3 Consequences of Choosing the Wrong Property Management Company
Managing a property yourself can be exhausting and time consuming, which is why many associations decide to hire a property management company. However, if you don’t conduct the proper research, you might end up hiring a company that makes things far more complicated than they need to be.
In this article, we are going over three red flags that indicate that you’ve chosen the wrong property management company. All of the issues you see below are never a problem here at Wise Property Management, Inc., the premier St. Petersburg association management company.
1. Hidden Fees
This may be the biggest warning sign of them all. Property management companies get paid in a variety of ways. It is a continuous service over a predetermined amount of months, which is paid for through budgeted association fees. Like us, they often offer a variety of different services, and you can select only the ones you need that fit into your budget.
This is normal, and the company should disclose all costs they plan to present. If the company ends up billing you with fees that were not a part of the initial agreement, you now have reason to worry. Not only is this unethical, but it could completely topple the budget that you had for property management, making for a serious and unnecessary headache. Here at Wise, a St. Petersburg condominium management company, you can rest assured that we will never put you into this situation.
2. Exorbitant Maintenance Expenses
It’s only natural that the cost of maintenance will increase when you hire a property manager. However, hiring a bad property manager may cost you more in the long run. It’s difficult to keep up with the high demand of maintenance requests and can quickly get out of hand. If they fail to tend to these, then your overhead and reputation will suffer in the end.
Whether or not the company has in-house maintenance or uses a third party contractor doesn’t matter, a big part of hiring a property management company is that they have a pre-established network to assist in lowering maintenance costs. If you’re shocked at your maintenance costs, it may be time to switch to new management.
3. Lack of Communication
The point of a St. Petersburg association management company is to be less involved in the maintenance of the community. However, you need to be crystal clear as to how much involvement you want to have. Imagine this: it’s the end of the month, everything is running smoothly (or so you think) and then WHAM! You find out that only half of the rent has been collected, a long time tenant has been evicted, and several unexplained expenses are on your monthly bill. What happened?
Bad management happened. As a board member, you should be made aware of these kinds of situations and any extra costs before they occur or at least immediately after. This is something that bad property management companies struggle with, and something you’d never experience being under Wise management.
Are you ready to work with one of the top St. Petersburg condominium management companies that makes life easier for you and your board members and improves the value of your property? If so, submit our proposal request form today!
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SEE WHAT OUR CLIENTS ARE SAYING
Couldn’t have asked for better service. It’s NEVER this easy dealing with property management companies. Great Job! Thanks so much!
Cody Glass from the accounting department was very helpful and professional with a lot of courtesy to help me to understand and set up a new payment process.
I work with Wise on a regular basis, as the nature of our business requires quick turn around times. They are kind and helpful when you need something.
I have always received great service from Wise. Any time I need help someone always answers the phone and directs me to the right department.
My name is George Florence, I am the Board President of Villas of Northdale, and I have been a Board member for 5 years now. We have had perfect help from Wise Property Management.
Wise Property Management is the quintessential image of a professional, organized, comprehensive, deligent and knowledgeable Property Management company.
Kristy D., South Pointe HOA Vice President.
I have been working with Jeanie Hunter of Wise Property for several years now. She has handled all our Tampa Villas South association issues promptly and with great efficiency.
Ken C., Tampa Villas South HOA Vice President.
Very easy to work with and everyone is friendly. We have worked with them for a very long time and love the experience. They take pride in their work and truly enjoy what they do.