NEXUS PROPERTY MANAGEMENT 101: PROFESSIONAL PROPERTY MANAGERS MAKE IT LOOK (AND FEEL) EASY, BUT IT’S NOT
Trust is at the heart of all relationships and when you hire a professional to help with your real estate investment, trust is essential. But what experiences are you looking for to build and solidify that trust? Do you want a company that’s always busy with your property, showing through their physical actions that they’re dedicated to your assets…or is trust more likely to come about because a company has taken care of your property so well that little attention is needed?
From time to time, clients will complain to our teams that they don’t feel Nexus is doing enough for them. While this is meant as a criticism or negative feedback, we can’t help but take it as a compliment and do our best to reorient the property owner to why it’s good they don’t hear from us often.
WHAT ARE YOU PAYING FOR?
When you hire a professional, what is it you want them to do? When you bring your car to the mechanic are you hoping the job is something he or she can handle easily or do you prefer they really have to get under the hood and get dirty? Should the degree of difficulty or effort needed matter much if the objective is simply to get the car fixed and running smoothly?
One of our favorite stories goes like this: A giant engine in a factory had failed and the factory owners brought in several experts to fix it but none of them were up to the task. Despite their best efforts, they couldn’t even figure out what was wrong. With no other options left, the owners turned to an elderly man who’d been fixing engines for decades. The old man looked at the engine for a minute or two, pulled out a hammer, and gently tapped on the engine. It immediately began working. Two weeks later, the factory owners received a bill in the mail for $10,000. Shocked, they insisted on an itemized bill and when they received it it said:
Tapping with a hammer: $2.00
Knowing where to tap: $9,998.00
YOU’RE PAYING FOR EXPERTISE AND PASSIVE INCOME ACCUMULATION
The logic of the factory owners is something we run into often as property managers. When we make management look easy, clients are more likely to complain and question the value being provided because they don’t necessarily see the struggle. Had the old man struggled a bit, taken several hours, or days, and then charged the same amount, there would be far less hesitancy from the owners, despite the fact the engine was ultimately fixed either way.
When it comes to property management and real estate investment, if you don’t hear from us, that means things are good! Your rent is being paid, maintenance needs are minimal, and your investment is doing what you want it to: making money!
If you are hearing from your property manager often, sure you know they’re working hard for you, but that also means you’re spending a bunch of money and might have an eviction coming soon. You are paying a professional property manager because you want your life to be easier…not because you want someone to get their hands dirty to prove their worth. When it comes to your 401K, do you want your financial advisor or money manager contacting you often because issues keep popping up…probably not.
LEARN MORE: WHY TENANTS PREFER PROFESSIONALLY MANAGED UNITS
HOW TO PLAY THE GAME:
We get into real estate investment because it’s a reliable means to passive income. Passive means it doesn’t and shouldn’t occupy too much of your bandwidth and attention. You don’t want to hear from your property manager often. You do want to think that all they do is collect your rent for you. Every property needs maintenance and if yours is being handled by someone else, you’re in a good spot. If something at your property does go wrong, remember that old man with his hammer. Simple is good.
LEARN MORE: PROPERTY MANAGEMENT; WHAT EXACTLY IS IT?
CONTACT OUR TEAM:
Hiring a property management company so you don’t have to go it alone is a great way to maximize your investment potential. Nexus Property Management® has been managing residential and commercial properties for over a decade and is the largest property manager in Southern New England. With franchise opportunities available nationwide, we take great pride in helping to rewrite the norms of real estate investment. Contact our team to learn more or inquire about joining our team.
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Mick Lefort is the Vice President of Operations for Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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