What To Do When Your Management Company Is Not Doing Well

You want to make sure you’re very clear and expectations of what your turns going to be because your biggest expense is when a unit goes vacant, you have to turn that unit and the downtime of not having that income coming in. So if you can quicken that process to give them guidance on what exactly you want each time a turn happens, well then it's going to cut down on them having to go out there, prepare a quote, guess what you think they think you want and then bring it back. Cause a lot of failure happens with the property management company. It's when you just don't give them guidance. You hired a property management company and they didn't do what you wanted.

Well, what did you ask them to do? Well, they were a proper mentioned company, so you expected they were going to go out there and manage the property. Well. Did you give them any ideas or any context what you want to do? No. Now how are they going to understand what exactly you want? They may have thought they're being in your best interest but weren't having a clue what you were actually looking for. Maybe they were over renovating units because that's what they do on other properties to, and they were taking them to a different class. But you wanted to stay with all classic units, not upgrade units. 

Maybe they were keeping everything in classic because they thought that was the best approach and you wanted to try some premium units. Well make sure you're very specific with them. So as this point, if they're not meeting their metrics, you can go back and ask why. And you also want to get their guidance. You want to tell them your plan and see if they feel they can implement the plan. Because if you're going to get a property management company that's not, we'll say in faith that your plan can work well then you're not going to have a successful operation.

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