When looking after your investment rental, your Philadelphia property manager is the most trusted professional that you, as an investor, are counting on. They manage your asset on your behalf and take care of all its crucial activities, such as advertising, tenant screening, collecting rents, handling repairs and maintenance, and more.
However, occasionally property managers may commit serious errors, which makes a severe dent in their credibility and result in the homeowner firing them. Here, we take a look at some of the most common reasons why property managers get fired.
Lack of Communication About Your Philadelphia Rental
As a homeowner, you have the right to know what’s going on with your rental unit. Property managers are obligated to keep the homeowners informed at all times about everything related to their Philadelphia home, including repairs, damages, tenant issues, or rent payments. Not conveying these details can lead to more significant issues like severe damages or mismanagement of funds. If they are not disclosing all the relevant information to their client, they may get fired.
Bad Tenant Placement
The property manager is responsible for creating and implementing a detailed tenant screening process to find tenants who fit your rental criteria. A bad tenant can cause damage to the house, default on rent payments, not comply with the lease, lead to complaints from the neighbors, and create several other hassles. Eventually, you might even have to evict the tenant, hurting your cash flow.
If the tenant screening process is not thorough enough, property managers may end up selecting tenants with criminal records, a bad credit score, and a negative eviction history. This becomes a potential threat to your house and is a major reason why landlords fire property managers.
Poor Maintenance of Your Philadelphia Rental
Managers are accountable for inspecting your home and identifying the damages, if any. They are supposed to then notify you about the issues and carry out necessary preventative and corrective maintenance as soon as possible. This includes simple things like changing the light bulbs, changing the AC filters, fixing the faucets, the doorknobs, to bigger issues such as fixing the roof, plumbing, keeping the house free from pests and termites, and more.
Property managers are also responsible for informing the tenants about the necessary steps to maintain the home well and ensuring that the renters are fulfilling their maintenance responsibilities. However, when managers fail to fulfill these duties for which they were paid and hired, the owner may feel justified firing them.
A vacant rental home is a nightmare for the landlords. It stops your cash inflow while you are still liable to pay the taxes, repairs, and maintenance. The primary reason why investors and homeowners hire property managers is because they can find the right tenants for the rental and retain them. They are supposed to proactively take the necessary steps to keep the house occupied and reduce the tenant turnover rate. However, if your rental sees prolonged vacancies despite hiring a property manager, it might be time to fire them.
Breaching the Property Management Agreement
Property managers in Philadelphia are legally responsible for managing the rental, once the investor has entered into a contract with the management company. They are expected to,
- Act ethically, in good faith while managing an owner’s rental
- Understand the best interests of the homeowner and work towards fulfilling them
- Adhere to Fair Housing Laws to protect the owner from legal liabilities
- Not conceal any data from the owner which will affect critical decisions related to the rental
If a property manager fails to perform these duties and opens your rental to potential lawsuits, it is a breach of contract and grounds enough for firing them.
Great customer service, professional communication, and effective maintenance to protect the property and the investor from legal troubles are the basic expectations that homeowners have from property managers and it is an annoying experience if the manager fails to deliver the promised services despite being paid for the job.
In most cases, this happens when the property management company is inexperienced or has very limited resources. That is why you should consult a reliable company like TCS Management.
TCS Management is a full-service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, and the surrounding areas. We focus on single-family and multifamily residential management of homes, condos, townhomes, and apartment buildings.
End-to-end rental management is our strong suit and we believe in going the extra mile to help you maximize your rental income, expand your portfolio, and provide the best possible experience for owners and tenants.
For more information, contact us at TCS Management.