Property Management: Navigating the Hilarious (and Sometimes Horrifying) World of Finding Your Rental Home’s Perfect Match
Imagine property management as the ultimate reality TV show. On one side, you have the diligent property manager who is the epitome of excellence, managing your property with the precision of a Swiss watch. On the other side, you have the slum lord, a rent-collecting phantom who shows up less often than Bigfoot. And then there’s the know-it-all narcissist who believes their title of “Founder” makes them the property world’s Beyoncé. So, how do you avoid the duds and find your rental home’s knight in shining armor? Buckle up, because we’re about to dive into the hilariously unpredictable world of property management!
1. How to Find Property Management for Your Rental Home
Finding the right property management company is like sifting through a dating app—you’ve got to wade through the selfies, fake profiles, and unsolicited ‘advice’ to find the one who genuinely clicks. Here’s how you do it:
- Research and Reviews:
- Example: Think of Google Reviews as your trusty lie detector test. While five-star reviews are great, look for detailed ones that tell a story. “Manager X responded to my midnight emergency call” is a lot more convincing than “Manager X is cool.” At the same time, if they were no good, would people bother to leave these reviews?
- Pro Tip: Beware of overly enthusiastic reviews that sound like they were written by the property manager’s mom. Authentic reviews usually mention both pros and cons.
- Ask for Recommendations:
- Example: Tap into your network. Friends, family, and even that guy from work who’s always talking about his rental properties. They can provide first-hand experiences, which are gold.
- Pro Tip: Don’t just take one person’s word for it. Collect a few opinions to get a well-rounded view.
- Interview Potential Managers:
- Example: Prepare a list of questions. “How do you handle maintenance requests?” and “What’s your eviction process?” are great starters.
- Pro Tip: Watch out for red flags. If they start every sentence with “I,” “Me,” or “Founder,” you might be dealing with a narcissist.
2. How to Avoid Bad Property Managers (and Slum Lords)
Bad property managers are like that one relative who only shows up for free food. They’re around just enough to be annoying but not enough to be helpful. Here’s how to dodge them:
- Spotting the Rent Collectors:
- Example: If your property manager’s main talent is showing up to collect rent but disappearing when the pipes burst, you’ve got a problem.
- Pro Tip: Look for managers who provide detailed monthly reports and offer proactive solutions to potential issues.
- Identifying Slum Lords:
- Example: Slum lords think ‘maintenance’ is a dirty word. If your property manager suggests duct tape as a solution to a leaking roof, run.
- Pro Tip: Regular property inspections and responsive maintenance are key. Ask for examples of how they’ve handled past emergencies.
- Avoiding Know-It-All Narcissists:
- Example: Ever met a property manager who thinks they’re the next Steve Jobs? Their title of “Founder and Chief Visionary” should be a clue.
- Pro Tip: Look for humility. A good property manager listens more than they talk and takes feedback seriously.
3. The Difference Between Slum Lords and Real, Good Property Management
Understanding the difference between slum lords and legitimate property managers can save you from a world of trouble.
- Slum Lords:
- Characteristics:
- Non-existent maintenance
- Poor communication
- Minimal involvement
- Example: The slum lord is the manager who believes that as long as the roof hasn’t completely caved in, everything is fine. Your calls about the mold problem? Straight to voicemail.
- Pro Tip: Check their track record. If other tenants have complaints about neglect, take it as a major warning sign.
- Characteristics:
- Good Property Managers:
- Characteristics:
- Regular maintenance checks
- Transparent communication
- Active involvement in property upkeep
- Example: A good property manager is like that friend who checks in on you regularly and brings you soup when you’re sick. They’re on top of issues before they become disasters.
- Pro Tip: Ask for references. A great property manager will have happy clients willing to sing their praises.
- Value: What terms do they offer, in other words, what services do you get for your monthly cost? Eviction coverage? inspections?
- Characteristics:
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4. Where to Find Good Property Managers
Finding a good property manager can feel like searching for a needle in a haystack, but here’s where to look:
- Google Reviews:
- Importance: Genuine reviews can provide insights into the manager’s reliability and effectiveness.
- Example: “Manager Y fixed my heater on Christmas Eve!” is a sign of dedication.
- Caution: Be wary of reviews that seem overly scripted or too perfect.
- Local Real Estate Groups:
- Importance: These groups often have members who can recommend reputable managers.
- Example: Joining a local real estate investment group on social media can connect you with experienced landlords who know the best managers.
- Professional Associations:
- Importance: Membership in professional property management associations can indicate a commitment to ethical standards and ongoing education. However, like the entry below, NARPM, there are good and bad actors involved, but far more good than bad.
- Example: Look for managers who are members of the National Association of Residential Property Managers (NARPM).
5. Beware of Paid Reviews and Inflated Titles
Not everything that glitters is gold. Some property managers pay for glowing reviews or give themselves grandiose titles to seem more impressive.
- Paid Reviews:
- Example: If all reviews are five stars and sound like they were written by a marketing team, dig deeper.
- Pro Tip: Use tools like Fakespot to analyze the authenticity of reviews.
- Inflated Titles:
- Example: A title like “Chief Executive of Property Excellence” is less important than actual performance.
- Pro Tip: Focus on their track record and client feedback rather than the fanciness of their title.
Conclusion:
Choosing the right property management for your rental home is crucial for peace of mind and the longevity of your investment. By doing your homework, asking the right questions, and keeping an eye out for red flags, you can avoid the slum lords and narcissists and find a property manager who truly cares about your property. Remember, a good property manager is worth their weight in gold—or at least in reliable rent payments!
So, share this article with your fellow landlords, laugh at the absurdities, and let’s all aim for a world where every rental property is managed by someone who actually gives a darn. Happy renting!
About this site
I created this website so that people who work for the property management company I worked for could write blogs. Simple enough. It is built with WordPress, which so many great options and configurations that make blog writing very productive. However, while it’s relatively easy to write a blog, even set up a site to do so, not everyone is capable of writing articles. All that time and money spent and the site went un-used. So, since this costs me money anyway, I’m repurposing it for my own blog creations.
About the author – What I know about property management in California
I have been in actual property management since 2015. Before that I worked for insurance companies executing property inspections. I performed maybe 1000 of these inspections, exterior inspection making the bulk of that, interior and exterior being the balance. Prior to that I worked performing BPOs, gathering data for Broker Price Opinions. Additionally I did REO inspections, clean ups, yard care, you name it.
