There’s a good chance as a military landlord that you live long distance from your rental property, became an accidental landlord, or you’re too busy or too deployed to manage your local property, so you hired a property manager.
Property management can be an excellent solution, but as you know, it's not a completely hands-off deal—you’ll need to maintain a communicative and proactive relationship with your manager. Property management is all about peace of mind. If you’re starting to lose sleep over your manager’s performance, there are probably red flags and signs telling you it's time to hire a new caretaker for your property.
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All relationships need clear communication if they’re to be successful. The relationship between the property owner and the property manager is no exception. In fact, since it’s a business-related partnership with thousands of dollars in the mix, crystal-clear communication is mandatory. So, set your expectations early and maintain them throughout your contract with the property manager.
If you’re having trouble communicating important topics like rent (setting prices, procuring, maintaining monthly amounts), you might need a new property manager.
The reasons for late payments are almost endless. As the property owner, you probably have a mortgage to pay with at least some of the rent money, so your mind can quickly wander to worst-case scenarios.
Timely rent payments are crucial, and your property manager absolutely should respect your timeline for reporting problems. If there is an issue with the tenant's ability to pay, they need to keep you in the loop about their official conversations with the tenant, the plan to make up payments, and possibly late fees. Your property owner should not let late payments continue for months before discussing the issue with you.
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If you’ve noticed your standard $3,500 monthly rent payments have been short a month here and there, and you don’t have a direct explanation, your property manager isn’t communicating well. Chances are that some of the rent went toward common payments like repairs, home warranty fees, or even appliance replacements.
However, you shouldn't have to wonder about reduced rent. Decide on a preferred notification system with your property manager and insist on prompt implementation, whether it's an incident-by-incident text or a monthly email summary of expenses, keeping in mind your annual tax documents and payments.
In many cases, the property management agreement (especially if you’re an OCONUS property owner) specifies that your property manager has the authority to spend up to a certain dollar amount each month on maintenance and repairs without first consulting you, but you can make the call.
As a savvy rental business owner, you know that there are federal Fair Housing laws you and your contracted property manager must uphold. Our article, What Homeowners and Landlords Should Understand About the Fair Housing Act, explains everything, but your property manager should be familiar with discrimination laws. If they are not, this is a big sign that you need a new property manager. If a would-be tenant files a complaint with the Department of Housing and Urban Development (HUD), you could pay thousands in legal representation and legal fees.
Are you looking for a new property manager? What to Know About Hiring a Property Manager will help you define your must-have qualities.
Tackle any communication discrepancies early in your relationship with your property manager so you won’t worry about the hassle of negligence. If property negligence consumes your mind, it's time to find a new property manager.
Every rental property needs preventative upkeep and repairs, so you should expect to see bills for things like an HVAC annual inspection, monthly pest control, and routine, but not everyday replacements like a water tank. There will be months you’ll get away without paying extra bills, but over the years, you’ll certainly want to maintain proper upkeep. Otherwise, you’ll pay a much larger price, for example, if a small water leak runs long enough to spread into a mold outbreak.
Trusted relationships make property managers successful. Managers know that a cadre of honest tradespeople, such as a reliable plumber, handyman, and electrician, is the key to keeping tenants and property owners happy.
Your property manager should have long relationships with key contractors that keep a property running. Depending on your agreement, they may hire them directly to repair clogged toilets and fix the radiator, but you can ask for suggestions to explore on your own. If your property manager doesn’t have reliable relationships, it might mean they’re inexperienced or difficult to work with. Either way, you likely need a new property manager.
MilitaryByOwner has curated a Business Directory listing local businesses near your military base, including tradespeople and real estate professionals.
As you can see, military landlords can encounter struggles with a less-than-valuable property manager. Most of the time, problems arise from poor communication. Make sure that you and your property manager are on the same team regarding your rental property’s health and wealth. Understand your management agreement, discuss your concerns, and if something doesn’t seem right, don’t let your concerns fester; ask for clarification.
Learn more about managing your rental property successfully with our free guide:
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