How Property Management Firms Can Ensure They Are Working with the Right Owner
Digested from Fourandhalf.com
Once a property management firm hits a certain level, it needs to be more selective when choosing clients. Find out what questions to ask to ensure you are working with the right owners.
Apartment managers put a lot of time and money into qualifying their residents. But Alex Osenenko writes on Fourandhalf.com that they should apply the same rigorous standards for their clients.
“If a resident goes crazy, you don’t have to renew the lease and the problem goes away,” Osenenko writes. “With an owner, however, an issue can get messy and even become litigious. For the success and the sanity of your business, create a system that helps you determine whether an owner will be a good fit for your company.”p
Osenenko acknowledges that it can be hard to turn away clients if your business is growing. When apartment management firms are starting out, they need to take on what he calls “questionable” owners and lower their prices. But as they grow, they can raise their prices and become more selective.
Finding the right client starts with the interview. Property managers need to determine if the owner is financially and emotionally stable, if they have reasonable expectations and if the transaction can be controlled.
“To start the process, you need to listen,” Osenenko writes. “Ask them to describe their property and what they need. It’s amazing what you’ll glean from staying quiet and letting them speak. You’ll be able to gather a lot of information, and you’ll provide an opportunity for the owner to sell themselves to you.