Tips on managing the management company
Hello, for the investors who've decide to use a property management company for any number of reasons, can you share any tips you have for managing the management company?
I will share a tip from the online world that I'm sure has carryover:
A good friend has an online business that depends on pay per click marketing. He would hire a PPC manager to take care of his campaigns. Each month 20% of the campaigns would be allocated to a different manager, to see if the new one could outperform the current one.
- If the current manager won (results wise), he keeps his job and above market compensation after bonuses.
- If the new manager won, he replaced the current one.
He found this to be a highly effective way of keeping his pay per click managers highly motivated to continue optimizing the campaigns to the best of their abilities.
This is more easily done in the online world, but I wonder if such a competitive incentivization scheme would work between property managers as well. Just a thought.