Hey Moguls, Cris Urso here talking about managing your property managers today…
So, I recently did an on-site visit to one of our out-of-state properties.
I do this from time to time—typically about once a quarter—to see with my own eyes how things are going on those properties and whether our property managers and staff are actually doing what they say they’re doing.
I like to be there in person to make sure the staff is doing well and that everything’s moving in the right direction, and also to check out the physical components.
Seeing is believing
So, I went to one multi-family property in particular because we transitioned from one property manager to another… in just 6 months…
And thankfully, the new management team is doing a fantastic job. With this new team, we actually cut expenses!
And, the day I visited the property, we signed 3 new tenants—that’s big, folks. That’s how awesome this new property manager and staff is.
See, here’s the deal…
You have to understand your property and how your manager and management team works—and if something isn’t working early on, pay attention… be aware… recognize it.
Of course you can give the manager a fair shot.
But…
If things aren’t getting fixed and they’re not responding the way they should – you’ve got to make a move.
If it’s not working now, it’s not going to work in the future. Period.
Here’s what I like to do…
Learn from what your current managers aren’t doing right, and when you interview new potential managers, see how they’d respond to those situations.
Give thanks
At another property I did an on-site visit to, the management staff is doing awesome!
They’ve cleaned up and improved the tenant base and they’re focusing on a huge lease-up push – and what they’re doing is working. The office is packed with potential tenants.
There was even several move-ins the day I visited AND new leases were signed.
I love seeing all that positive activity first hand.
And, I like to bring in yummy treats to the staff as a thank you—to let them know we appreciate their hard work.
Bottom line…
No matter what size property you have – big or small – it’s always a smart idea to go do an on-site visit.
Walk the property and talk to the management team…
It’s important for you to let your team know you support them and it’s just as important to recognize them when they’re doing a good job.
Little things like that go a long way in this business…
This industry is all about people and relationships. Remember that.
What’s your management style?
How do you manage your managers? Share in the comments section below.
Do regular on-site visits to your out-of-state properties.
Recognize your property management team when they’re doing a great job.
Don’t be afraid to change up your staff if they’re not doing what they’re supposed to be doing.
Christopher Urso
is the founder of URS Capital Partners and National REIS. Chris has been investing in real estate since 2001. Over the years he has been involved in all aspects of real estate, from single-family fix and flips, buy and hold cash flow houses, and finally to apartment buildings. His real estate investment career only took off when he purchased his first apartment building 3.5 years ago. He now controls over $15,000,000 of apartments and has raised over $8,000,000 of private money in just over 3 years. He now structures investment partnerships to acquire large apartment complexes and also private coaches investors helping them purchase their own apartment buildings.