EP 267: How to Hold Your Property Manager Accountable (Minisode)
May 10, 2022Every good business owner knows that the work doesn’t stop once you hire a property manager. Effectively managing your manager is key and making sure that everything goes as planned can save you a ton of money, time, and headaches.
In this minisode, Liz and Andresa discuss best practices in dealing with property managers.
Liz emphasizes the importance of having clear, constant, and open conversations with your management company. This will help to ensure that you're both on the same page and understand each other's expectations. She also shares considerations when it comes to KPIs, rent collection, and how you can work together with your manager in adding more value to your property.
Whether you’re on the lookout to hire a property manager or currently employing one, this minisode is for you!
Quotes
• “If you're not clear on what you're trying to do with your property, you're not going to be able to convey that to your property manager. And they're not gonna be able to manage accordingly.” (2:00-2:07)
• “You need to have a conversation about how to manage expectations, expectations around what they're going to handle without involving you. What are they going to handle that does involve you." (2:51-3:01)
• “The other big, big thing is how often do you want to connect with a property management company? Who's your point of contact? And when do you want to connect with them? How often?” (4:53-5:02)
• “You have to gauge the size of the building and where the asset is in getting turned around. Obviously, the more turnaround it is, the more conversation. The more maintenance mode, less conversations, right? You're just maintaining what you have.” (5:25-5:28)
• “You can’t manage and grow a business or grow a property and really add value to a building without managing specific KPIs. You just can't get around it. It's critical.” (5:53-6:02)
• “Your goal in multifamily and your goal in this business is to increase your net operating income. Obviously, you do that by increasing the rent. Now, some landlords, a lot of people that own multifamily will just raise the rent and do nothing to the unit. Most of the assets we buy, most of the assets were involved in our bigger turnarounds, you're always adding the value to bump up the rent. ” (8:06-8:29)
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