THE TOP PROPERTY MANAGEMENT COMPANIES CHECK THEIR EGOS AT THE DOOR, DOES YOURS?
Guess what?…there’s something many property managers don’t want you to know. As if they’re hiding from a pig-tailed girl from Kansas, her three bumbling friends, and her little dog too, there’s an all-too-common effort to appear all-knowing and all-powerful in the industry. But here’s the truth: the best property managers invite their clients behind the curtain. Reflexively, the most successful property management clients contribute and are collectively helping with the management of their properties. The best path (I’m fighting mentioning the “yellow brick road” here as best I can) for maximizing your rental property income is to partner with a manager who takes the lead by default, but is welcome to owner participation when it can save the owner money. Remember, your property manager works for your best interest, not theirs, and the best property managers develop systems where both are aligned.
LEARN MORE: FIND A PROPERTY MANAGER WHO MAKES MONEY WITH YOU, NOT FROM YOU
If you’re an absentee owner who opts not to do any work and just hands the keys off to your manager, chances are you’re costing yourself money. Sure there are instances where owners don’t have the time or ability to contribute, and maybe your not having to concern yourself is worth the financial cost for you, but the sweet spot for success always rests upon a collaborative relationship, especially when it comes to maintenance.
LEARN MORE: MAINTENANCE COSTS ARE THE NUMBER ONE POINT OF FRICTION FOR RENTAL PROPERTY OWNERS
EXAMPLES FROM THE FIELD
As noted, the most successful clients we have, have the ability to jump in and help out with the property as needed when they think it will save time, effort, and costs. Here are THREE quick examples to prove the point:
1. ‘I’VE GOT A GUY FOR THAT”
As has been pointed out, there are heating requirements that kick in across many states on October 1 each year for rental properties. Nexus had a tenant submit a service request via their online portal in Connecticut explaining that there was no heat in the apartment. Nexus had quickly lined up our plumber and as there is a legal mandate regarding a safety issue, we were scheduling without the need to seek approval from the owner. However, the owner received and viewed the service request and intervened. She had run into this issue at this time of year in the past and had a friend in the profession ready to act. Because she was actively contributing to the well-being of her tenants, she saved herself about $200…and Nexus was happy and appreciative of her partnership, despite our losing out on a maintenance job.
LEARN MORE: HOW TO PREPARE FOR HEATING SEASON AS A LANDLORD
2. RENT READY TURNOVERS
Turnovers are the best time to add income generating value to your rental units, but they’re inevitably expensive. Between paint, labor, and materials, turnover costs can be daunting. But, the goal is to get the unit in good shape so it can return to the market promptly. Many people just have their property managers handle this so they can get it done quickly. The best clients find ways to decrease costs by doing some or all of the work themselves or taking an afternoon to see if they can find a vendor to do at least some of the work for cheaper.
LEARN MORE: MAXIMIZE RETURNS AND ATTRACT QUALITY TENANTS DURING TURNOVERS
3. PERSONAL PRODUCTS
Common area maintenance and upkeep is an important part of being a successful landlord. Keeping common areas clean and in good shape reminds tenants that you value them and the property. The same goes for lighting as proper lighting is essential for the safety of your tenants and their visitors. At one of our properties in Arizona, a service request came in because a motion-light had stopped working correctly. This sounded like a typical lighting issue and our electrician was looking into it, but not before the owner reached out to say he’d handle it himself. In this case, the motion-detecting light fixture was a Ring product that was controllable from the owner’s phone. Rather than having our guy go look at it, he was in the loop and drove over that night to remedy the situation himself.
LEARN MORE: THE 3 PROS AND CONS OF HIRING A PROPERTY MANAGEMENT COMPANY
FIND YOURSELF A PARTNER
Most property management companies wouldn’t be tolerant of owners “complicating” things by trying to save a couple bucks here and there, but at Nexus we value a collaborative approach. If an owner is getting involved in a way that is actually inhibiting the process, we’ll absolutely advise against anything that is counterproductive. But as a value, we want to work with owners who are invested in maximizing their profits, even if that means less for us. Our company is investing in our clients’ long term success, and the best way to get there is to work as a partnership.
INTERESTED IN PARTNERING WITH NEXUS? Visit our franchise office links below or contact any of our teams today!
Pawtucket RI Property Management Office
Worcester MA Property Management Office
Natick MA Property Management Office
New Haven County CT Property Management Office
Tempe AZ Property Management Office
Fall River MA Property Management Office
MOST POPULAR NEXUS ARTICLES THIS WEEK:
-
THE 4 LEVELS OF LANDLORD ENGAGEMENT: WHICH ONE ARE YOU?
-
WHO IS PROPERTY MANAGEMENT FOR?
-
SHOULD YOUR PROPERTY MANAGER CALL TENANTS ON THE PHONE IF THE RENT IS PAST DUE?
Mick Lefort is the General Manager of Nexus' New Haven County Franchise Office and 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.
Your Property, MANAGED®
The Real Estate Investing Authority®
Connecting You To Better Living®
You Could Own A Nexus Property Management® Office For Less Than You Think!
