Home » Real Estate

7 Costly Mistakes People Make When Choosing a Property Manager

Jul 17, 2008
You have a vacation home, a second home or maybe you have just inherited another home and instead of selling in you decide that you want to rent it out, so you go and hire a property manager. Now is the time you find a few surprises just waiting for you.

Many property managers today are not professionals. They may have management experience, but not with your type of property; or they may take the job less than seriously; or they may farm out the task of caring for your property to another person, especially if they manage many different properties. How can you be certain that your property manager is the right one for you?

Start by watching for these seven common problems with some property managers.

1. PROBLEMS WITH COMMUNICATION: Make sure that you request references from each property manager that you are interviewing. You should have a property manager that will communicate with you throughout the year, especially at the beginning or end of any rental period. If they don't then it can end up costing you more time and money than managing on your own.

2. COMES UP SHORT IN ACCOUNTABILITY: Does the property manager you choose have a bond? What is their reputation in the professional field for maintaining a property? Does he or she have a real estate license? The manager that you choose will not manage your property well if they do not have some incentive to take care of your property.

3. OVER PROMISING: When you are interviewing, does one of the potential manager seem to be overly eager for the job? So much so that they seem to be making more promises that the others? Be careful here, this is not a good thing.

4. ARE YOU A NUMBER OR A PERSON?: When you choose a property management company you don't get personal attention. You don't know who you will be assigned to your account because everyone is working on it together. You become a number and may get lost in the shuffle. You will find it beneficial to select a property management company that is small or a single property manager to make sure your property is given the right care and attention that it needs.

5. LACK OF EXPERTISE OR EXPERIENCE: Your property management company must specialise in your type of property, and have a good track record in management of their own or other people's property.

6. LACK OF RESPECT FOR YOU, THE CLIENT, OR THE TENANTS: This goes along with treating you like a number, but it's a little different. Do you get the impression that your prospective property manager will treat you with the respect you deserve? If they don't respect you, they won't respect your clients. One way to tell: do they allow you to ask all the questions you want, and treat each one as an important topic?

7. COMPLACENCY WITH YOUR PROPERTY MAINTENANCE AND TENANTS: You need to have a property manager that can be active in the management of your property and proactive as well. They should be on top of maintaining it and taking care of it all the time. Inquire about their percentage of vacancies and what their tenant turn-over is. Both of these numbers should be on the low side.

When interviewing property managers, you should make sure to screen them on each of these issues. You need a manager that is proactive, professional and experienced and one who will treat you as a partner by keeping in touch with you and treating your property as if it were their own. If you do this, then you will find an excellent property manager that will not only save you stress and time but increase your rental income and turn your property into an asset instead of a liability that it could become with the wrong manager.
About the Author
Author: Paul T. Robertson gives advice on choosing an experienced property manager. Visit the "InHousePropertyManagement" website for more information on selecting an professional for your valuable property and protect your assets.
Rating:
Please Rate:
(Average: Not rated)
Views: 144
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Accounting
    • Credit
    • Currency Trading
    • Debt Consolidation
    • Insurance
    • Investing
    • Leasing
    • Loans
    • Mortgage
    • Mutual Funds
    • Personal Finance
    • Stock Market
    • Structured Settlements
    • Taxes
    • Wealth Building
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources