Duct Tape

As a landlord or property manager, the last thing you want to hear from a resident is that something in your investment property isn't working right. Whether it be plumbing, electrical, HVAC or any other material function of the property, repairs are rarely cheap. The investor in you always wants to come up with the cheapest option possible to repair the issue, but is that really the best option? I used to represent an owner who would only send a handyman for repairs, regardless of the issue. He would always say "Just throw a little duct tape on it and it'll be good as new". The problem is, you can only have so much duct tape keeping a place together until you have major problems. He would then get angry when the problem (predictably) reared its ugly head again a few months later. This owner wasn't looking at the whole picture when it came to his investment property or finances; only choosing to look at his monthly proceeds check(s). Having maintenance items repaired by a competent and qualified repairman can make all the difference in the world. This applies not only in the long-term maintenance of the property itself, but also to your cash flow on the property. Well maintained properties attract good tenants, stay rented longer and stay trouble free longer.

Choose Wisely

A huge part of being a landlord or property manager is having a great support staff. If you're a property manager, this starts with a fantastic administrative assistant. My administrative assistant or "Super Woman" as I call her, does a fantastic job of knowing how I would deal with a situation and acting accordingly. This is true for working with tenants, owner-landlords or my service providers. She provides a warm, welcome environment in the office and is very courteous & respectful of everyone who calls or comes in. Another major role player is my handyman. In my case, I actually have 2 handymen - one is very good at what he does, but doesn't work well with the public, so I keep him on vacant properties only (move-out stuff, etc). The second is much better with people and is also very good at what he does & both charge very reasonable prices. These are both gentlemen who are licensed general contractors but charge handyman rates. A good handyman is worth his (or her) weight in gold because they are much less expensive than normal service providers while providing essentially the same work on certain items. They're also my eyes & ears at the properties they go to - they're able to tell me if any "shenanigans" are happening at a unit. These gentlemen handle most of my service calls with the exception of plumbing, electrical & HVAC service calls. It is also very important to have a plumber, electrician & HVAC servicer who are straight-shooters and charge a reasonable rate for their service. Sometimes you'll have to go through several to find the right one, but they can also be invaluable when the need for their service arises. Being a good landlord or property manager can be maddening without these support staff - choose wisely.....