If you’ve had the option of choosing between price and quality when hiring a property manager, I strongly suggest you go for quality. A good property manager comes with a premium, normally 8% scam, compared to the average which is only 5%. Although 3% is a big savings, a good property manager can actually save you a lot more; grief, stress, expense, vacation, and they know how to ride the waves of the market.
Good property managers always make sure they get your instructions. The brand suggests and recommends, however, final decisions should be based on your discretion. Some property managers also tend to squeeze a little more money out of you. They ask for repairs when there is no damage. Before responding to repair requests, make sure you know the details of the damage. You can also suggest some things to do before calling the repairman. The problem can be solved by simply adjusting the main water switch.
Also, if any damage really needs a repair, be sure to get a copy of the invoice to ensure your money is being put to good use. Invoices also contain the phone number and address of the company that you can call if you want to confirm or clarify something. You should also treat your repairmen properly as they know the ins and outs of your property and can accurately tell the condition of the units. You can anticipate future repairs and won’t be fooled by fake repair requests.
Having bad tenants is inevitable, but it can be greatly reduced with a good property manager. Remember, rent-free tenants are just as good as vacant homes, and property managers have the eye and skill to assess tenants, filtering out the good from the bad. You can also select the tenants yourself to ensure their quality. It’s really comfortable if you have personally met the people who will be living in your property.
Your property manager should also be strict about your company rules. No excuses. He needs to know how to assert his authority and have the guts to kick someone out if they jeopardize payments. The tendency if you let a tenant skip the rents is that it will become habitual. It can reach a point where they are no longer able to afford months of rent and will end up being evicted. You are technically responsible for kicking them out as well as for tolerating their negative behavior. Bad habits are easy to form but hard to live with. Good habits are hard to form but easy to live with.
Property managers are perfect for your business. However, you cannot completely entrust everything to this one person. No matter how good they are, you should always know how important it is to know what’s going on in your business. Also, be precise and clear so that no tenant knows your name and telephone number.