Ever feel like that owner keeps pushing your buttons or is going to get you in trouble one day?
Most likely they are and will. Intuition is a powerful thing and you should not ignore your gut feeling. While not all property managers can control whether or not they take on or continue managing an account, its important to recognize and point out red flags when you see them. Especially if its something that could result in a lawsuit down the line.
Have you ever heard your client use racial slurs or say suggest that they don’t want someone in a wheel chair living in their property? These are definite red flags that should be addressed right away. Ideally this could be done by simply having a conversation with your client to let them know the reasons why they cannot use that information to make a decision. Discrimination is a very big deal when it comes to leasing out property and we will discuss this further in another article. Most investors understand that certain things cannot be factored in when making a decision but every now and then you come across a property owner who is unreasonable.
Another sign to look out for is the client who is always challenging you. For some, this just be a way to motivate you. For others they simple do not trust you. Maybe they have had a bad experience in the past with a property manager or maybe they are either new to real estate investing. Its important to be able to distinguish between the two because one you may be able to work with while the other you cannot.
Someone who challenges everything you say just to motivate you is not someone worth keeping around. Yes, they may have a nice property or generate a lot of income, but they also create a lot of stress. Property management is hard enough and the last thing you need is to add to that by working with difficult and unreasonable clients.
If trust is the issue, this can be worked out over time. Identifying this as the problem is important and once you are sure this is it, you can address it. Sometimes it resolves itself overtime by proving yourself to the investor. Other times you may want to confront them. This can be done by working it into a conversation with them.
For instance: “I know that you are new to our company and we are still building trust in one another, and I want to thank you for putting your faith in us.”
While this example may seem a bit cheesy, it brings the investor’s concern to light and you are acknowledging their concern while showing them that you understand their position which will allow you to build trust into the relationship. Without trust, you cannot effectively manage a property because that person will constantly challenge your decisions making it more difficult to do your job.
September 12, 2013