I have been in real estate for four years and it still amazes me that some property management companies do a horrible job at finding quality tenants. Most owners/investors of real estate would rather go 2 months without a tenant instead of putting in dope heads and the like. I run into this problem constantly (if not dealing with it personally, hearing about it from others).
Here's a concept for all of you property managers that feel that they can handle a "risk", don't. It will end up driving your clients crazy, give you multiple headaches, and then fall into other property manager's lap to clean up. What ever happened to namesake? Do property managers really not want business from investors that do care about their property?
I obtain most of my business through word of mouth. The most important concept I have is communication with the owners (this includes good, bad, and ugly situations). If the property is in a neighborhood that the manager does not deal with, don't pick up the client. Pass them on for other owners. Better yet, have a repore with other property managers that are managing in that area. Maybe (just maybe) they will do the favor of passing you owners that are dealing in your area.
I could fill twenty blogs full of horror stories on other property management concepts and practices that give me, and other well intentioned property managers, a bad rap. Don't be afraid to ask questions. Weigh all your options before chosing a good property manager. For the ones that keep messing up, thanks for the business!
I manage my properties. I have a real estate assistant who helps me with some of the paperwork, but who has my best interest in mind? Oh, me. Hmm, that is a hard one.