What makes a property manager phenomenal

Question

Hello! In your opinion what makes a property manager phenomenal? Specifically what would the perfect property manager look like for you?

Because most management companies I deal with aren’t great.

Nathan Gesner · Answer

Proactive communication and honesty are the two biggest factors for me. I want a PM that reaches out to me before I have questions. They tell me the dishwasher needs repair before sending a technician, instead of waiting for me to find out when my monthly payment is short. They tell me the tenant is breaking the lease and how they are going to handle it, before the tenant actually leaves and I'm stuck with a surprise vacancy. Any time there will be a change to my income (plus or minus) or there's a problem with my rental, I want the PM to proactively reach out and show me that they are in control of the situation. If I don't find out until afterwards and have to ask questions to find out what's happening, then it demonstrates the PM is not in control.

And if a PM screws up, I expect them to be honest about it and pay for their mistake.

Greg Weik · Answer

The number one issue we hear from new clients to RES, who came to us from other PM Companies is: communication.

More than mistakes, more than fees, more than anything, it's just clear and timely communication.

Deceptively simple, and yet most PMs just can't get it right.

Of course, if I were hiring, I would not set the bar so low. Communication, yes, but also I need a great fee structure, a sense of urgency and a team of competent professionals who have an "own it" mentality. As I get older and wiser (hopefully), I would also want a PM company staffed by property owners (at the least) and ideally investors themselves.

As for this "They tell me the tenant is breaking the lease and how they are going to handle it before the tenant actually leaves and I'm stuck with a surprise vacancy." @Nathan Gesner it's actually our company policy to NOT inform clients if a tenant tells us they are breaking their lease. A couple of main reasons: 1) They often do not end up breaking their lease, and 2) When they do, the full security deposit plus the balance of the Improper Termination Fee goes to the client making them more than whole and it's a more impressive communication from RES to say "Here's what happened, here's what we did, here's a bunch of extra money for you." No need to rattle a client with the news that a tenant "might" be breaking their lease.

Karl B. · Answer

Not being inept. That skill alone puts them above 80% of PMs.

Eliott Elias · Answer

Communication and transparency, there is nothing more I hate than unresolved issues that are not communicated with me.

Laura Stayton · Answer

Communication but this is a 2 week street. Some owners want to know everything and some want and trust us to "handle things" and we are flexible. What is the problem you've had with management companies?

I know there are alot of below par management companies out there but these days, owners want discounted rates and more services and that is not congruent. We have flex services so there are choices for investors but we don't negotiate on full management fees. As with all things, you get what you pay for.

Bobby Jo carrillo torres · Answer

Transparency is key, not being afraid to tell your owner when something is wrong.

Look for a company that is taking business back to basics and treats people well and isnt about all the fancy bells and whistles.

Theresa Harris · Answer

Good communication, honesty, and transparency. If something breaks, I expect them to find a professional to fix it quickly and let me know. I don't want to be overcharged. PMs adding a percentage to the bill for repairs drives me nuts-calling a repair person is part of the services for the monthly fee they are paid and is doesn't happen often. I want them to have short vacancies and send the rent in a timely fashion (mine does it within ~2 weeks of them being paid).

Patrick Flanagan · Answer

I’m in the same boat. Thank you for the response.

What makes a property manager phenomenal

What makes a property manager phenomenal

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