How to Know When You’ve Hired A “Subpar” Property Manager

Did you recently hire a property manager to manage your portfolio of rental properties but now you’re starting to feel like it’s possible they may be a subpar property manager? If so, you’ve come to the right place!

In this article, we will provide you with a list of clues to follow that will help you to know if you’ve indeed hired a subpar property manager or not.

They Don’t Communicate with You

The first clue that you hired a subpar property manager is if they do not answer your attempts at communication with them.

Communication in today’s world is easy; there are so many ways to communicate with people so it’s impossible for a property management company to not have a multitude of communication options available at their fingertips for their renters or owner clients to reach them.

If your property manager is not communicating with you via phone, text, email, fax, or any of the multitude of other communication options available online, you should rethink your choice of a property manager because they may cost you time and money in the months to come.

Your Property Has Been Vacant for More Than 30 Days at A Time

Another clue that you’ve hired a subpar property manager is if your rental property has sat vacant for more than 30 days at a time. If this occurs, it’s definitely a good sign that your property manager is not doing their best work to rent your property as soon as they possibly can.

Their Fees Are Too High

So far, we’ve offered you very good points that you can use to verify that you hired a subpar property manager. If you’re still not sure if you hired a subpar property manager or not, another thing that you should look at is the property management company’s fees.

Specifically, the fee that you should be paying on a monthly basis should be no more than between 8 and 12% of the monthly rent. If you are being charged more than between 8 and 12% in fees, you should think twice about continuing your relationship with that property management company and consider choosing the services of another company to manage your rental property for you.

Learn More

To learn more about how you can know if you hired a subpar property manager, or to speak with us about the property management services that we can offer you, contact GoldenWest Management today by calling us at (866) 545-5303 or connect with us online.

 

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

AB 1482 Brings California One Step Closer To Rent Control

Proposition 10, the latest attempt at statewide rent control in California was defeated during the November 2018 election.

Sadly, the defeat of Prop 10 didn’t last for long since our elected officials immediately started 2019 with new measures to accomplish their goal of statewide rent control including AB 1482.

What Is AB 1482?

If it’s signed into law by Governor Gavin Newsom, AB 1482 will make it illegal for landlords and property owners in the State of California to raise rents here more than 7 percent plus the Consumer Price Index in one year.

The bill has been controversial from the start because opponents feel that it will stop investors and builders from wanting to build more housing in California while supporters of the bill feel that it gives landlords room enough to operate at a reasonable profit.

Will rent control help California? If history is any indicator of the results that come from rent control then the answer would be no.

California has a major housing shortage and ranks 49th out of all 50 States when it comes to per capita housing construction (2016 McKinsey Global Institute Report) so if AB 1482 is signed by the Governor this will only create another obstacle that will make it less desirable for builders to creating new housing in California.

Why Is Rent Control Bad for California?

There’s no denying that rents are high in California but having statewide rent control will only make maters worse because it’s going to be responsible for making the “Golden State” less desirable for real estate investors to build new housing here.

In 1999, just days before the world was going to end with Y2K, Forbes magazine published an article called “The Dumbest Ideas of the Century,” which included a list of the 10 worst economic ideas of the 20th century. Rent control was second on the list. “Here we have a policy initiative that has done huge damage to cities around the globe. It is very hard today to find an economist supporting rent control,” the article stated. Damage to cities, indeed, but damage to low- and middle-income renters most of all.

Source – Multifamily Executive

Contact GoldenWest Management

To learn more about AB 1482 and how it will affect California, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904