The Case for a Property Manager
As I’m writing this evening the world is in a panic over the coronavirus. It’s March 18th, 2020. I’m thinking about my family, friends, tenants and the property owners we represent. While the future is uncertain, one thing I know for sure is our firm has people who are counting on us. I also know that this time of uncertainty will come to an end and what we do and communicate to those who are counting on us matter. At the end of the day, as a property management company, we have a mission to carry out on behalf of our clients. What is that mission?
Today, in the midst of the virus breakout, we performed two move out inspections. The tenants did not attend the inspections, but we did. Pictures and videos were taken and a move out statement was written. Tomorrow, a property manager will decide how much refund the tenant will get as well as a cost to get the property back on the market. This will be documented and communicated to all parties involved within 48 hours.
Earlier today, we dispatched a technician to a property to investigate a mold claim by a tenant. As it turns out the master bedroom has a sitting area that has it’s own thermostat. This thermostat was off, and therefore the air was not circulating. There was no leak or mold, just a damp smell due to uncirculated air. The technician checked out a couple of additional issues while he was there and resolved them. The tenant was especially pleased, and the owner was notified.
We performed three annual inspections today. Annual inspections give us a view of what is going on at the property. It’s our chance to determine if there are normal physical deterioration issues that need to be addressed before they become a major concern, or if the tenant is damaging the property and needs to be held accountable. My guess is in the coming weeks we will likely suspend this type of inspection due to health and safety issues, we will resume them as soon as the virus subsides.
Our clients have trusted us with a major part of their financial life. Many of them sacrifice in order to keep this investment going. They look forward to the day they can pay it off and have an annuity to help fund their retirement. Others have decided to go all in and own multiple rental homes and have basically entrusted us with a small business they have created. In any sense, we must continue to think about those who have placed trust in us. We must use caution, but at the same time we should err towards sacrificial service to our clients.
A great property manager in times like these is gold. Having a trusted advisor that puts your needs ahead of their own is rare. Tonight, if there is a fire, or a pipe breaks and floods a home, we will get the call and we will respond. The property manager is your friend in a time of crisis, whether it’s a deadly virus, keeping you complaint with ever-changing laws, a difficult maintenance issue or resolving a tenant dispute, we are here to see it to the end. If you own a rental home, you need a property manager.