Thursday, 29 December 2016

Why You Need to Be Careful with Resident Managers

One thing that real estate virtual tours won’t tell you, is that properties can be hard to manage. You could try to do this all on your own, but one thing you might want to consider is a resident manager, especially if you’re trying to maintain a property that is multifamily. Now, resident managers are great because they can reduce the stress and the workload by manifold, but there are some things that can happen which might end up increasing the workload.  You’ll want to keep these in mind, and this article will go over what to keep in mind when you’re hiring a resident manager.

The first, is that the roles are shifted. You’re not directly working with anyone anymore, but instead, you’re the boss.  Often, some resident managers don’t realize that you’re the boss, and so, they start to get unruly. You might not realize you’re not directly working with them, which can put you in a bad situation. Even with real estate virtual tours, you’ll have to correctly train and manage them, and you should watch them and get feedback from them to work together. Before you take on a resident manager, look at yourself and find out if you would be a good boss. If not, you should become a better manager, or not bring one on.

Now, you should make sure that these resident managers are also kept in place. There are some that start out very well, and they work great. They’ll take on the job with no problem, and everything seems great. However, some of them start to power trip in order to become the king of the complex, which means that they might start acting rude to everything, and even breaking some of the rules.  Don’t get a resident manager that can’t do the job, for it can cost you a lot.

Resident managers do cost a lot, and even with the foresight and the real estate virtual tours, you might not realize it. for some, if you get a bad resident manager, you might end up getting tenets who don’t meet the screening standards, including renting out to people that barely make the rent, and it can cause tenets to get away with things they never would. Then, there’s the fact that these people can get mean, have to call many times for maintenance that never got done, and it can be a nightmare.  This can cost you so much, even in the span of years from now, and it’s something that is important to consider. Always train and control the resident manager, for it can save your bacon especially with the future still unsaid.

For many, a resident manager is a great asset, but also a big responsibility. This article went over what you can do to get better resident managers, and why it’s important to have someone that is good at the job, and creates only minimal problems for yourself.

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