In 2021, I got a property manager for the first time. Having self-managed for two years, I felt that I could do better than any property manager. So why would I give up 10% of my income for someone else to manage my residents not nearly as well as I do. The answer is leverage; by allowing someone to manage my rentals and residents, I can now focus on what I do best, earn income, raise a family, be a husband, etc. But would I just cut my property loose and give my new property manager free reign? No…
Setting Expectations with Your New Property Manager
In my first conversation with my prospective property manager, I explained how much I value my residents, their welfare and safety. I explained how meticulous I am in responding to their needs. Promptness and customer service are key. The property manager on the other end of the phone seemed aligned.
I expressed my concern for them and worry that leaving management in the wrong hands can put into jeopardy everything that I have worked to accomplish. Once again, she agreed. I explained that as a landlord I must balance each month profitability, minimizing expenses, with attentiveness to maintenance needs or improvements, prioritizing based on urgency and resident comfort. Finally, she agreed. Thankfully, because I have worked with this PM before (as a renter), I knew they treated residents well. My hunch was that they also work well with owners. And I was correct.
Ensure Success
The best way to ensure success is to set those expectations, ask questions and get references. Your property manager can singlehandedly make or break your investment success. Take the extra time to vet them.
💡Invest Your Retirement w/ eQRP
– How To Use Your 401k To Invest In Real Estate
