3 Things a Bad Property Manager Does in Portland & How To Avoid Them
Any real estate investor working with a truly great property manager will tell you that their partnership with their property management firm was a solid investment. A great property manager frees up your time, helps you form a solid strategy (both short-term and long-term) for your real estate portfolio, and makes sure that all maintenance is handled by professionals.
The nightmare stories that often get passed around the industry about bad property managers, on the other hand, can and do happen. Knowing some of the things to look out for as you move into a new relationship with a property manager can allow you to be proactive before it’s too late.
Here are three things to look for and actively avoid when hiring a property management company in Portland, OR:
Is Your Property Manager on Your Side and Protecting Your Time?
You’re hiring a property manager in order to free up time in your own life. Your time is valuable and as such, your property manager should not be contacting you for every little issue that creeps up at a property. You hired them because they are a professional and should have the experience to know how to handle little situations without your direct involvement.
If your phone is constantly ringing with “urgent scenarios” at your property, that could be a red flag that your property manager is not confident in how to properly manage your real estate portfolio. As a smart real estate investor, you should not be bothered with trivial issues. A great property manager will only contact you when there is an issue that requires your approval on budget or a firm decision that only you can make as the owner.
Of course, your level of communication with your property manager should be up to you. Most real estate investors are not interested in being bothered by petty situations at each of their properties, but some rental property owners enjoy knowing the day-to-day that happens at each property. Before hiring a property manager in Portland, it’s important to set the expectations for communication up front so that everyone can move forward with confidence.
Is Your PM Detail-Oriented?
One thing that great CEO’s and business people all have in common is their ability to be a visionary. The reason great ideas often require a team is because someone has to be maintaining and managing the ship, while the Captain is focus on the final destination. Hiring a property manager in Portland should remove you from having to deal with all of the details of your property by turning those details over to someone competent. This allows you to remain the visionary of your real estate investment business.
Many clients come to us from other property management firms with horror stories about property managers who allowed tenants to sub-lease out to multiple people to the point where the property manager didn’t even know who was living in the property any longer. They’ve told us about PMs who let easily preventable maintenance issues escalate to the point where large investments had to be made. And they lacked a certain intuition for which tenants would be right for each property.
A great property management company knows every little detail of your property and the people living there and will present that information to you in a way that allows you to make smart decisions from a macro-level without having to get lost in the weeds.
Do You Really Know Who Is Doing Your Maintenance Repairs?
It’s unfortunate, but we see many property managers who are much better salespeople than they are actual managers. The last thing you want in a property manager, as a smart real estate investor, is someone who is just going to outsource all of the work to the lowest bidder and then charge a markup to you.
Before hiring a property manager in Portland, make sure you have a conversation with them about who is actually handling maintenance requests and repairs. Your property portfolio is an asset that you want to maintain and grow. Shoddy maintenance and repair work by inexperienced or junior employees or contractors can ultimately end up costing you a lot more money down the line.
At InterWest Properties, we’ve been compiling our team of experts for over 30 years so that our clients can rest-assured that their property is in good hands. If you’d like to discuss how we can take your property portfolio and infuse it with new life, profit, and vision, we’d love to hear from you.