If you’re a contractor or a property management firm, you may have heard some of these common complaints from property investors that you work with.
Read how to address these issues so you can help your investors run their businesses more efficiently.
Guest post from Withrow Mechanical Inc.
7 Common Complaints We Hear From Property Investors
Property management does not end in managing properties alone. It’s good to do your research on how your customers view your services and hold grip on some complaints that you might encounter along the way.
Below is a list of 7 common complaints we from property investors that we often hear.
1. Poor Property Selection
The right selection of property is a vital part in the business and it is where most complaints are focused. If you are an investor, it pays to conduct a background check both on the property and the neighborhood before deciding to buy the property.
Otherwise, you may end up investing in a place with poor population growth, slow developments and low employment rate thus providing lower capital growth. Knowledge on the property is as crucial as planning the right strategy for the investment.
2. Poor Communication
Open communication is very much needed in property management. Property managers should provide investors up-to-the-minute updates of their investment to keep good records.
If you are an investor, you should demand communication to keep track of the status of your investment. Of all the people involved, you deserve to know everything about your investment.
If one of your common complaints from property investors is that your property manager doesn’t answer a call or call back, ditch your manager before it’s too late.
3. Cash Flow Issue
There are property managers who will make unreasonable expenses for your investment. If you find yourself complaining with your manager about unnecessary costs, communication and expectation are important things that you have to discuss about.
Lay out your parameters to your manager and make a clear description of your expected output. As an investor, there is a need for organized finances to hold grip on your properties.
You might not want to end up with all the negatives on your account due to failure in handling your funds properly.
4. Running Out Of Time
Many common complaints from property investors is that it takes forever for them to see a return on their investment. You should expect a rental income starting on the very first month after you signed a contract with your property manager.
It’s a headache not receiving a coin due to your manager’ inefficiency.
Or if you’re a tenant and there are parts of the room which need repair and your property manager takes forever to get this done, this is such a great discomfort.
This is one of the most common complaints from property investors about their property manager and one of the main reasons includes waiting for the owner’s permission and taking into account the financial aspect.
5. Advising Turns To Selling
Investors need professional help to give them choices and help them create better investments. That’s why they opt for property managers rather than going it alone.
One of the functions of property managers is to give advice and suggestions for the good of the investment. However, in most cases, investors are complaining as to why their managers sound more like sales talking than advising.
If you’re seeking professional guidance and your property manager is providing you a solution which is focused on only one idea, you’re talking with a salesman.
Advising is a matter of providing investment assistance and solutions in different aspects, not just focusing on a single idea.
6. Low-Performing Team
Another of the common complaints from property investors is not having a great team to guide them. A successful investment is a combined effort of an experienced property strategist, a smart finance broker, a good solicitor, and a practical property accountant.
If you are an investor, your team should be one of your top priorities. Since you don’t have enough knowledge in every detail of your investment, be sure to have people who provide commendable services in the field.
7. Incorrect Structuring
Most investors realize the need for professional advice after finding out that they owned their properties at incorrect units. Before you invest in a property, make sure to have a clear image of what your property would become after 10 to 15 years, or ask for structuring advice from experts and seasoned investors.
Proper structuring helps in securing your assets and maximizing your tax benefits. It is an important aspect especially when you’re a beginner investor.
Property investment is not as easy as it sounds. It takes wise strategies, smart decisions and useful advice from experts to achieve your goal and prevent opportunities from slipping out of your hand.
Thankfully, knowing these common complaints from property investors already meets half the battle.
About the Author:
Withrow Mechanical Inc. is a highly dependable HVAC company that specializes in residential and commercial heating and cooling solutions. The company aims to provide customers with top quality products and services that are unique to every situation.
While doing this, they strive to keep all HVAC projects on time and within the budget of their customers. Committed to customers’ complete satisfaction, Withrow Mechanical Inc. stands behind all of their workmanship for the best HVAC solutions.