If you were given the chance to choose between price and quality when hiring a property manager, I strongly suggest you go for quality. A good property manager comes with a premium, normally at 8 percent rip off, compared to average ones which are at 5 percent only. While 3% is a significant saving, a good property manager can actually save you so much more; from the heartache, stress, expenses, vacancy, and they know how to ride on the waves of the market.
Good property managers always make sure they get your instructions well. The make suggest and recommend, however, final decisions has to be based on your discretion. Some property managers also have the tendency to milk you some more money. They ask for repairs when there’s actually no damage. Before you respond to repair requests, be sure you know the details of the damage. You can also suggest some things to be done before prior to calling the repair man. The problem may be solved with as easy as adjusting the main water switch.
Also, should a damage really needs a repair man, be sure to get a copy of the invoice to make sure your money is going to its intended use. Invoices also have the phone number and address of the firm which you can call should you want to confirm or clarify something. You also have to treat your repair men properly for they know the ins and outs of your property and can tell accurately the condition of the units. You can anticipate future repairs, and won’t be deluded by false repair claims.
Getting bad tenants is inevitable, but it can be significantly reduced with a good property manager. Remember that tenants who fail to pay rent are just as good as vacancy, and property managers have the eye and skill in assessing tenants, filtering out the good from the bad. You might also want to screen the tenants yourself to ensure their quality. It’s really comfortable if you have personally encountered the people that are going to inhabit your property.
Your property manager also has to be uptight with regards to the rules of your business. No excuses. He has to know how to assert authority and have the guts to evict somebody if he or she’s been compromising payments. The tendency if you let a tenant skip rents is that it will become habitual. It may reach to an extent where they are no longer capable of paying plied up months of rental and will end up getting evicted. You’re technically liable for their eviction as well for tolerating their negative behavior. Bad habits are easy to form but hard to live by. Good habits are hard to form but easy to live by.
Property managers are great for your business. However, you can’t entrust entirely everything to this one person. No matter how good they are, you should always know how important it is to know what’s going on inside your business. Also, make it precise and clear not to have any tenant know your name and contact number.