We can never forget that property management is a business and that your property manager is your friend, until he isn’t. This was reminded to me this week when a client we have managed for the last several years has a severe defect in the plumbing system with their home, ie, the sewer line broke underground.
And somehow, someway, I’ve been told that we mismanaged the situation and made it worse. How I or my staff can make an underground collapsed sewer line worse is still yet to be explained to me. But that isn’t really my point. The point is, real estate and property management here in Kansas City (everywhere, really) is a business. And it’s a business not everyone should be involved with. (Yes, I’m fully aware I’m not supposed to end a sentence in a preposition…but still.)
The root problem here (no pun intended) is that there needs to be a cash reserve with which to repair problems that will inevitably develop with an investment property. Especially one many decades old.
Cash reserves are needed for broken sewer lines, aged roofs, crumbling basements, deficient tenants, etc.
As a Kansas City property manager all we can do is communicate problems and successes, offer our advice, and help to make the property as profitable as possible through maximum rents and advise as to which maintenance issues will do what with how much. Sometimes we have to deliver bad news. As I said, we’re your friend…until we’re not.