When Should You Consider Hiring A New Property Manager?
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When Your Rent Is Stagnating
One of the crucial roles of your property manager is to help you maximize your ROI. This means that their goal should be to get you the best rental price possible. Therefore, they should keep an eye on local real estate trends and rental prices in your area and negotiate rent with your tenants if they see any changes.
However, if you notice that the rent tends to stay the same over time while you see prices of similar properties going up, your property manager might not be the best fit for you.
They might want to keep the price low for several reasons, including:
Raising the rent might lead to a change of tenancy which means a lot more work for your property manager.
If the property is empty for a while, owners will engage more with their property manager, which a bad property manager wouldn’t welcome.
