Sometimes what’s promised on the tin doesn’t live up to the reality. And when your property manager is falling short, it is important to act quickly.
Your vacation rental property is an investment. If it is being neglected or badly managed, it can end up costing you thousands of dollars in repair costs and lost return on your investment.
More than that, your vacation rental property is your home – presumably a home you fell in love with when you first bought it. When you leave your rental property in the hands of a property manager, you want to know it is being looked after with the same care and attention you would give it yourself.
What to do when your current property manager is underperforming
Unfortunately, too often we hear stories from home owners about how their previous property manager failed to deliver everything they promised.
What can property owners do when they think their current property manager is failing to deliver everything they said they would? White Rose Villas talks you step by step through what to do.
- Raise any concerns with your current property manager
If you are unhappy with any aspects of your current service, do speak with your current property manager about your concerns and give them time to respond. If your property manager cares about your custom, they will spend time to understand your issues and should quickly work to put things right.
- Act quickly
If your property manager fails to respond when you raise your concerns with them, it is clear they don’t value your business to the extent they should. Rather than risk neglect of your property, a decline in occupancy rates or the stress of working with someone you can’t trust, act swiftly to find a property manager who will work with you to maximise the return you get from your property.
- Check your current contract
Although White Rose Villas does not have minimum contract term, some property managers do. So before you switch, you will need to check the termination clauses of your current contact.
If your contract with your current property manager is subject to a minimum term, you may wish to let the contract run its course.
However, if your dissatisfaction with your current property manager is high, you may wish to terminate the contact early. If this is the case, you will need to investigate what penalty clauses apply if you cancel the contract early.
Then you will need to weigh the cost of freeing yourself from the contact early against the cost of staying with a poorly performing property manager.
- Find a new property manager
There are many ways to find a new property manager. As with so many things, personal recommendations are a good place to start. Reach out to your network; ask other property owners, your realtor, neighbours and the resort management company.
You’ll then need to draw up a shortlist and interview potential service providers. If you’re not sure where to start, check out our tips on what to look for in a property management company.
- Notify your existing property manager you wish to terminate your contact
Once you’ve found the property management company you want to work with, you’ll need to set down your desire to cancel your current agreement in writing to your current property manager.
Remember to include the date from which you wish to cancel their services and the details of the company to which you are switching. We suggest sending this notification by certified mail with a signature receipt requested.
Try to leave on good terms if you can; it will make the handover process much easier for all concerned.
- Let the county and state authorities know
Although your property management company will usually manage the vacation home occupancy taxes with the local and state authorities, it is worth putting the change in property management in writing to the local county tax division and the State’s Department of Revenue. Let them know who will now be managing these returns on your behalf and send these two letters by certified mail with a signature receipt requested.
- Update details with other service providers
Some property managers will take on other responsibilities for their home owners such as paying utility bills and the like. In such a situation, you will need to contact these companies to let them know your previous property management company should no longer have access to your account.
This is especially important to do if you have given your property manager legal power of attorney to act on your behalf; for example, if they have permission to deal with your bank on your behalf. Ensure that this agreement is officially terminated.
- Don’t be afraid to check the performance of your new property manager
Once you have made your switch to a new property management company, do follow up with them to make sure they are doing everything they said they would do. Online reviews are a good indicator of whether all is well, but a spot check is a great way to assess their performance.
Now you know how easy it is to switch, it would be a shame to settle for anything less than the best.
If you own a vacation rental property in the Central Florida area and you are thinking of switching property managers, why not add White Rose Villas to your long list of possible new property management companies?
Our team is always on hand to answer any questions you might have about our service or the switching process. You can email us at firstname.lastname@example.org