Do Property Managers Handle Everything?
As the investor and owner of your real estate, one of the first things you should do is hire a property manager. Once you have carefully screened and found one you’re happy with, what is there left for you to do? Making sure the manager has clear and concise instructions on what to do next, as well as what their duties are, is important. These guidelines show what the manager is responsible for and for what they aren’t. Is whatever they aren’t meant to handle supposed to be left to you? Well, we’ll go over that and bring up things that would better be left in your hands.
Let’s say that your property manager is handling everything beautifully and things are going great. If tenants are paying their rent on time, the grounds are being kept wonderfully, maintenance is being handled in a timely manner, and everything is going great, then you have nothing to worry about. Now, if a tenant is becoming a problem for the rest of your tenants, then it’s understandable that your manager handle the situation. What if the tenant refuses to cooperate throughout all the warnings? Then your manager should take the next step and ask them to vacate at the end of the month, or immediately if need be. Now, if the tenant refuses and starts to behave erratically, your manager may take matters into his own hands and contact security or the police. Or, they could contact you and see what you would like them to do. You would most likely give them the green light on contacting authorities, but something may happen and a lawsuit could occur. This should definitely be handled by you and your legal team. Only involve the manager if needed.
Now, inquiries involving donations, sponsorships, or anything including large financial costs should also be handled by you. Your manager can point professionals in the right direction so they can handle regular repairs, but larger repairs that are based on a budget should be handled by you and your financial team. Maybe you aren’t looking to repair something, but expand your investment instead. The only reason your manager might be involved is if you ask them to relocate to the new location for training or for a permanent position.
Your manager is only human, so there is a lot they are responsible for, but they should also know how to delegate things to others. They can’t be a jack of all trades, but they must have astounding leadership qualities. Just like you, they are driven and motivated by success, but they involve others to gain this success. Knowing what to handle and what not to is important because then you’ll be able to see where your time and abilities are better spent. The better the time is spent, the more productive everything becomes. When everything and everyone is being productive, you are on track towards bigger and better benefits for you and your investment.