Tips best practices on managing Property Management company

[Himanshu Jain]

Just wondering if people/property owners have any tips/suggestions strategies that they have used in the past to manage property management company. Primarily to ensure they are achieving the desired operational (leasing, rent and other fee collection, maintenance upkeep etc.) efficiency with positive cash flow.

[Nik S.]

@Giovanni Isaksen 

Good idea by having each PM co give you a presentation! 

In fact, my PM co offers a portal for tenants to pay online. Sad part is majority of them have no internet access (mixed tenant demographics)! They all get money orders and snail mail them in.

What I am dealing with now is changing the previous business model. It was previously managed "owner/operator". For lack of better words, ma & pop. Meaning when rents due on the 1st, its okay to make arrangements to pay a little here and there before months end! We (management company) are now "training" the tenants that ALL rents are to be paid on the 1st. They have till the 5th before 3 day notice will be posted (unless some type of reasonable arrangement is made given a unexpected circumstance). 

So far I have got a few rents EARLY which is a great start. I'm interested to see how next week pans out!