Hey I’m Deborah Razo, founder of the Women’s Real Estate Network, also known as WREN. I was talking with one of my real estate woman friends the other day about how finding (and maintaining) a property manager is a lot like dating.
I had to fire one of my property managers recently. Whatta drag. I started talking to a friend about it and realized how much finding and maintaining a property manager is like dating. No really.
Let me tell you a bit about this. I met this property manager a couple years ago and initially every thing was great. We were working together to get a property rehabbed and rent ready and all was well. It’s the honeymoon period. Property was filled and the relationship was smooth sailing. I even gave them more property to manage, filled with hope thinking this is going to work.
Then, little by little, things started to go a sideways. Costs of small repairs rising. Really boo? You can’t take care of things cheaper? That’s not how is was in the beginning? A letter from the neighbor telling me about problems with my property. Are you taking care of that? I am hearing yes, but the actions are no, no, no.
Next thing I know tenants are moving out. Not paying for last months rent due to poor maintenance. What?
Time to sit down and have a conversation… yep… “We need to talk…”.
Where’s the relationship going? Do you want my business? How come you’re not holding up your end of the deal? After sitting through email after email of excuses. Do we have to go there? I’m told… if I don’t like it I can hit the road… really? No problem. I need my keys back.
So here’s what I’ve learned:
- Know what you are looking for upfront.
- If things start to go south. Cut the ties. Move on. There are plenty of managers out there that are willing to care for your property in a way that will make your bottom line better.
- Network and find a property manager that has a great reputation in the market. It’s important to build a team. That’s where WREN comes in. Building your Network is essential.
Go to WRENinpsires.com to find out more.