At what point do you take your PM behind the barn?

Question

I've been patient and given my PM the benefit of the doubt. Everything went good for several years when they managed a couple hundred properties. Unfortunately, things are different now and I feel like another number in their tech App once they hit 500 doors under their management. I'm ready to pivot to another PM. It seems that PMs get to a place of critical mass where they're trying to manage too many properties, but they've lost the personal touch. My fear is I'll pivot to another PM then discover a few years later that I'm in the same place.

Patricia Steiner · Answer

Before it comes to asking this question. I recently replaced several of my resource partners after tolerating their "expectation" of my business versus appreciating it. The change was immediate. I wish I had done it much earlier. I was loyal to a fault. And, all those reasons for holding off doing so - "it'll be a hassle/disruptive/more money" - were unfounded.

Some relationships were never meant to be forever; it's the natural evolution of business. Go ahead and make the change - and stop rewarding your current PMs poor performance with your business.

Some relationships were never meant to be forever; it's the natural evolution of business.  Go ahead and make the change - and stop rewarding your current PMs poor performance with your business.

Jim Goebel · Answer

@Patricia Steiner

@Matthew McNeil

I 2nd what Patricia said.

Just last night, we lamented that our favorite local Mexican restaurant raised their prices (and they were still full, and doing great business)!

Last interaction with our go-to concrete contractor, he came in high, and was booked out 3-4 weeks.  We again lamented that we may not work with that good crew again, but in both cases, we are happy for their success.

Businesses change, and grow, and understanding whether there's alignment in where you're at, and where your service providers and suppliers are at, is very very important!

Anthony Rosa · Answer

The landlord that gives the PM the most doors to manage gets the best attention.  The lesser amount of doors that you give the PM to manage the lower on the totem pole the landlord is.

Move on and find someone new, you're the landlord!

Account Closed · Answer

@Matthew McNeil as someone in the PM business and regarding your last post, I could possibly see legitimate reasons for not notifying you about an $1,100 repair beforehand or messing up a deposit (although these issues should be far and few between), but once they’re slow getting you the financial statements, they’re done. Money is the most important part, that’s the only reason you’re doing this. And financial reports are the only way for property owners to see what’s happening.

I’m extremely embarrassed if our statements go out one day past the deadline. I’m embarrassed when there’s a month where the 15th falls on a weekend or holiday and our owners don’t get their funds until the next business day. If your PM isn’t worried about that, it’s a major sign of more important issues.

Peter Tverdov · Answer

Large PM companies do lose a personal touch but it's because they become more professional in a sense. You can't expect a company to manage hundreds of doors and still be able to text them and get a response at a moment's notice.

Like anything in life, you get what you pay for.

Theresa Harris · Answer

One mistake, I get, but multiple mistakes over a short period of time points to a problem.

Matthew McNeil · Answer

Well said Patricia.  The relationship I've enjoyed with my PM for over a decade seems to have come to the end of a season.  Its unfortunate.  I just need to pull the trigger and let them go.  Thanks!

Martin Carstens · Answer

Mathew, Patricia is spot on! All relationships come to an end. Some sooner then others.  I was very fortunate. Once the PM company was loosing its touch, an agent started a new company. I was already in the search mode, it just made the decision easier. Take the plunge.

Best of luck!

Matthew McNeil · Answer

Thanks for the feedback James.  I've done my best to balance out OR equate personal service with better service, which is why I've given my PM the benefit of the doubt.  I don't need the personal touch as long as I'm confident they're doing their job.  In my case, my PM spent $1100 to replace a H2O tank on one of my SFHs without consulting me, and I've not seen a statement on another property since August. And, they messed up the deposit on a 3rd property. The difficulty has been that I value relationship.  However that value can't be maintained at the expense of what its costing me.  Time to pull the trigger.

Bryan Devitt · Answer

@Matthew McNeil PMs are like girlfriends, if you're asking yourself that question then it's already past the point of no return. Make yourself happier and start searching and interviewing

At what point do you take your PM behind the barn?

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