5 Tips for Managing Your Property Manager
Updated: Jul 8, 2019
“Managing a property manager” may seem counterintuitive – until you hire one of your own. Rather than managing your tenants or property, you can spend all of your time focusing solely on the manager. Even the greatest property managers need ideas and input from you, the property owner. You should have final say in everything your property manager does, especially if it will affect your building or its tenants. The best way to reap all the potential rewards of working with a manager is to follow a few tips and tricks from the pros at Home365.
Be Straightforward About Your Needs
Different property managers have different strengths. The best way to find the perfect one for you is to be honest and upfront about your concerns. If you want to avoid deferred maintenance, for example, say this during your first conversation with a potential property manager. Your property manager needs to have systems, processes, and resources to address your unique needs. The only way to ensure this is to state your needs outright, before you sign a contract.
Communicate Often and Openly
Don’t believe anyone who says you don’t need to communicate with your property manager. The opposite is true. Communication is key for a successful owner-manager partnership. Your property manager should have no qualms about discussing your property with you, bouncing ideas back and forth, taking requests, and talking openly with you about your property. Make sure your choice keeps the phone lines open for its clients around the clock in case of maintenance emergencies.
One way to get the most out of your property manager is to stay in the loop with what’s going on with your tenants and building. Request reports from your property manager regarding property inspections, maintenance, repairs, tenant complaints, late rent, eviction notices, pest problems, etc. Your property manager should be able to produce official reports or write-ups of what’s going on at your property upon request.
Although property management takes a team effort between you and the manager you hire, that doesn’t mean you should keep your hands in all aspects of the business. Let your manager do his or her job – the job you’re paying for. Try not to micromanage your property manager, controlling every little decision he or she makes. This defeats the purpose of the property manager, wastes your time and money, and can interfere with the rewards you might have otherwise reaped from the manager.
Home365 disrupts Property Management space! Our unique model offers property owners full predictability of their investment performance, peace of mind, and a passive investment experience while lowering the costs of ownership and providing a superior user experience for tenants and landlords alike. Contact us today!