You’ve made the decision to switch from managing your own properties to hiring a property manager. Be proud of yourself. You’ve taken a big step to relieve yourself of the day-to-day headaches of dealing with your investments on your own.
But transitioning isn’t easy for some, especially when you’ve been doing everything on your own for so long. Here are a few tips to make the switch easy for everyone involved.
Notify Your Tenants
Communication is the trademark of a competent property manager. Since there is likely time before your transition, send a notice to all your tenants to let them know what’s going on. If you’re in the area, stop by to make sure they received the notice and answer any questions they have.
While most tenants won’t have a problem, high-maintenance tenants who like to call you at all hours of the night may need some handholding. If they do call after the change, kindly remind them who they need to contact and give them their information. Let them know you care and that you’ll follow up with the property manager to make sure the issue is resolved.
It’s tempting to tell your tenant you’ll take care of their issue just this one time. You’re setting yourself up by showing them that they can ignore protocol and go directly to you whenever they like.
Don’t Micromanage the Manager
Letting go can be hard. But you need to trust the person you hired and give them the authority to make decisions on your behalf. It’s natural to have questions in the beginning, but after a month or so you should be starting to feel better about the process. Establish up front how often your manager will communicate with you and what issues you want to be notified about.
Give It Time
While most property managers will get to work right away, it will take some time for them to become comfortable with your tenants and properties. Don’t expect a property manager to swoop in and solve all your issues in an afternoon, especially if you have multiple properties.
Make a list of your top priorities and work with your manager to figure out the most pressing issues and how long it will take to resolve them.
Don’t hold anything back. Give your property manager the information they need to do a good job. Notify them of problem tenants and ongoing maintenance issues. Don’t be afraid you’ll scare them off because of your issues. Chances are they’ve seen much worse before.
You’ve made a smart decision by hiring a property manager. But change can be hard. Give your manager time to get acquainted with your properties and tenants. And give yourself a break by letting go. It will be the best decision you ever make.