10 Professional Tips to Handling Your Property Manager

#1)

Vital Information: The majority of property managers are not up to par!!
In other words, 90% of experienced property managers can’t run your property to its maximum levels. Let’s be real, the property management business is a hard trade to make a profit in. They typically promise more than they can deliver. It requires years to be prosperous in it, let alone thrive financially. Plus nobody could possibly care more about your investment then you!

#2)

Be positive the property management firm is on board with your business plan and exit plan for the property.
Did you finance this property for monthly income for you to support yourself, or for your retirement years in the future, or as a tax-shelter? Whatsoever the circumstance, be sure your property manager is familiar and more important, agree with them.

#3)

There is no way to foresee if a property managemer is talented or not, until you hire them for a few months. Disappointing, right?
Partnering with a property management firm is like being married, you’ll discover if they are able to do the job only after they’ve been hired and began working for a while. Select your property manager carefully.

#4)

To guarantee you find an amazing property manager get a recommendation from someone who is pleased with their personal property manager’s accomplishments.
This is by far the smartest way to employ a new property manager effectively. Find somebody such as a colleague-investor who is satisfied with how their property manager is running things.

#5)

Make sure you come to an arrangement where they send monthly performance reports – request a sample of their personal reports during the interview.
Bluntly, ask what their property performance recording abilities are for owners. Get an example of what they presently send out, then inform them of what you need every week and month, as far as reports and updates on the building. If they are incompetent, then you have some degree of holding them responsible.

#6)

Hold the property manager responsible for regimented monthly meetings and “weekly accountability reports”.
Each and every month a conference needs to be set up between you and the property managers. If you do not keep up with monthly conferences and accountability reports, think of it like an undisciplined, no consequences child. What happens?

#7)

Regularly visit the property (sometimes without notice!).
After taking possession, I recommend visiting the property at minimum once a month (more if it is being rehabilitated) for the first 6 months. Later, visiting 4 times a year should do.

#8)

Oversee a yearly customer service approval assessment of the renters which is typically called a “resident satisfaction survey”.
These are fairly easy to do yourself or there are third party companies you can hire to conduct the survey. The assessment should talk about the following: upkeep of apartments and grounds, upkeep of communal amenities (pool, gym, etc.), upkeep of utilities (heat, water, garbage), resident relations, leasing amenities, and safety. Keep it uncomplicated with a self-addressed stamped envelope, with the option to remain anonymous.

#9)

Be prepared for bumps in the road because things happen = shape reserves.
Money is the number one thing that destroys business relationships Money complications look as if they never appear until it’s required and there is none to be found. Create and uphold fallback funds for emergencies.

#10)

Do not be afraid to terminate the property manager if they continue to perform poorly. Here are some signs to lookout for that show it’s probably time to find a new property manager: failure to collect rent, deteriorating tenancy, routinely late reporting, and bookkeeping errors.