You have owned rental property in Grand Rapids, MI for some time now and over those years you have received affirmation that income producing rental properties is a great way to build wealth long-term. You’re now being financially rewarded for your decision to take action and proactively move to better not only yourself, but your entire family by working to accumulate a portfolio of rentals which can someday be passed on to your heirs. You have worked hard over those years. It hasn’t always been easy being a landlord. You have learned a lot and now feel pretty confident in your abilities. There were many sacrifices made of your time and energy, but now you are seeing the fruits of your labor and it was all worth it. Congratulations! You are on your way…..
But, today feels different. You are finding that your time is becoming more and more limited. Professionally it’s obvious that your time is better spent focusing on your career than on these rentals. Ultimately it is your family time which is suffering. It’s clear to you now that it’s time to hire a property management company to take care of your rental properties and help free up your time and remove the stress of being a landlord on call 24/7.
You start your search online for a professional property management company in Grand Rapids, MI. You are surprised to find that there are quite a few of them and wisely decide to reach out to many of them and find out what kind of services they offer and the related costs associated. Overall your impressions are that the services and costs for each company are all relatively similar. However, there was one thing that stood out to you with one of these particular companies. ABC Property Management was willing to listen to your suggestions on how you’d like to see the properties managed. Because you feel like you have been very successful managing these properties yourself, you liked it that they would change their management process for your particular needs and they were more than willing to accommodate. You have a really great handyman you would like to continue to use. Your brother-in-law is a plumber and you get great pricing when he does “side jobs” after his work hours and you would like to make sure he’s called for all plumbing needs. You appreciated the feeling that you could hire a “Professional Property Management Company,” yet they would actually manage the property under your directives. Sounds great, right?
Well, what happened? Why are you now feeling so frustrated after the first six months or so of service? Why does it seem like there are mistakes being made by your property manager? You’ve told the property manager how to manage the property and the tenants. You’ve told them what contractors to use for repairs. What’s wrong with them?
The above scenario is far too common. In order to be a great self-managing landlord, one typically has a very specific and unique personality. In fact, most times they are very much a type A personality. There is no getting around it. If you are a good landlord there are times when you must be assertive, decisive and have the ability to take action. It also means it can be difficult to trust the delegation of management to another without continuing to have some input into how it is managed. And, while a type A personality can serve you well in many areas of your life. It’s important to remember that anytime you need to hire a professional service provider, whether it be a doctor, lawyer, CPA, or even an auto mechanic. It is always best to hire the provider who is the expert. One who has a proven track record for success. Remember, you needed help and direction. This is the reason why you wanted to hire the professional in the first place. Even if you have some tax experience or limited legal knowledge, the idea of you trying to direct your CPA or lawyer with how your taxes should be prepared or with what your best legal course of action might be is absurd. Even lawyers will hire another lawyer to represent them when they have their own personal or business legal issues.
Now, ask yourself if it sounds like a good idea to hire a “professional management company” who is willing to offer you individualized or customized services? Shouldn’t they know what’s best for the property and how to management the tenant relationship? Shouldn’t they already have proven systems in place which will produce the best results? Shouldn’t they already have a team of competent contractors?
Like almost everything in life, there is always more than one way of doing things. Which way is the best, fastest, cheapest, or most efficient way is always up to debate. And, of course, hind sight is 20/20 and property management is no exception. If you have been a successful self-managing landlord in the past, you will have your own ideas and reasons for why or how a property should be managed. It can be difficult to remember that there may be another way. Just don’t forget the heart of the reason for why you needed to hire a property management company in the first place. You wanted to free up your time and align yourself with a company who is competent, shares your same values, is ethical and transparent, and will ultimately make more money and help you reach your personal financial goals.
At Qwest Property Management, our clients come to us because we are experts in the Grand Rapids, MI residential property management industry. We have management systems in place that have been tested and fine-tuned over many years, which produce the highest probability for success over time. The truth is that managing rental properties is a very systematic and repeatable process each month. We have worked hard to hone our systems and processes to produce the best and most consistent results for our clients success. It makes little sense to customize anything for an individual property or client because we know from experience that where deviation enters the process, errors and mistakes occur. If a property management company is open to customizing their services for you, they are only setting themselves up for failure and client disappointment.
It’s important to ask yourself, “Who is leading the process of managing my properties?” And, “Shouldn’t this company be advising me as to what’s best for the property and/or the tenants? Isn’t that why I hired them in the first place?”
Seek the guidance of a professional property management company in Grand Rapids, MI who insists on leading the management process. You will be better served and ultimately you will have better results over time.