Micro-managing Your Property Manager

This can be a touchy subject but it's something that needs to be discussed.  Property management is a dynamic and complex business that depends on dozens of pieces placed together to form a complete unit.  Because of this many times property managers do things differently than a homeowner who manages their own property or very few properties.  It's very important to thoroughly vet property management companies before you decide on which one to hire.

When vetting the management companies and making a decision on who to hire it's imperative you choose a company who you can completely trust with your investment.  You are hiring a company for the ability to manage your home according to your needs.  Don't be embarrassed to ask MANY MANY QUESTIONS, you want to make sure you make the right decision the first time.  You will also have questions after you have hired a management company.  Things will come up that you have never dealt with and you will need to rely on your management company to clarify the situation and direct you down the best path.

When I refer to micro managing I am not referring to asking questions and staying in the loop of your investment property.  I am referring to situations where home owners are over involved and begin interfering with the day to day management of your property.  Property managers have to make difficult decisions virtually every day.  There are numerous laws and legislation affecting rental properties that must be adhered to at all times.  Your property manager must have the freedom and trust to address maintenance items, health and safety concerns, and tenant issues without the home owner approving every action.

Maintenance must be handled in a timely manner in order to avoid habitility disputes.  Tenants sign a lease that outlines their responsibilities as well as the homeowner and property manager.  It's imperative the terms are adhered to at all times to avoid breaches of contracts.  Since your property manager is local to the area of your investment property they can typically act quicker and they have the resources to handle every aspect of managing your property. 

Vet your property manager, stay in the loop, but trust them to make the right decisions on your behalf and give them the freedom to do so in order to create the most effective management situation.  If a homeowner wants to be involved in every decision it would be best to manage the property themselves.  Why pay a property manager to act on your behalf if you prefer to do the day to day management yourself?  Find the right management company and relax knowing your property is being handled by the best management company you could find!  You will be surprised how seamless and smooth the process can be!

Daniel Muldoon
Property Manager
Muldoon Associates, Inc.