Why Property Managers Fire Owners
Today, I want to cover a topic that’s not often discussed but is incredibly important: why property managers, like myself, sometimes have to part ways with property owners. If you're considering hiring a property manager or are facing challenges with your current one, understanding these dynamics can set you up for a healthier relationship.
High Expectations: The Balancing Act
I’ve always held myself and Emerson to very high standards, and anyone who knows me knows I’m meticulous. However, I’ve discovered that there are times when owner expectations become unreasonable. A common scenario is when owners want to set rental prices based on their mortgages instead of market realities. The market doesn’t care about mortgage rates; it dictates rent, not personal financial needs. Addressing these expectations candidly is crucial, but sometimes, despite our efforts, they lead to contention.
Furthermore, requests for frequent property inspections also crop up. While I appreciate the focus on care, expecting us to visit a property weekly without additional costs isn’t feasible. For me, setting and maintaining realistic expectations is key to maintaining a good partnership.
Tackling Quotes and Financial Pressures
I often get asked for multiple vendor quotes for small repairs. At Emerson, I’ve built relationships with trusted vendors, ensuring we provide the best service without unnecessary cost inflation. Constantly looking for quotes on minor expenses simply isn’t efficient and can strain vendor relationships.
Moreover, some owners treat their rental properties like purely passive investments. Yet, unlike stocks, properties need ongoing investment for upkeep. I’ve had many conversations about the necessity of putting money back into properties to maintain their value and attract good tenants. It’s all about understanding your property is an investment, one that requires care and maintenance.
The Importance of Engagement
One thing that sometimes frustrates me is when owners don’t engage with the detailed monthly statements I send out. These reports give you a clear overview of what’s happening with your property. When owners don’t read them and then call with questions, it’s challenging to maintain efficiency and effective communication. Understanding these statements can significantly enhance your decision-making.
Partners, Not Employees
One aspect that can really affect our relationship is the dynamic between us. I need to be treated as a partner, not an employee. My role is to manage your property efficiently, dealing with the daily tasks and issues that arise—something good property managers make appear seamless. However, micromanaging or ignoring my expertise can undermine our partnership. Just as a professional can make any task look easy, I bring decades of experience and robust systems to manage properties effectively.
Final Thoughts: Nurturing Our Partnership
Ultimately, the best relationships between property owners and managers, like me, are grounded in mutual respect, realistic expectations, and clear communication. I’m here because I want to manage your property to its best potential, and that requires trust.
If you recognize any of these issues in your current practices, it may be time to reassess how we can work better together. For those seeking a genuine and efficient property management experience, I’m here to help. Thanks for reading, and I hope this provides some valuable insight into property management dynamics.
