I have been involved in investing for less than 5 years, but have been privileged to be involved in one of the most exciting markets in the county. After spending 7 years in law enforcement, I took the plunge into real estate investing in late 2010. During these years I have helped double the size of our management company, and have established a strong start to my personal real estate portfolio. As a Broker I handle all of the investor real estate within our company and act as Director of Operations dealing with tenant and owner issues.
I am looking for feedback from investors from California to Maine from Florida to Washington, on their experiences with property management.
What does your property manager do that you absolutely love and what do they do that you hate? This is a basic question but I would appreciate feedback as I try to improve our services.
I am assuming most investors with a portfolio of over 20 have a property manager. I am interested in what your property manager provides that you absolutely love. I am also looking for things your property manager does that you wish they would change. ie maybe you are notified on every single maintenance expenses, or the opposite maybe you are never notified and you wish they would etc....
As a very small user of property management (2 units currently, self managing the rest).
What I love:
- That they can walk through the unit and make suggestions of small thing we can do to make it more rentable
- That they just take care of the small stuff and tell us about it later
- That they hold our low income tenants more accountable than we seem to be able to. They are quite firm and do more inspections.
What I don't care for:
- Lack of communication. At turnovers, we don't hear much, we're not even sure when the tenant really moves in. A quick daily or every other day update would help a lot, or at least adding more info to our statement.
Thanks for you input @Michele Fischer communication seems to be a key element for a good relationship!
You can add to that list - clear fees. I really like the idea of a flat percentage of rent - instead of extra costs for every service. The Property Management company should get paid to keep your units full, not to move people in and out.