A bad property management company and how to deal with them
Owning a rental property can be a great source of income and financial security, but it can also come with challenges. One of those challenges can be dealing with a bad property management company. If you find yourself in this situation, it’s vital to protect your investment and ensure that your tenants receive the best possible service. Here are some tips on how to deal with a bad property management company:
- Review your contract: Review your contract with the property management company to ensure that you understand the terms of your agreement. This will help you to know what to expect from the company and what they are obligated to provide.
- Communicate your concerns: If you have concerns with the property management company, communicate them in writing. Explain the issues you are experiencing and what you would like to see done to resolve them. If the company is responsive and willing to work with you to find a solution, you may be able to resolve the issue without legal action.
- Document everything: Keep a record of all communication with your property management company, including emails, letters, and phone calls. If possible, request all communication to be in writing. This documentation will be important if you need to take legal action in the future.
- Stay involved: Even if you hire a new property management company, it’s essential to stay involved in the management of your property. Stay in touch with your tenants and monitor the performance of the new management company to ensure that they meet your expectations.
- Consider terminating the contract: If the property management company is not fulfilling their obligations, you may want to terminate your contract with them. This may involve paying a termination fee or waiting until the end of the contract period. However, terminating the contract may be the best option to protect your investment and ensure your tenants receive the best possible service.
- Find a new property management company: If you decide to terminate your current contract, start looking for a new company immediately. Look for a company with a good reputation and a track record of providing excellent service to their clients.
Dealing with a bad property management company can be a frustrating and stressful experience. However, by documenting everything, reviewing your contract, communicating your concerns, considering terminating the contract, finding a new property management company, and staying involved in the management of your property, you can protect your investment and ensure that your tenants receive the best possible service.