Rental Property Frustrations - The Property Manager is Sub Par
A property manager can make or break your investment plans. So, can the thought that you can manage everything yourself.
While it’s not always the case, bad tenants often come with a bad property manager. That could be a manager that doesn’t property vet prospective tenants and doesn’t do a thorough job with reference checks and background checks and doesn’t do regular inspections and take care of repairs in a timely manner.
Property management is a people business. If the property manager you choose doesn’t have a team that has great customer service skills you may be doomed right out of the gate. Having a team of experts to handle emergencies as they come up, someone to answer the phone, someone to do the repairs as needed and so on.
When a tenant gets behind on their rent, filing an eviction immediately isn’t always the best thing. Sometimes working with them can resolve the problem and make them a much better tenant in the long run. But, without the team of individuals with great customer service skills, you might never know that.
If you think something is off with your current property manager don’t wait to replace them, start your search now. Attend some local REIA meetings and talk to other real estate investors and ask them who they are using. Chances are if you find a group of people using the same property management company in a group like this, they are a good property manager. Plus, networking with other investors can help you grow and make new friends with similar interests. There’s always something new to learn and new regulations. Meetings are a great place to stay on top of things.