It's time to fire your property manager. That might sound bad coming from a property manager- but as long as the one getting fired isn't me, life is good.
Over time, I've written and spoke a great deal about the positive aspects of property management (again- it is my business). I don't recall ever highlighting the negative side of the business, though- or of how having a property manager may add to an investor's headaches rather than alleviate them. Maybe having a property manager remains a good idea (and it most likely does- because the alternative is really, really bad- wink, wink), but your specific property manager isn't upholding his end of your property management agreement. In those cases...it's time to fire your property manager.
Property management entails a great deal of trust, as a property manager is charged with stewardship over what is oftentimes an individual or family's biggest investment. If trust doesn't exist...it's time to fire your property manager.
Property management involves a great deal of communication- or better said, it requires it. If we're here in the latter half of June and the messages and emails you left around St. Patrick's Day haven't been returned...it's time to fire your property manager.
Property management shouldn't be a shady business- and your property manager should be professional. Many in our industry have worked hard to dispel some widely-accepted property manager stereotypes. Most stereotypes are the rooted in the truth, though. There surely was a time when the average "property manager" was a lady named Edith working in the on-site management office of a 10-unit apartment building.
You'd always see 2 cigarettes - one in her mouth, the other a stand-by sitting next to an ash tray that was about 1 shy of full. She swore at tenants and tenant prospects- and couldn't remember which day of the month rents were due- let alone who'd paid. Keeping the grass in good condition? That meant making sure folks stayed out of her desk's left-hand drawer.
I truly hope that I and others in the profession have moved it past all of that- but in cases where we haven't, you guessed it- it's time to fire your property manager.
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