|Property Management Accountability
Is your property being managed correctly? Effective property management can make all the difference between a successful rental property and one that is really struggling to be lucrative. Of course, you hope for the best when you hire a property manage, but hope can only get you so far. The first step in having a lucrative property is having the right property manger. This is someone who will look out for your property and is on the same page as you in terms of how the property should be managed. As the owner, you also need to know how to manage the property manager because there needs to be some kind of accountability so that you know that they are meeting your standards. Here are a few things to hold your property manager accountable:
You should have your property manager provide monthly reports on the property to see how it’s performing and if your investment money is being spent well. Make it a point to not have them just email it to you, but meet with them in person so that you can get an in-depth look at the numbers and ask questions. This information will also give you insight on how your property manager is performing. At minimum, you should receive monthly reports on profit and loss, rents received, accounts payable and special project tracking.
Be able to explain everything
Your property manager is an extension of you and their decisions should reflect your own priorities and needs. So you’ll need to ask a lot of questions and they should be able to explain things like unpaid rent, why projects haven’t been completed and any unexpected expenses for that month. This is a good way to see if you are both on the same page or not.
Your property manager should be the hub of all communication on your property so to help them streamline this, an answering service allows them direct calls to the appropriate channels. And setting up a property management answering service will also help them provide better reports on rental inquiries, property questions from renters and more.