Good news travels fast, and bad news travels even faster. For you to be on top of your game as a landlord you need to have measurable information at your fingertips at a moments notice. Think about it. In medical terms, the patient is your dear and beloved property. That would make your property manager your attending physician monitoring the health and well being of the property. You would not want a doctor that knew or even suspected a problem or […]
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When you are interviewing a property manager ask to see a copy of their service contract. This is a good indicator of how any given scenario may play out once they are your manager for your property. A typical property manager contract is just like a tenant-at-will rental agreement you hold with your tenant-at-will resident. You want to be able to end the contract mutually either way in 30 days. If you are not happy with them and the service […]
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How many properties does your property manager own like yours? This one is kind of a trick question. Most property managers started out managing their own properties and then take on similar properties like the ones they already own. That makes pretty good common sense. However, you have to keep your eye on the ball here. I have heard stories of some unscrupulous property managers actually taking good tenants out of properties they manage, and placing them into properties they own. […]
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This is a great follow-up to the previous Blog post. In the previous post we wanted to know if the property manager owned properties like ours. In this Blog post, we really want to know if they manage properties like yours. Here is a good example. Let’s say you have a B property, in a B neighborhood, with bread-and-butter blue-collar tenants. That’s great. This is usually a property type that has a pretty good solid tenant base and usually has a […]
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We have already talked about some of the trending technologies in the blog post regarding cell phones and all the cool apps available to track and manage properties. I want to push the discussion a little bit further in this section to discuss some of the online technologies available to property managers. There is a host of property management software that could be used on the Internet to set up accounts, track maintenance requests, store tenant profiles, and act as a […]
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What kind of references can your property manager give you? Do they have a list of referrals and recommendations that they can present to you upon request? Property management is a customer service business towards both landlords and residents and your prospect should have a lot of happy customers on both sides. Due Diligence on Your Manager A property manager should absolutely be able to give you a list of at least 3 or 4 tenants that would have nice […]
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Millennials between the age of 18 and 33 get a bum wrap in today’s society as being self-entitled brats who think the world owes them something. Well, hold the phone, I have to step up to the plate on their behalf and let you know why I think our society may be in pretty good hands with our future generation driving the bus down the road. To set the record straight here. Let’s face it. I am not a Millennial, in fact I’m far […]
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