A group of friends decided they would all become real estate investors. They did their research and decided new construction townhouses were the way to go. They bought in several different subdivisions in growing suburban areas near Atlanta.
Not a single one of them had a good experience. And that is what brought them to me.
One of them explained to me his experience with a multi-state Property Management company whose name is well-known. “This management company told me they would put a ‘smartlock’ on the door and I assumed they meant a lockbox. They removed the deadbolt that was on the house and replaced it with an electronic lock. This was so they could give out the code and let prospective tenants in to tour the house. It was for their convenience, not mine.”
Then he told me the kicker: “They charged me $500 for the smartlock that was for them, not for me.”
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Read MoreMy clients had all hired Invisible Property Managers. What do I mean by that? I mean, there are tech companies out there masquerading as Property Management companies. They have iPads. They have apps. They have chatbots and AI. They have very few employees compared to the number of doors they “manage.”
Their goal is to run their business with as much automation and as few people on the payroll as possible. Tenants will often say they never even once met their Property Manager—who might even live in another state!
A Property Manager should be visible. Showing a rental home during the marketing period is a great way for Property Managers to meet prospective tenants before they apply. Invisible Property Managers do not show the property in person; they just give out the code and let strangers into your property unattended.
A Property Manager should move the tenant in personally and conduct the move-in walkthrough with the tenant. Invisible Property Managers have the tenant fill out a “move-in report.”
A Property Manager should visit the property at least once a year, preferably twice. Invisible Property Managers ask the tenant to send photos and videos.
A Property Manager should be hands-on and limit the number of managed properties to something manageable. Invisible Property Managers can “manage” hundreds at the same time.
We have rescued numerous landlords from Invisible Property Managers. Many of them needed us to evict the tenants placed by Invisible Property Managers. Others were about to be sued for maintenance issues that had been neglected. Others found that tenants were destroying their house.
We are Visible and Hands-On and Sole Point-of-Contact. We are Realtors, working with Buyers and Sellers as well as landlords. Many of our tenants and landlords end up buying and selling with us. It’s a strong motivation for providing excellent service. Effective Property Managers earn business by means of excellence and service.
My point is simple: make sure you do not make the mistake of hiring an Invisible Property Manager. Check Google reviews. Ask other landlords who they use. Make sure your Property Manager is local, experienced, and hands-on. And don’t take their word for it, check up on them.
We are happy to talk to you about our services if you own long-term rental property in the Greater Atlanta area.
Derek Leman is an agent with 3 Options Realty. He and his wife Brenna Blocker and transaction manager Beth Dycus are experienced Property Managers and Realtors, having numerous connections with contractors and home improvement specialists.
by Derek Leman
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