Issues out-of-state Investors face when dealing with property management companies

[Deon Watkins]

Hey BP,

I was thinking about starting a property management company here in Detroit as an extension to my current business, and I wanted to know some issues that you have faced as an out of state investor when dealing with property management companies? Also, what are some great things that some property management companies have done for you? What are some qualities of a good property management company?

[Trevor Ewen]

@Deon Watkins

I think that owner/investor relations are a really important and overlooked part of the business. Property management companies err on the downright unprofessional side. Treat your customers like they are investing in a fund you manage. If you look at them like this, they will see you as a teammate and not a necessary evil for their out of state investment.

If I was not happy with my current business, I would be in property management in a second. I think it's a great way to provide value in a space where it is frequently lacking.