Is there a better way to manage a rental property….hmmm
Property Managers or Property Management (PM) has always let people down. It seems from the day you start doing business with one as either a tenant or an owner the PM lets you down. While as a tenant I have always seemed to find a reasonable landlord that is not the case with my property manager back in Michigan. My very first experience did NOT go as planned. Despite doing what I thought was right I got screwed!
The couple showed up to do their pitch to me in a very nice work van that was fully wrapped (advertising all over it). They had a great presentation. Had handouts, materials, processes, you name it they had it. So it seemed to me this couple was not dabbling. Heck on their contracts they even had a realtors license number. So I Googled the guy and the company and everything checked out, but the one thing I did not do was verify the realtor’s license number that I later determined was missing a digit because his license was revoked! 8 months went by with little issues., then I didn’t receive my rent to pay the mortgage… So I reached out to the PM. He was very apologetic. Stated it was an accounting error and the payment would be mailed asap. Guess what, I didn’t get it, or the next three or four. I contacted an attorney who checks this guy out and found out he owned nothing. Meaning that if I tried to sue him, there was nothing to take. Additionally, the PM moved out of state and left me hanging. So I became my own property manager in the end, with no training, documents, or legal knowledge what so ever. If you are an owner thinking of doing this… DON’T. The home is one of the most expensive assets you will ever own. Do not wing it! Do not download documents from the internet and use them without having them legally reviewed. Do not buy them from Staples! You need to take a class. Have someone teach you as I have done, but I did not learn how to be a property manager! Yes, you read that correctly, I am not a property manager (keep reading, I have a better way). Why because as mentioned before they have a very bad reputation and its not their fault. These nice people are just the result of the blind leading the blind; a bunch of sheep! So when I started to look around to learn how to become a better landlord I was very fortunate, because at that time (and still to this day) I was already deep into the local real estate investment community here in Colorado Springs, and had one of the best mentors in the country teaching me, so I asked him. Without a breath he told where to look and said, run to his class do not walk!
So I did, I quickly researched the instructor and signed up for his next class. Wow, that was not a mistake. This guy was a property manager and said you know this way sucks. It bad for the tenants, it bad for the owners and it worse for me. There must be a better way. So he sat down many years ago and developed a better way, the way of a Professional Landlord! He systematically identified all the things that sucked about property management then developed a better way and not just a better way for him, or the owner, but a better way for all! A way to find good tenants or as I like to say a tenant custodian. Because thats what we really want isn’t it. A person or persons that agree to not only occupy our property but also agrees to take great care of it as well and to pay their rent on time or early!
These kinds of people are not hard to find if you really and I mean really think through who they are. Who is our tenant avatar? What do they do, where do they work, drive, what kind of cell phone do they own, do they have tools, what kind, the list goes on and on. Then you need to get this information from them and screen all the applicants to select a couple to interview.
While the process I outline above sounds great, my process goes much much deep than this. In the end, my process and procedure provide better liability protection for you, better applicants, longer terms and house maintained to a higher standard than any property manager has ever thought was possible.
If you are in the need of a better property manager, then we should talk about hiring a Professional Landlord today. Please give me call 719.332.3628 or click here to scheduled a meeting. https://email@example.com