If You Hire An Expert, Take Their Advice Whenever Possible.... THAT'S WHAT YOU PAID FOR!
As you came up in the business world (especially as a youngster) you probably heard the cliché phrase “the customer is always right”. I sure remember hearing this when I worked at my first job in Naugatuck, Connecticut (my hometown). It was a small pizza restaurant in a town of just under 30,000 people. Internet was not prevalent, there were no digital reviews, and word of mouth ruled the customer traffic. So, considering these factors it makes sense that the customer was always right; we had to kiss ass to ensure they came back! If they weren’t right they would tell their friends of their experience of “not being right”. In a small-town word travels fast, and not too mention, there are many restaurants to eat at so competition was stiff. In that setting the business had to eat shit on many circumstances + bite their tongue in order to stay alive. Nowadays, however, business is more transparent and efficient overall. There is advertising on multiple platforms, third party delivery services, and more factors that contribute to customer growth.
Known Unknowns and Unknown Unknowns.
As I have grown in my personal and business life I have seen the expansion of Nexus™ as a small startup company all the way to becoming a nationwide franchise model. During this time I have learned one simple thing, the customer is USUALLY wrong; and way wrong. It is not that the customer is malicious or has bad intentions, it is just that they don’t know what they don’t know.
Limited Sample Size = Limited Experience.
For example, in the property management business, we have learned that it is a total nightmare trying to rent occupied properties. A few of the hurdles are the fact that you have someone (and their roomies) living there with whatever habits they have, setting up showings is difficult, you can’t guarantee they will vacate on time, and you get almost no time to clean/paint/repair the unit as needed. It is POSSIBLE to wade through these waters, but what we have learned is that the pros do not outweigh the cons.
Experts Take The Best Action Based On Large Sample Sizes.
What we do is we wait until the tenant vacates, inspect the unit + perform video tour of condition, advise on deposit withholdings, repair the unit, and then when it’s sparkling clean we shoot an advertising video with photos and start handling new showing requests. YES, this does guarantee at least a month of lost rent to the property owner, but we are avoiding potential conflicts + headaches by taking the high road.
Sometimes You Can't See The Money You Are Losing.
The point of this story is that most clients will want to advertise their property while it is occupied because it is a RATIONAL thought; why would you want to interrupt the cash flow? However, as I explained above it just doesn’t work out cleanly when you try to do it this way. This is one example of many that we have learned the hard way over the years, and it has enabled us to grow both locally + nationally (quickly + efficiently). We have thousands of properties + thousands of tenants/owners we have dealt with over the years that have contributed to our expanding knowledge base. This experience is extremely invaluable to the client and should be leaned on as much as possible.
What interests me is when we deal with an owner who has just 1 property (for their whole life) and they have all the answers + correct ways of doing things. From our perspective property ownership is something that you can never stop learning about, and the more exposure you have the more valuable your experience is. When you have just 1 unit for your entire life you certainly have learned things, but your scope is very small compared to ours. This is our daily lifestyle (we never close) and we constantly are reacting to situations that some folks can’t even imagine. For example, discovering drug growing operations, prostitution rings, dead bodies, floods, fires, mold, asbestos removal, collapsing roofs, buckling floors, cracking foundations, etc. All these situations have given us another metaphorical tool on our toolbelt that we can use to help our clients. The property management business is for folks who understand they don’t know everything and see that they can’t do everything. You are relinquishing power when you hire us, but you are never relinquishing control.
Nexus™ ,The Property Management Authority™
So, to live by the principle of “the customer is always right” we would be steering Nexus™ and the client down a road that may not be the best one for future growth. We certainly are open for discussion + compromises don’t get me wrong, however, we don’t let the customer guide our decisions (and actions) if we simply know it is not in their best interest. The property management relationship is one that can be for a lifetime, and we know that. It’s a business marriage, and no one wants to be in a bad one. We keep this in mind with each situation that arises whether it is maintenance, leasing, evictions, or rent collection. We are always looking at providing value and keeping our eyes focused on the long-term prize (property appreciation, tenant retention, etc.). We are never looking for a quick buck or the easiest fix. We are in constant pursuit of finding and providing the best overall value to our clients, tenants, and Nexus™ employees alike! Our most successful clients couple their knowledge with our experience to create the best possible experience possible!
We would love to hear your feedback on this topic! Post a comment below so we can start a discussion!
Gregory Rice is the Vice President of franchise sales for Nexus Property Management™.
Nexus Property Management™ is 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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