Why managing property managers is important.
You can’t be in two places or more at once.
That’s why property managers are a really good thing to have.
The best managers watch over your properties, so you don’t have to. They collect rent; they make sure the maintenance man is called when necessary; they are supposed to be your eyes and ears. They are supposed to make your real estate investing life run a bit smoother. BUT…
- What happens when they get a little lazy?
- What happens when they don’t do their job?
- What happens when you learn that they’re making mistakes?
The short answer is that it can hurt your real estate investing business in a big way. After all, it is your credibility that poor property management affects. It is your good name that you’ve worked hard to earn with tenants and anyone else you’ve developed a relationship with in your properties that gets sullied.
That’s why it is critical that your property managers are doing what they were hired to do. You need to keep an eye on them and how they do their job. In fact, this is such an important issue that I created a short video on the topic. Be kind. This is one of my first efforts on video!
In this one, I take a little different spin… comparing finding a good property manager with finding a good boyfriend. Yes, there are similarities. Give it your attention: