The rent roll has finally sold!!! The Principal is ecstatic and so is the purchaser.
But are you?
Do you find yourself inundated by this set of questions?
- “Is my job guaranteed?”
- “Am I going with the new office?”
- “Is this office staying or will I have to work elsewhere?”
- “I have managed this portfolio for 2 years and no one has done a better job that I have. Should I look for another job?”
Or do you find yourself thinking this way?
“Thank god – no more dealing with that crazy owner Mrs Barnett. No more sitting across from that horrible Property Manager Hailey anymore. Maybe now I can make a clean break and get out of this industry and just live on an island with a case of Merlot.”
Does this sound familiar?
“All of the above Property Managers need to find a new job ASAP; you are all going to destroy the rent roll with your mind set. The future is uncertain and in most instances you will be given a chance to prove yourself to the purchaser and be able to keep your job but you will more than likely go on a 3 – month probation. Don’t be offended; this is normal procedure so you can both get a feel for each other’s business aspects and dealings.”
As you all know a rent roll is only worth the amount of properties signed on new agreements on or before the day of settlement. Therefore, you have two choices
- Assist and prove how bad ass you are and keep your owners, Principal and purchaser happy
- Seek and destroy – don’t care – you are probably going to lose your job anyway.
Person number 2 is easily identifiable – don’t think for one second that you can hide your “don’t care” attitude.
That smile on your face cannot hide the fact that no notes are being placed in the trust accounting software, no phone calls or emails are being returned, the HARD tasks are being put off for tomorrow, the next day or the day after.
The complaint emails are being deleted. Tenants are being made inactive for arrears; printing and then reactivated again (yes this does happen) …
We are onto you….
Keep doing your job, keep your owners informed and make as many notes in the software as you can.
Complete all insurance claims, bond disputes, maintenance items and court proceeding documents to the best of your ability in the time frame before settlement.
If these will lapse over and the properties are signing to the new agency ADVISE the authority (bond, court etc.) of the date this will occur so they can expect a new representative.
Arrears – don’t give up! Lease renewals – we all know it is better to have them on a lease rather than lapse and go periodic.
Have a list of all vacates and entries ready for the first week for the new agency. Make sure all your properties keys are back and not with trades.
Hold your head high knowing that you are bad ass and no matter the outcome you have kept your reputation intact as (I am just going to say it) …
Property Management industry is like the TV show “Gossip Girl”; everyone knows you by reputation alone. Stand by your morals and your reputation will forever remain intact.
Lauren Kropp – Director Real Strategix