This is something that every good PM needs to read. This will make you money, and save you time!
I had a meeting with current property clients yesterday. They are moving to the Left Coast this summer and while they have their current home on the market for sale, they wanted to know their options in case it does not sell - so we met to go over their rental options and the timeline with regard to their sales listing.
During our meeting, they asked me about two would-be client referrals they had provided my name to and why I did not take their condos to rent. One I remembered as I actually drove to the property and realized it does not fit my property portfolio. The second referral I remembered as we only had a discussion on the phone and when I advised them of my fees, they elected to self-manage their condo.
It is interesting that the REASONS for me not taking their friends' properties were not discussed in the feedback with my clients; just that it was MY FAULT that they did not give their business to me.
My clients have a brand new townhouse in a desirable area that I rented within a month at an EXCELLENT rental rate. I'd like 10 more just like it; however, if I take every property prospect call and property that asks about my services, I won't get to devote the time and energy required to farm the area to GET the 10 more units just like it and my property portfolio will suffer as will my current clients.
Saying NO was hard; however, saying it NOW is easier in the long run - for everyone
Wallace S. Gibson, CPM
GIBSON MANAGEMENT GROUP, Ltd.
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