Switching from one Eureka property management company to another does not have to be complicated. Change can be disruptive, especially when we’re talking about change that impacts your finances and your investments. However, change can also be energizing. This is especially true if you have not felt like your current Eureka property manager has delivered the services and value you need.

How do you know it’s time to switch?

A few things might easily tell you that it’s time to find a new management company. Ask yourself some questions:

• Is maintenance responded to immediately? 
• Are repair costs reasonable?
• Do you have good tenants? 
• Is rent coming in on time? 
• Does the manager fill vacancies with urgency or are you losing months of rent on an unoccupied property?
• Are the management fees reasonable and what you expected?
• Is the manager willing to establish and maintain good tenant relationships?
• Do your property managers communicate with you regularly?

If you are struggling to see the value in your property manager or you’re having a hard time reacting to some of the mistakes they’ve made, you might want to think about finding a better management partner. 

Let’s take a look at some of the ways you’ll know it’s time to switch property managers.

Communication is Failing 

You don’t expect to hear from your property manager every time a minor issue occurs. However, you should expect that you’ll be notified when there’s a problem, and you should expect to be kept up to date on your property and how it’s performing. 

You should not be left waiting a week for your property manager to return a phone call. 

If your property manager isn’t available to you, that probably indicates they aren’t available to your tenants, either. Tenants need to reach your property manager if there’s an emergency, and you need to reach your property manager when you have questions or concerns. 

Technology has enabled better communication. You should have a portal where your management company can send you a quick message and keep you up to date on the performance of your investment. 

Start looking for a new management company when your current property managers aren’t responsive. 

Eureka Tenants are Not Qualified

Tenant quality is an important part of a successful rental experience, and if you’re finding yourself stuck with bad tenants, it might be time to switch management companies. 

Tenant screening should be compliant with all fair housing laws, and it should also be detailed and thorough. 

Are your tenants paying rent late every month? Are they not paying at all? Have there been evictions? 

These are indications of problems with tenant screening and lease enforcement. 

Poorly qualified tenants are expensive. You need a management company committed to identifying, placing, and retaining the best tenants in Eureka. You want to know your property manager is able to develop and maintain good relationships with your renters. 

If the tenants they’re placing are great, but there’s no effort to retain them, you also have a problem. Those vacancy costs are going to continually increase, and what you spend in turnover will likely be more than you budget for. 

Ask what’s going wrong that your property manager cannot retain good residents. 

Don’t be afraid to switch management companies if you seem to be losing tenants or losing money in security deposit disputes, property damage, and eviction court fees. 

Inaccurate or Lacking Property Management Accounting 

Are your finances in good order? 

Your management company should provide basic bookkeeping on anything pertaining to your rental properties, and they should provide you with accurate, detailed, and transparent accounting statements and financial reports. 

We expect that most real estate investors are working with a good CPA or tax accountant who can keep you organized in terms of filing and following your money. 

But, you need someone tracking the day to day expenses and income associated with your rental property, and that’s something you can reasonably expect your property managers to do. You should receive statements every month that reflect your portfolio’s performance. Hopefully, there’s also an online portal, where you can see up to date rent payments, invoices, and other financial documentation. 

Find a new management company when the money isn’t making sense or you’re not kept up to date on how your investment is performing financially. 

Keeping up with California’s Rental Laws 

It’s a risky time to be renting out a property in California. 

You need to know your property manager is keeping up with all the laws and requirements. Did they revise your lease agreements recently to reflect the necessary language that was required after The Tenant Protection Act went into effect? You need to indicate if your property is exempt from rent control laws. 

The legal landscape is always changing in California, and you need a property who can keep up with the laws and requirements. You need to be compliant with: 

• Fair housing laws
• Just cause eviction laws
• Rent control
• Security deposit laws
• Habitability standards

If you feel like you are at risk for lawsuits and claims, find a property manager who can do a better job of protecting you and your investment.

Is Your Eureka Property Manager Costing You Money?

Professional Eureka property management should save you money and help you earn more with your real estate investments. These are the things that may be costing you more than they should:

• Long vacancies
• High turnover
• Deferred maintenance
• Late rent
• Property damage
• Legal mistakes

Effective property managers will save you money and steer you towards opportunities and ideas that will help you earn more cash flow and ROI.