Hiring the wrong property management company can be an expensive mistake for rental property owners.

If you notice any of these 10 red flags, it may be time to find a new property manager:

1. Lack of communication

   Your PM should provide regular updates and be responsive to your inquiries. Lack of communication is a major red flag.

2. Longer than average vacancy periods

   An effective marketing process should minimize vacancies between tenants. Extended vacancies mean you’re losing income.

3. Deferred or poor maintenance

   Putting off necessary repairs or using subpar contractors can lead to much bigger headaches and costs down the road.

4. Tenant complaints

   If you frequently get complaints from tenants about the PM’s responsiveness or service, it’s a bad sign.

5. Unauthorized repairs or expenses

   All repairs, upgrades, and expenses should be approved by you first before being undertaken.

6. Discrepancies in accounting

   Detailed monthly statements are a must. If you notice accounting irregularities or can’t get clear answers, it’s a major issue.

7. High tenant turnover rate

   If good tenants aren’t renewing and you have excessive turnover, it could indicate an underlying management problem.

8. Lack of professional marketing

   Your rental listings should be professionally marketed with quality photos and descriptions to attract the right tenants.

9. Cutting corners on tenant screening

   Improper tenant screening leads to problematic tenants who can damage your property or not pay rent.

10. Unexpected fees or charges

    Your PM should be upfront about all fees and charges. Surprise bills are unacceptable.

If you’re experiencing any of these issues, it may be time to consider a new property management company that puts your interests first like  www.luxepropertymanagement.com.au to learn more.