Hello, everyone, I am Juan Carlos Gastelum. I am a real estate investor in Texas. Today we’re going to discuss what happens when you don’t vet your property management company appropriately. One of the issues we’ve had in Edinburg, Texas, is that we did not vet the property management company which took over management of our four-plex. In one of our units, once we got the old tenant out who was totally destroying the apartment, the property management company did not follow through after the general rehabilitation of the apartment. There were some minor issues still left to finish the full makeover of the apartment in order to turn it over completely into lease-ready condition. It took four months of excuses until finally I am taking this endeavor on self-management and it’s getting to be quite a hassle. As Steve Rozenberg has taught us in his mastermind group, you should vet your property management company and not rely on what some of the employees of the property management company will do or say they do, but rather follow up by using your and/or their systems and procedures, and then follow up; trust but verify. Some minor things left undone, like just placing the vents in the right places, cleaning dried pasta in the kitchen drawers, and installing toilet paper holders in the bathrooms, can extend the vacancy unnecessarily.
It doesn’t take much effort to get things done. But an unaccountable and irresponsible manager holds you back from renting it out and can really hurt you financially.
This is why you want to vet your property management company. Our tip for today is: If you do not want spend time going to the big box stores to pick up small things like light bulbs, new blinds, or bathroom fixtures and cleaning the property yourself, make sure you do your research, and ask the right questions. Again, Steve Rozenberg, www.steverozenberg.com, has a long list of questions that you should ask. Take a look at his website, join his Think Tank Mastermind group, and don’t make the mistakes that I’ve made in carelessly hiring the property management company without much research. Take care. Best wishes on your real estate journey and God bless!
