Always Be On the Lookout for Good Managers!
Call it what you will, but you need to be in a consistent interview mode. When you attend real estate investing educational and networking events, you’re on the lookout for great managers.
That way you won’t be stuck if yours goes rogue.
When you’re out and about in your daily real estate investing life, you need to be prepared.
Know what you’re looking for upfront –
You can’t ask for what you don’t first understand really well yourself. It’s like honing a great elevator pitch. The best derive from understanding exactly what you want before you talk to people. Have a laundry list of tasks you need a property manager to perform. In fact, developing a list of questions you would ask a prospective property manager is a great first step! (You can grab my short list at the end of this article.)
If things go south, cut your ties –
This is where my analogy of motherhood ends. With your kids you can’t typically kick them out of your house, though tough love dictates it’s sometimes necessary. But with a bad property manager, don’t keep giving them chances. If you have a list of prospective managers, you can more easily let the bad ones go. Turn them loose; open the cage; release them back into the wild. Earlier in this article I suggested giving people a chance to change their ways, but notice I didn’t say give them chance after chance after chance. That doesn’t work and it will only show them that you don’t mean what you say. You have to give them a chance to change, but if they can’t it’s time say ba-bye. (But do it legally.)
Network, network, network –
It’s a great way to find new managers. In fact, there’s no better way to find better managers than by letting your associates who are also property owners know what you’re looking for in a property manager. Referrals and recommendations are the highest form of compliment. Just like so many other areas of life and business. It’s who you know… and who they know!!