Second property manager?

Our Experts Answer:

The answer to this question depends on the contract you have with your property manager. Many property management companies require exclusive contracts with their clients. A lot of work and expense is incurred in finding the right tenant, in the expectation that ongoing management fees will allow such costs to be recouped. An exclusive agreement allows a property manager that confidence. You have mentioned that you have no tenant after one month. This can result from several factors. Price is a significant one. Have you priced the property fairly in the current market? Have there been any viewings from prospective tenants? If so, what feedback have they given? Are there any deterrent factors for your property? What properties are competing with it? Has the weather slowed the market by making people stay at home? The chances are that having two property managers advertise the same property will not add to your chances of letting... they are both “fishing in the same pond”. I suggest you discuss your concerns with your property manager and work out what is stopping your property from letting quickly. Then you will both be better able to address the slow letting.