QUOTE (harland @ Sep 25 2010, 02:50 AM) I often think that if you are having your property managed by a company that owns property themselves, their properties won`t be the ones that are ever vacant. Has anyone else ever considered this?
Hi Delanee - I can`t speak for every management company but that is certainly NOT the case with my business.
Have you ever heard the old proverb -- the shoemaker`s son always goes barefoot?
That`s the feeling I get sometimes. I get so wrapped up with my client`s properties that mine tend to come in last. When I really stop and think why that is I’d say that it’s easier to cut corners on my own property because I have no one to answer to but myself.
With a clients property there is an avalanche of repercussions if I do not do my job correctly. The client loses which ultimately means my business, the tenants, my employees and my family all suffer as a result.
As a property manager you can’t hide your ineptitude for long. Besides, I structure my agreements so that I don’t get paid if the property is vacant. This keeps everyone pointed in the same direction.
At the end of the day it all boils down to integrity and ones motivation.
With that in mind I’d say my situation is almost identical to Brett’s where I started out self-managing (for reasons A, B & C – yes I actually do like it) then passively built a business around that through word-of-mouth. We also focus on single-family and smaller multi-plex investments (for now).
As an investor first, every aspect of my business originates from an investors point of view with a primary focus of increasing the property owners Return On Investment (ROI). I like to think of myself more as a proactive, hands-on investment advisor rather than a property manager [insert Superman avatar here].
Hi Delanee - I can`t speak for every management company but that is certainly NOT the case with my business.
Have you ever heard the old proverb -- the shoemaker`s son always goes barefoot?
That`s the feeling I get sometimes. I get so wrapped up with my client`s properties that mine tend to come in last. When I really stop and think why that is I’d say that it’s easier to cut corners on my own property because I have no one to answer to but myself.
With a clients property there is an avalanche of repercussions if I do not do my job correctly. The client loses which ultimately means my business, the tenants, my employees and my family all suffer as a result.
As a property manager you can’t hide your ineptitude for long. Besides, I structure my agreements so that I don’t get paid if the property is vacant. This keeps everyone pointed in the same direction.
At the end of the day it all boils down to integrity and ones motivation.
With that in mind I’d say my situation is almost identical to Brett’s where I started out self-managing (for reasons A, B & C – yes I actually do like it) then passively built a business around that through word-of-mouth. We also focus on single-family and smaller multi-plex investments (for now).
As an investor first, every aspect of my business originates from an investors point of view with a primary focus of increasing the property owners Return On Investment (ROI). I like to think of myself more as a proactive, hands-on investment advisor rather than a property manager [insert Superman avatar here].
