Many property owners have made the decision to hire property managers to run their different properties. This can be a very convenient arrangement and can leave you free to run your life without having to worry about the minutia of each property. But this shouldn’t leave you completely distanced from your properties. Consider your property managers as your employees and monitor them appropriately. In a worse case scenario you could wind up with a manager who commits a crime for which you can be held financially liable. In a more common scenario, you could have a manager who is more concerned about the bottom line than the tenants and avoids handling complaints and repairs. This situation also leaves you financially responsible in the end and can harm your reputation as a property owner in the community. To avoid these situations, stay on top of what is happening at your property. Give tenants your contact information and request that they first speak with the property manager, but be available if they need to move up the chain of command. Require regular reports from your manager, they may be written or verbal but let them know that you care about what is happening on your property and that you will check up on them. If necessary, or as a regular part of your communications, go through files and paperwork to make sure everything is flowing smoothly.

This entry was posted on Friday, March 21st, 2008 at 3:31 am and is filed under Property Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.