A question often asked by landlords is when they can change property managers. A misconception is that you must wait until the current lease of the property is over. In fact, you can change, in most cases, once a tenant has been placed. The most important thing to remember is, don’t wait. If you have concerns with how your property is being managed, then begin the process to change.
Not taking a proactive approach to changing your property manager, when your property is being mishandled, can lead to very expensive problems in the future. If a property manager isn’t taking all the right actions to ensure your tenant is taking care of your place, you might be hit with a big surprise when they leave. From damages caused directly by the tenant or others that have progressively gotten worse because they weren’t reported, if your hired eyes aren’t keeping track of your tenants, then why pay them?
When it comes to property, take immediate action. By letting issues fall by the wayside, you’ll lose track of issues and when everything hits you all at once, sometimes it is not manageable or affordable which leads to you losing your investment property. Ensure you are receiving regular routine inspections from your property manager and try to be present for as many as you can. It’s only a couple of times a year, you may have to travel out to your property. If it’s possible, then do so, it may just save you money and grief.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.