Hey folks. I am looking for ideas/strategies on how to best manage property management when one is OOS. Here's the issue: I've been with a property management company for the past 3-4 months. There's always something every month that is chipping away cash flow. Examples: gutter cleaning fee, door repair, dry-wall repair, plumbing etc. And these properties are good properties with work done on all of them. With $300-400 cash flow per month, the service/maintenance items make the profit flow slim and sad. The property management firm is reputable with good reviews on Bigger Pockets. I have some questions for y'all, especially the OOS investors:
- For any work order/request, do you ask your property manager to get your permission? With my firm, anything that's less than $250 - they do it themselves without informing me.
- Do you ask your tenants, to always include you in communication? I have zero contact with my tenants and wanted to stay out of the picture but I am getting the vibe that I should micro-manage to ensure profits remain high. Should I ask tenant to include me on all communication and requests? I don't want my property managers to keep knocking on tenants' doors to find work. I know the properties are in good shape so I'd rather wait for a phone call with something gone bad rather then attending all their requests.
- Please also share any golden tips/rules to manage property management from OOS.
I've learned that it's equally challenging to keep properties cash-flowing profitably as it is to find/close good deals :o
