market. Just like hiring an employee, do your research, ask questions and pick one that best suits your needs.