Article by: Jay Michalec
As a former Property Manager and the COO of Graystone Investment Group that offers Property Management, I would say this:
Don’t judge a book by its cover
It is unfair to say Property Managers suck, just as it is unjust for Property Managers to say landlords suck. Most investors that choose to partner with a Property Manager do so because they want to spend their time and energy on their jobs, family and/or grow their portfolios. They do not want to deal with tenants, paperwork, drama, legal processes, repairs, inspections, comps, showings, marketing, and everything else that a good PM takes off of their plate.
Figure out your PM goals
Whether or not you choose to work with a PM should depend on your goals. Does it hurt your cash flow? It can. However, can you mismanage your property, price it too low, and not correctly handle the repairs/tenant concerns, leading to vacancies that hurt your cash flow even worse? Absolutely.
If you have worked with a PM that did not meet your expectations, I would advise you to either be more clear on your expectations/pain points with that PM or move on from them if you have done so already. Property Management is a service. Not everyone needs the service. And not every landlord/property is the right fit for a particular PM.
Due diligence and research always work
It is about doing your due diligence and determining what is more valuable to you: your time, money, and peace of mind. When you can find the right Property Manager to help you with all 3 of those, that’s a win. However, comparing your potential mate to your ex and expecting them to cause the same heartache and pain isn’t fair. And neither is assuming that there are not great companies out there who can provide you with the level of service you seek.
Again, to each their own. If you have the time and energy to manage your own portfolio and you are getting great results, keep doing that! Let’s not trash a whole profession because of your situation. Others may find more value in having their quality of life and time and spending a fraction of their cash flow to ensure they have well-kept properties and happy tenants!