My manager walked out on me, or the importance of having a good management company

[Jonathan Twombly]

Having a good management company in place is essential for larger properties, especially when your property is not in your own back yard -- or even if it is.

A few weeks ago, at one of our properties, the onsite manager became overwhelmed by the task of managing and marketing the property resigned, followed shortly by the leasing agent.

Fortunately, we have a management company that was able to send several people from the corporate office right away, to fill the gap while they hire replacements.

If we tried to self-manage the property, how could we possibly deal with this situation?  Without an existing infrastructure in place, and the ability to move people from one site to another, it would have been impossible.

Having a management company with a deep bench and a lot of experience really saved us, allowing to focus on other matters, like building our portfolio and reporting to our investors. 

Don't overestimate the value of a good management company for your properties.