First of all, it is important to recognize that in general, property managers don’t have great reputations. They likely get this bad name because the majority of them are not of high quality. That being said, it is important to recognize that there are excellent property managers out there who can completely change your investment experience. With the right people in place you can turn any property into a success.
It’s okay to add to this list as your experience with property managers broadens, but these are the 4 key elements that will make or break your relationship with them. (biggerpockets.com).
- Trust: You have to be able to feel confident that your manager will contact you if there are any issues with your investment. You also have to feel confident that in the event they cannot reach you, they will handle your property with intelligence, and without incurring ridiculous expenses. This feeling of trust isn’t difficult to identify and isn’t something that needs to be overanalyzed – you either have it or you don’t.
- Communication: Nothing can be more frustrating than if you can’t get in touch with your property manager, or if you can’t get a question answered promptly. Some managers have to be called daily for a week or more before you can get an answer to a simple question. Good managers email you back within a day or two with the answer you need.
- Maintenance: This is a big one. Calling a contractor out for every maintenance request is unacceptable, but this is what most property managers do. If you can call a contractor yourself, why pay someone to do that for you? It is important to know that if a tenant calls and says the toilet is plugged that the manager will send the correct trade for the specific job. This is what you pay a monthly fee for.
- Tenant Relations: Although any period of vacancy can be quite stressful for an owner, being patient in finding the right tenant is essential. Good managers may not find you a renter quickly, but when they do, the tenant will be a good fit and demonstrate all of the qualities that you are looking for. Having fewer turnovers with respectable tenants will cost much less than saving vacancy time in the short-term and compromising on the type of person who rents from you.