Tue 8 Jun 2010
Why Property Management is Tough
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The number one reason is that we are working with two opposing interests. One wants service with the lowest possible rent and the other doesn’t want to spend money and wants the highest rent they can get.
If we represented one community, such as a large apartment house, we would have one consistent image to offer our tenants. However, we represent hundreds of owners of different cultures and personalities. We unfortunately offer different policies for different properties and owners to our tenants. What is agreeable to one owner is not agreeable to another.
Some owners want their properties maintained while others; if it means spending money rather ignore maintenance.
This makes it very difficult to manage and keep the customers happy. Tenant retention is so important such as offering a gift or dinner out for renewing their lease and paying their rent on time. Not all owners wish to offer gifts. Some can’t afford it.
I have to share a story with you regarding a party I attended. A mortgage broker can up to me and said you have one of the toughest jobs in real estate. I agreed, but responded that is why I have a job. I wonder what he is doing today.
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