Trust and relationshipsMonday, December 14th, 2015
Although the Seattle Times article linked to below is centered on relationships with financial advisors, you could and should evaluate your property management company similarly. Trust, communication, and your property manager’s stewarding your plan is vital to your building’s achievement of your goals. The property manager should have productive and valuable input in achieving these goals–and likely has more experience in doing so–but ultimately it’s your investment.
We have recently talked to a few people considering changing management companies. In each case the incumbent management company, who had been there for years, had quite simply have taken their eye off the ball. Rents were lower than they should have been, resident managers were overpaid, expenses like insurance were inordinately high, and the properties had lots of deferred maintenance.
Redside considers itself an investment advisor and the minute we don’t model our behavior on any good investement advisor (financial, real estate or whatever), our clients should start looking around too.