TIP OF THE MONTH - May 2013
Working With Your Manager
Source: Property Management for Dummies
A big part
of managing rental property has to do with people other than your
tenants-everyone from employees you hire to contractors you work with.
And just as owning your own home involves a lot of maintenance work,
the same holds true for owning rental property. Plus, as a
landlord, you have to be aware of the safety and security of your
property…..and your tenants.
You have to walk a fine line between being an
involved and caring rental owner and an overbearing micro-manager who
inhibits your manager from properly running the property. Good
managers treat the property as if it is their own and often will make a
major effort to keep the property in excellent condition and maximize
your net income. Of course, there are many incompetent managers
who will only do what they are literally forced to do. Stay out of the
way of the good manager, and terminate the bad or uncaring manager.
NOTE FROM CROSSETT REAL ESTATE SERVICES
In managing, we also must deal with utility companies, attorneys,
local municipal offices, codes, police and fire departments and
sometimes, health care facilities. Also, we must deal with stressful
situations, stressed investors/owners and tenants.
Good communication and listening skills are very important.
This web page was updated on 04/30/2013.