In today’s video we’ll discuss a common concern, what are the difference between good and bad property managers? In doing so, we’ll also touch on the role of what a property manager does. Check out the video below or keep reading for more information. If you have any questions or comments, please leave them in the comments below.
First thing’s first, not all property managers are created equal. So what makes the difference?
Bad Property Managers
Bad property mangers can cost you more money than if you hadn’t hired them in the first place. Here are some signs of bad property managers:
- Vacant properties. The bad property manager won’t have a tenant lined up when one moves out, as a result, having a vacant lot will cost you more money.
- Mishandled maintenance. If you don’t fix a problem, for example a plumbing issue, correctly it will end up costing you more. Unfortunate that happens more often than you would think.
- Late rent. This becomes a perpetual problem and the longer it goes on, the more difficult it will be to resolve
- Misappropriation of security deposits. This means that the property manager might send back the security deposit without fully inspecting the property, and as a result, you are the one stuck with the bill.
Good Property Managers
A good property manager will make it easy for you to sleep at night because you won’t be worried about them. They are keeping up with the market and invest in success. Here’s what you should look for in a good property manger:
- Maintaining market rents. This means the property manger is helping you maximize your profits. To do this they are keeping up to date with market rates to make sure they are charging the right amount of rent.
- Timely advertisement of vacancies. Having a new tenant lined up before the current one moves out is crucial to avoiding long periods of vacancy. It’s also weight off your shoulders.
- Proper handling of maintenance. This one is quite self explanatory, they look for the right people to fix the problems. It might mean a larger up-front cost, but down the line it will be saving you a lot of money and stress.
- Handling late rent. Good property managers have a plan in place to resolve late rent issues quickly, which will prevent the problem from getting larger.
- Prepare for problems. A good property manager knows what to do and is ready to act when a problem arises. Why? Because they know what to do and where to go to fix it, and don’t waste time doing so.
To sum everything up. A bad property manager will cost you much more than you think, while a good property manager will save you time and money while protecting your investments.
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