Quote from @Corey Conklin:
It would be easy to understand why it is so hard to find a good property manager if investors would look at it from the other side.
A property manager is paid very little to do the hardest work in real estate investing! They are getting their butts kicked day in and day out while you, the investors, sit back and collects a check every month. They are the ones handling the late-night calls, the needy tenants (and owners), chasing down payments, dealing with bed bugs, providing financial statements, leasing, maintenance inspections, property marketing and so much more. We expect them to excel at all of this while keeping your costs at a minimum. Seems realistic to me!
With the boom in real estate investing and the growing demand in the need for property managers there seems to be no way that this model is sustainable. Unless investors come to terms with the quality of service a company can provide at the rates that they are willing to pay.
Just to be clear, the intent wasn't to bash on property managers as a whole. Considering everything you said, it adds to my point why an investor should walk their property if at all possible.
PMs should definitely be treated with respect and appreciation.. I see PMs as an ally.
The challenges that come with the business are on the proprietor of the management firm, not the investor. They should not promise a level of service, and show pictures of people smiling having a picnic on their website if the business is too challenging for what they charge and they can't deliver what is advertised.
Yea, as an investor you should get to "sit back and collect the check" just like we sit back and collect a plate a food brought by a server at a restaurant. You pay for that luxury. Overall we don't just sit back. It took work to afford to invest, research where to invest, and the work that is done when decisions have to be made.
