For the majority of real estate investors, hiring a professional or a company to manage your property or properties is necessary.
When it comes to choosing the right person for the job, we can sometimes be taking a leap of faith. Making a decision on whom to employ to assist the growth of our business doesn’t always come after careful deliberation, which can be a problem further down the line. While we had expected to avail the services of a firm or person who promised professionalism and efficiency, it can be disheartening when this does not turn out as planned.
This can be a problem which can affect the entire span of our real investment portfolio. For example, a problem with a company in New York can have a tangible effect on the real estate in Edmonton.
So just how crucial is it to ensure we have the right property manager at the helm? It can be extremely important to your success, in short. If the five points below sound familiar, it might be time to consider a change:
Consistent Maintenance Problems
An obvious point? That may very well be the case, but how much attention are you really paying? The basic principle of being a property manager is to manage your property. Does the house look dishevelled from the outside?
Are there problems with fixtures which have damaged the interior of your home? Why not visit the property and see for yourself.
Days and weeks go by without hearing from your property manager. Phone calls are not returned, and there is a general lack of communication. This should never be the case.
Relay your concerns with your property manager and emphasize the importance of communication to you. If things still do not change, it may be time to find someone new.
Managers – of any capacity – should demonstrate the organization skills and adherence to responsibility which should be a part of their professional personality.
If you do not feel inspired by consistently poor support and a lack of detail in what should be frequently submitted reports, this may be a sign that this property manager is simply incompatible to your business goals.
Failure to Address Problems
This is another simple point, but one which should not be overlooked. If a property manager is simply failing to address problems, is there any point in paying them and trusting them with being a solution to yours?
There are many areas of concern for a property manager to apply themselves to. Keeping your ship afloat should be their first.
Lack of Drive
Poor management, no vetting of tenants, a failure to relay information, and a lack of organization is usually not the mark of a professional. These traits can generally indicate a lack of drive – or in other words – laziness.
Do you really want an uninspiring and unproductive property manager handling your affairs? We certainly would not.