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When to Fire Your Property Manager

When to Fire Your Property Manager
Do you find yourself wondering if it’s time to give your property management company the boot? The likelihood is great that if you’re questioning it, it’s probably time. But let us take this opportunity to detail some of the conditions that should raise your red flags.  Lack of Communication Has direct contact with your property manager become fewer and farther between? Do you find that it takes more effort to gain a returned phone call, or that it’s difficult to ‘catch’ him or her in the property office? It’s a pretty safe bet that a PM who is inaccessible to you is also inaccessible to tenants, which can significantly impact satisfaction, occupancy and the bottom-line. But, just as important, is the need to gauge the performance of your investment through your PM—something that’s hard to do with poor communication. Contract Fulfillment Depending on the type of contract you have with your PM, there are a wide variety of services he or she may provide. This can include marketing, bookkeeping, accounting, maintenance, and more. And, if a part or whole of the property management contract is going unfulfilled, you have reason to terminate the agreement. Fiduciary Duties Your PM has a fiduciary duty to act on your behalf, and that includes helping ensure the financial health of your investment. While no PM can help or overcome external forces such as market downturns, he or she can and should be able to negotiate costs for liabilities while also handling the influx of funds from rent. Part o......
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Due Diligence and Hiring a Property Management Team

Due Diligence and Hiring a Property Management Team
One of the most important decisions you’ll make in relation to a multifamily property investment, other than deciding on which property to invest, is whether you will hire a property management team. So, why then would you make such a decision without having performed as much due diligence as possible? It’s important to understand that just because a property management company has been in business for a while or has a large portfolio of properties doesn’t mean it’s suited to meet the very unique needs and demands of you and your property. Due diligence is a must in ensuring the needed alignment is there. Why it’s important A few reasons why you want to take the time to thoroughly vet any property management company with which you’re considering a partnership include: Face value: The company you choose will essentially be your face to the world. The people they hire for the office and contract work will be an extension of the property’s brand and a representation of that brand on the job and in the community. Everyday responsibilities: A property management company must be able to manage the daily business. Researching the company’s track record for approach and best practices is necessary to determining suitability. Reputation. How well is the company known and what things, good or bad, are said about it? What do online reviews look like and how likely are they to be from credible sources? When calling on the list of provided references, what is the overall consensus and are those r......
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