Lessons Learned Selecting Real Estate Property Management
Look, we all make mistakes. Mistakes from just trying to get things done are one thing. But mistakes as a result of not following a defined process? Well, those are dumb mistakes. For one of our rental portfolios, we selected a group based on a referral from one of our network contacts. Someone who we (thought we) knew. Instead of doing the diligence that we normally do (when picking any vendor), we just moved ahead on the word of the referral. And what a nightmare it turned into. The person who provided the referral ended up parting ways (not amicably) with that group.
>> Here’s the story behind the lesson: https://youtu.be/mtZmDz2pwv4
Do the Diligence when Selecting a Vendor
Regardless of the project time or service to be provided – learn about the business. Call on references. Check past projects. Inspect current projects or managed properties. Thoroughly review any and all contracts or related management policies. Make sure signatures and dates are in place where needed. Above all, someone’s word is not good enough. You need to be sure that you have your system in place to protect your business.
Don’t make the same dumb mistake we did.