Let Us Make Your Rental Experience Enjoyable
Serving the Tri-Valley and Surrounding Areas.
Blog Post
6 Signs Your AOOA Needs a New Property Management Company
- By Admin
- •
- 02 Jul, 2018
Few things make managing an apartment complex easier than a property management company. However, not all property management companies are cut from the same cloth. If you are finding that your property management company doesn't seem to be doing its job, start shopping. Here are a few signs that you should ditch your current representation and find a new company.
1. Your Fees Keep Going Up
Do your fees keep going up for no reason? Inflation is cause in itself. A small increase is reasonable. Large increases periodically, however, are worth questioning. Your property management company should be able to defend any increases in their fees and explain what value they'll be providing to you in the future. If they can't, your fee increases may be covering their own company's shortfalls.
2. Mailers and Emails Are Going Out Late
A property management company must have rock solid communication. Certain issues need to be discussed in a timely manner, from special assessments to work orders being completed around the apartment building. If the company is continuously sending out communications late, you will have unhappy tenants and confused owners.
Some communications are legally vital, such as communications that could indicate that tenants need to move out or that a vote is occurring with the AOAO (Association of Apartment Owners). If these aren't sent out on time, everything else may need to be delayed.
3. The Building Isn't Being Maintained or Secured
Are there lights down throughout the complex? Do the security services appear to be lax? A property management company has the responsibility to ensure that the properties are held to the best standards. If the building isn't maintained and secured, property values are going to start going down. It is in the AOAO's best interest to preserve them.
Of course, the AOAO also needs to decide on the right maintenance and security measures. If the AOAO is deadlocked regarding expenses related to maintenance and security, the property management company can't do much.
4. They're Behind the Times in Terms of Technology
Modern owners expect to be able to pay their bills online, check their accounts, and even manage their maintenance requests. If your current company can't provide an online portal for tenants and owners, your company may not be modern enough. Not only are tenant and owner portals convenient for residents, but they also ensure that the AOAO can collect on fees and special assessments easily.
5. Board Meetings Aren't Handled Efficiently
Board meetings are one of the most important aspects of an AOAO. Board meetings decide the future of the complex and deal with issues from maintenance issues to improvements. If the property management company isn't properly scheduling board meetings or pushing them back, you will likely face other consequences.
6. They Aren't Bringing in the Right Tenants
A property management company is responsible for keeping the property filled. If the company is bringing in tenants that don't pay the bills or need to be evicted, the company isn't completing a rigorous enough application process. Further, if the company isn't able to keep tenants in at all, your property management company isn't being aggressive enough in advertising your complex.
Many property management companies are only paid in a percentage of rent, but a management company brought in by an AOAO is often paid a flat fee. In that situation, you need a company that will go above and beyond.
Remember: your property management company should be reducing the amount of work you're doing, not increasing it. If you want to learn more about the benefits that a modern company can provide, contact the Wilson Property Management team.
1. Your Fees Keep Going Up
Do your fees keep going up for no reason? Inflation is cause in itself. A small increase is reasonable. Large increases periodically, however, are worth questioning. Your property management company should be able to defend any increases in their fees and explain what value they'll be providing to you in the future. If they can't, your fee increases may be covering their own company's shortfalls.
2. Mailers and Emails Are Going Out Late
A property management company must have rock solid communication. Certain issues need to be discussed in a timely manner, from special assessments to work orders being completed around the apartment building. If the company is continuously sending out communications late, you will have unhappy tenants and confused owners.
Some communications are legally vital, such as communications that could indicate that tenants need to move out or that a vote is occurring with the AOAO (Association of Apartment Owners). If these aren't sent out on time, everything else may need to be delayed.
3. The Building Isn't Being Maintained or Secured
Are there lights down throughout the complex? Do the security services appear to be lax? A property management company has the responsibility to ensure that the properties are held to the best standards. If the building isn't maintained and secured, property values are going to start going down. It is in the AOAO's best interest to preserve them.
Of course, the AOAO also needs to decide on the right maintenance and security measures. If the AOAO is deadlocked regarding expenses related to maintenance and security, the property management company can't do much.
4. They're Behind the Times in Terms of Technology
Modern owners expect to be able to pay their bills online, check their accounts, and even manage their maintenance requests. If your current company can't provide an online portal for tenants and owners, your company may not be modern enough. Not only are tenant and owner portals convenient for residents, but they also ensure that the AOAO can collect on fees and special assessments easily.
5. Board Meetings Aren't Handled Efficiently
Board meetings are one of the most important aspects of an AOAO. Board meetings decide the future of the complex and deal with issues from maintenance issues to improvements. If the property management company isn't properly scheduling board meetings or pushing them back, you will likely face other consequences.
6. They Aren't Bringing in the Right Tenants
A property management company is responsible for keeping the property filled. If the company is bringing in tenants that don't pay the bills or need to be evicted, the company isn't completing a rigorous enough application process. Further, if the company isn't able to keep tenants in at all, your property management company isn't being aggressive enough in advertising your complex.
Many property management companies are only paid in a percentage of rent, but a management company brought in by an AOAO is often paid a flat fee. In that situation, you need a company that will go above and beyond.
Remember: your property management company should be reducing the amount of work you're doing, not increasing it. If you want to learn more about the benefits that a modern company can provide, contact the Wilson Property Management team.