What is the Cost of Hiring a Bad Property Manager?

What is the Cost of Hiring a Bad Property Manager?

If you own a large or small apartment or housing complex, chances are you often feel overwhelmed by constant demands and responsibilities. A qualified property manager can help to ease these burdens, taking over many of the daily tasks weighing you down. However, when it comes to bringing onboard a new property manager, one of the worst things you can do is make a poor hiring decision. Hiring an underqualified property manager can have detrimental effects, resulting in major financial and operational implications for your property at large. 

Before you begin screening and interviewing applicants, here are three costs incurred from hiring an ill-equipped property manager:  

Low morale  

The best property managers know how to set a positive tone for the entire office staff, demonstrating strong communication, interpersonal skills and teamwork abilities. A property manager who lacks these core people skills will bring down the morale of your entire team, potentially causing some of your best staff members to quit. This can also impact tenant relationships, as renters who feel dismissed or forgotten about by managers won’t be likely to renew their leases. The takeaway? Staff and tenant retention are both sure to take a hit in the wake of a poor property manager, costing you time and money in recruitment efforts.    

Reduced occupancy   

A property manager who can’t effectively attract new tenants will cause a downward spiral of new renters at your property – ultimately affecting your bottom line. Over time, employing an underqualified property manager can cause major problems with your occupancy levels and limit your property to a smaller group of potential renters. A highly qualified manager should know how to execute effective marketing and outreach programs that attract new renters as well as raise awareness about your property within the community. 

Legal ramifications   

Above all else, your property manager should know the law – and abide by it! One of the most important reasons to invest in a good property manager is to avoid costly legal headaches and ensure every function of your property is being managed according to state and federal regulations. From ethical hiring protocols to knowing tenants’ rights, experienced property managers are adept at navigating situations of a legal matter with ease. They are also prepared to address evictions the most efficient and cost-effective approach without causing any legal violations to your housing or apartment complex.  

As outlined above, investing in an experienced and knowledgeable property manager can save you time and money – not to mention a lot of stress and aggravation! Making the effort to hire the right property manager will pay off in dividends, ultimately improving how your business functions from the ground up.  

Are you struggling to find qualified property managers? Stop wasting time and contact The Liberty Groupan executive search and staffing firm serving 24 cities and their surrounding markets nationwide.  

 

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