This was a great show, for two reasons. First, I resonate with Peter as a business owner with 400 doors and deal with the exact same issues. Second, because I am preparing to invest in Columbus and my research for a Property Manager lead me to him, then this podcast showed up in an email!
You end your show with a profound question. What is the wedge between property managers and owners. The answer is simple although the solution may be elusive. As owners we see property management as expense and necessary evil rather than a way to save money and a profitable alternative to self management. We want to feel that a property manager is trying to make our properties (our businesses profitable). Merely one example is when I acquired a new property and reluctantly hired my property manager of my other two properties to also take on this new one. I told him I anticipated possible challenges with tenants I inherited when I purchased. I thought he would appreciate the "heads-up" and advise me of ways to mitigate my concerns Instead he advised me that he was amending the property management agreement such that his rent fee would be guaranteed even if there was a problem with the inherited tenants. I other words he wanted to make sure he would be paid even if I was not. I have many other examples. The point is property management must convince owners (through actions not merely words) that their interest are aligned.
23 years and a 1B+ in 'for rent' real estate in commercial and MF--find another management firm. Immediately. Agreeing to their fees DOES NOT assume excellence.
I am very frustrated with my property manager. I feel he has little concern for the profitability of my properties and through his comments makes it clear that the profitability of his business is paramount.
Thanks for having me Jordan!!!
This was a great show, for two reasons. First, I resonate with Peter as a business owner with 400 doors and deal with the exact same issues. Second, because I am preparing to invest in Columbus and my research for a Property Manager lead me to him, then this podcast showed up in an email!
You end your show with a profound question. What is the wedge between property managers and owners. The answer is simple although the solution may be elusive. As owners we see property management as expense and necessary evil rather than a way to save money and a profitable alternative to self management. We want to feel that a property manager is trying to make our properties (our businesses profitable). Merely one example is when I acquired a new property and reluctantly hired my property manager of my other two properties to also take on this new one. I told him I anticipated possible challenges with tenants I inherited when I purchased. I thought he would appreciate the "heads-up" and advise me of ways to mitigate my concerns Instead he advised me that he was amending the property management agreement such that his rent fee would be guaranteed even if there was a problem with the inherited tenants. I other words he wanted to make sure he would be paid even if I was not. I have many other examples. The point is property management must convince owners (through actions not merely words) that their interest are aligned.
23 years and a 1B+ in 'for rent' real estate in commercial and MF--find another management firm. Immediately. Agreeing to their fees DOES NOT assume excellence.
Such a great interview. Thank you for providing this information!
Watched it twice! Great episode
Doing more with less. Strong operation mind. Appreciate you Peter!
Great episode! cheers
Great podcast! Thankyou for the content
The conversation of automation was interesting. I think AI will become the answer to that problem.
I am very frustrated with my property manager. I feel he has little concern for the profitability of my properties and through his comments makes it clear that the profitability of his business is paramount.