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Last year, I fired a property manager. It was a new property manager who started her business in 2019. She was local to the city and I gave her a shot, simply because I didn't know anyone else -- well, I did but the other guy had a *terrible* reputation in town so I avoided him. Long story short, the property manager chose a contractor simply because he was black too. The contractor ran over the timeline and tried to scam me out of agreed upon work. He did finish the job to an OK standard, but the hassle wasn't worth it. The property manager also has a degree in psychology, has a background as a real estate agent, and was a property manager for an apartment complex. She has no experience in business however.
The property manager ended up costing me $2,000 because she never collected the security deposit from a tenant and he backed out of the lease two weeks before it was to start. It took 4 months to fill the vacancy, costing $6,000. The property manager said that it was due to the pandemic. No, it's standard practice to take someone's security deposit after signing. She was unprofessional and treated everything personal. She interpreted everything politically and not professionally. She didn't have the investor's interest at heart and was just doing stuff for her own profit or for how she sees fit. She manages 7 houses.
I have since replaced her with a company who managed 350 houses. The new company is professional, has staff that can handle requests, and actually does what they're told. They're competent. The last one was stupid, ignorant, and self-righteous.
I took a risk giving a new person a chance and it failed badly on me. Here are lessons I learned:
Rentals are a business venture. Instead of investing capital into a company and having that company sell products or services for a cash flow, you're letting a house or apartment and collecting rent (the equivalent of sales for a business). Instead of having staff, which generates the sales, which are managed by managers; rentals are managed by a property manager. Therefore, you'd want a competent, business savvy property manager. Someone who takes everything personally is not professional. Someone who takes everything politically is not a business person. The word "woke" should never be an adjective for someone who you're doing business with. I'm glad that she's managing only 7 properties -- she lacks the competency to run her business at a higher scale. Also, the person you're doing business with should have financial literacy. She was financially illiterate. It's sad but woke culture is a culture that is perpetuated by financial illiteracy and one that perpetuates financial illiteracy. They're only good as employees but should never be managers.
Therefore, what about you? Have you done deals with the woke crowd before? I'd avoid them if I were you but, if you managed it, how did you do it? Was it worth it?
The property manager ended up costing me $2,000 because she never collected the security deposit from a tenant and he backed out of the lease two weeks before it was to start. It took 4 months to fill the vacancy, costing $6,000. The property manager said that it was due to the pandemic. No, it's standard practice to take someone's security deposit after signing. She was unprofessional and treated everything personal. She interpreted everything politically and not professionally. She didn't have the investor's interest at heart and was just doing stuff for her own profit or for how she sees fit. She manages 7 houses.
I have since replaced her with a company who managed 350 houses. The new company is professional, has staff that can handle requests, and actually does what they're told. They're competent. The last one was stupid, ignorant, and self-righteous.
I took a risk giving a new person a chance and it failed badly on me. Here are lessons I learned:
Rentals are a business venture. Instead of investing capital into a company and having that company sell products or services for a cash flow, you're letting a house or apartment and collecting rent (the equivalent of sales for a business). Instead of having staff, which generates the sales, which are managed by managers; rentals are managed by a property manager. Therefore, you'd want a competent, business savvy property manager. Someone who takes everything personally is not professional. Someone who takes everything politically is not a business person. The word "woke" should never be an adjective for someone who you're doing business with. I'm glad that she's managing only 7 properties -- she lacks the competency to run her business at a higher scale. Also, the person you're doing business with should have financial literacy. She was financially illiterate. It's sad but woke culture is a culture that is perpetuated by financial illiteracy and one that perpetuates financial illiteracy. They're only good as employees but should never be managers.
Therefore, what about you? Have you done deals with the woke crowd before? I'd avoid them if I were you but, if you managed it, how did you do it? Was it worth it?
now I know.
