Do you dislike your PM team? Fair or unfair?

Question

After managing and investing in properties for the past 20 years, I suggest this: Consider carefully if a Property Manager (PM) aligns with your goals. Yes, there might be a cash flow impact, but weigh it against the risks of mismanaging your property, which could lead to more significant financial losses due to vacancies. If you've had a less-than-ideal experience with a PM, it's crucial to communicate your expectations clearly. If things don't improve, it may be time to seek a new PM. Remember, not every landlord or property is the perfect match for every PM, and that's okay. It's about finding the right partnership for your unique needs.

What is your experience?

Lisa Hammond · Answer

Aint that the truth. When owners contact me and set up an interview they are always stunned when they realize I'm actually interviewing them. We turn away more than we accept.

John K. · Answer

Property managers have a tough job in delicately managing their relationship with both the tenant and landlord. For this reason I have a lot of respect for those that work as PMs. However, even with a great PM the landlord must still stay on top of what is going on at the property. So many of the trashed rental properties that I've seen have been with out-of-state investors that never visited the property for years, blindly trusting that their PM was paying close attention to it.

Ben Scott · Answer

I'd suggest setting up a bi-weekly or monthly call with your PM to discuss the portfolio. So much can get lost in translation with emails or just sending a P&L statement. Those calls can increase communication and build trust

Spencer Abeyta · Answer

In the business cycle of a PM company it is usual for the company to take on any rentals that someone is willing to let them manage. This can lead to some very undesirable properties, tenants, and owners. But at that point the company just needs money coming in to keep the lights on.

When a PM company matures, grows, and stabilizes, that is when they can start to be picky with what properties and owners they take on. There is a saying in the business, 'I can manage any property as long as I have the right owner.' We have had to turn down great properties in the past because the owner would have been a bear to deal with. It is important to screen PM companies, but keep in mind we are also screening you.

Jordan Myer · Answer

Yep! Needs to be a good fit both ways

Do you dislike your PM team? Fair or unfair?

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