It’s no secret that residential property management is a numbers game: the more properties you manage, the more monthly revenue you make. Even though the entire business model is based on this idea, many property managers don’t realize that quantity over quality is a recipe for disaster.
We’re in business to make money. As important as the money is the time and effort we put into to making it. I’ve found the best way to manage this is by screening and qualifying both the property and the owner.
Many times a business will accommodate a customer in a way that isn’t true to its core business practices, and then the tail is wagging the dog. When interviewing a potential property owner/investor, as exciting as it is to win a new client, you can’t let them affect your company adversely.
These questions help us find out how they feel about having their property managed by a professional and what their past experiences were like. Usually we find they have had a bad experience or misconceptions about what a property management company does.
Here are a few questions I ask:
- What’s your opinion of property managers and the services they provide, and why do you feel this way?
- What does a well-maintained property mean to you?
- Can you tell me the details of what your property insurance policy covers?
During the inspection, I do a thorough walk-through and provide recommendations for keeping up the property and improving it to increase its value, and then I ask the client their thoughts on this approach.
Understanding your prospective clients and educating them about what you can do for them are the keys to a harmonious relationship.
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