When it comes to property management, the saying “you get what you pay for” couldn’t be more true. Opting for a cheaper property manager might seem like a smart financial decision at first, but it can lead to significant costs and headaches down the road. Here’s why: 

Heavier Workloads 📈

Cheap property managers often juggle a much higher volume of properties, leading to overworked staff. This means less time and attention for your property, resulting in overlooked maintenance issues and delayed responses to tenant concerns. Your property could suffer neglect and damage from incorrect or infrequent maintenance. You may also find that your property manager is never available to chat with non-existent communication either via phone or email.  You are quite likely to get ghosted. 

High Staff Turnover 🔄

With lower pay and higher stress, as well as the use of off-shore employees cheap property management companies experience frequent staff turnover. This means you won’t have a consistent relationship with the same manager, making it harder to build trust and ensure your property is well cared for. 

Missed Legislative Requirements ⚖️

Managing a high volume of properties can lead to important legislative requirements being overlooked. This can leave you liable for fines, lawsuits from tenants or even cause your insurance to become invalid, putting your investment at risk. 

Missed Opportunities to Raise Rents 💸

A busy property manager might miss opportunities to raise rents in line with the market, costing you potential income. Staying on top of market trends and rental increases is crucial for maximizing your investment returns. 

Higher Tenant Turnover 🚪

Poor management can lead to dissatisfied tenants, resulting in a higher turnover rate. Frequent tenant changes mean more time and money spent on finding new tenants, cleaning, and repairs. 

Sloppy Tenant Screening 🔍

In the rush to fill vacancies, cheap property managers might not thoroughly screen potential tenants. This can lead to problematic tenants who may cause damage, pay rent late, or even engage in illegal activities on your property. 

Possibility of Being Sold! 🤑

There is a very good chance that the agency offering you the ultra-low rate to manage your investment property has no intention of keeping your business at all. They could be positioning themselves to gather enough landlords to sell the list to a new property management group. Usually this would be to a business that has little to no experience managing a property management business. You can be rest assured at Homes4Rent, that our business is only in managing investment properties. You are not just another number with us.

Investing in a quality property manager ensures your property is well-maintained, tenants are happy, and your investment is protected. Don’t let the allure of saving a few dollars cost you much more in the long run. Choose wisely! 🏡✨