5 Signs It's Time to Fire Your Property Manager
5 Signs It's Time to Fire Your Property Manager
Hiring a property manager should make your life easier. But what happens when it doesn't? Here are five clear signs it's time to find a new PM.
1. Poor Communication
If you're constantly chasing your property manager for updates, something is wrong. A good PM should:
- Respond to your calls/emails within 24 hours
- Provide monthly financial reports without being asked
- Notify you immediately about major issues
- Give you 24/7 access to an owner portal
Red flag: You hear about problems from your tenants before your manager tells you.
2. High Vacancy Rates
If your property sits vacant for weeks or months while comparable properties are rented, your PM isn't doing their job. Average vacancy should be 2-4 weeks between tenants. If it's consistently longer:
- Their marketing is inadequate
- They're pricing the unit incorrectly
- Their showing process is too slow
- Their screening criteria is too restrictive
3. Unexplained Maintenance Costs
Maintenance is necessary, but costs should be reasonable and documented. Warning signs include:
- Invoices without detail or photos
- Costs significantly higher than market rates
- Recurring fixes for the same issue
- No competitive bidding for large projects
- Suspiciously round numbers on invoices
4. Tenant Quality Issues
If you're dealing with frequent evictions, property damage, or late payments, your PM's screening process may be inadequate. A good screening process catches most problems before they start.
5. Financial Irregularities
This is the most serious red flag. Watch for:
- Late owner distributions
- Accounting discrepancies
- Reluctance to provide detailed statements
- Security deposits not properly held
- Commingling of funds
What to Do Next
Before firing your PM:
- Review your management agreement for termination terms
- Document all issues in writing
- Give written notice per your contract
- Have a new PM ready to take over
- Ensure all security deposits and records transfer properly
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Published by the HireAnyPM Team