Putting Value into Property Management

Property investors, do you ever wish that managing your investment was more profitable and less stressful?
Find out here how that's possible.

Does your Property Manager hide behind the water trough when it’s time to make the tough decisions?

1st November 2014
It can be a Wild, Wild West in property management if the property manager hides behind the water trough when it’s time to make tough decisions…

It can be a Wild, Wild West in property management if the property manager hides behind the water trough when it’s time to make tough decisions…

Does your Property Manager hide behind the water trough when it’s time to make the tough decisions?

Clang, clang, clang.

The cowboy’s spurs attract the attention of all the beer-swilling men in the saloon bar.

Conversations are hushed.

Jars of beer are held in mid-air.

The only movement of the saloon bar regulars is their eyeballs. Their eyes swivel from the tough-looking, have-a-go newcomer, to the town’s even-tougher-looking Town Marshal, who’s swigging his beer at the other end of the bar.

The usually raucous bunch have seen daring newcomers come in before – only to be outwitted by the Marshal at every turn.

Sometimes the Marshal thwarted the newcomers over a game of poker. Other times it came down to gun slinging at dawn in the dusty main street.

But the Marshal always wins. He is the Law in this town!

Notice how the role of the Marshal is well defined in the old Western movies

In the old Westerns, the roles were clear cut and obvious. And when the Marshal played the role of the good guy, you’d just know that he’d end up winning.

Yes, there might be a confrontation, or the bad guy might surprise him by hiding behind the water trough. But when push came to shove, the Marshal would use the law to his advantage.

Property Managers need to use the law to their advantage too

Property owners: does your Property Manager take responsibility for their management decisions? Or do they hide behind the proverbial water trough and expect you to step in when there are tough decisions to be made?

A lot of property management problems exist because the nominated Property Manager doesn’t step up to the plate, and doesn’t act as the decision maker.

If the Property Manager isn’t assertive, tenants will quickly realise this, and will take the upper hand. This is when investment properties become as lawless as the Wild West, with damage occurring, and payments not being met.

It’s vital that the Property Manager is in charge

Property Managers can’t hide behind water troughs. They need to realise that the ‘M’ engraved into the shiny star on their chest stands for MANAGER.

This means that the Property Manager:

  • Undertakes thorough and regular property inspections.
  • Damage (accidental or otherwise) is addressed and repaired immediately.
  • Obtains the rent on time, and in full, every month.

There’s no hiding behind the water trough in property management…

A Property Manager that’s fully in charge is proactive, assertive, and gets to know the tenant in person. A Property Manager can’t expect to communicate totally via email or text over 24 months, and not have any one-on-one contact.

Yet we hear of many tenants that haven’t seen their Property Manager for a year or two. In those cases, the property inspections take place while the tenant is at work. (It’s not uncommon for Property Managers to have tenant-phobia and avoid them.)

If a Property Manager doesn’t see a tenant regularly, it’s a bit like a corporate situation where a Boss doesn’t see an Employee for months on end.

Would that work? Of course not!

Face-to-face communication is vital in forming a good working relationship… and it’s exactly the same with property management.

Property owners, make sure that your Property Manager is fully in charge

Make sure that the Property Manager you engage is the Law in the territories they manage. The Property Manager should keep their badge engraved with the ‘M’ highly polished, proud that they’re the boss… and that it’s no Wild West in their area.
 


 

Read more:

For more property management tips, check out our latest property news →