I've only been in the game for less than 10 years and I've had quite a few spread over two states but I've yet to have a bad property manager. They've all been great. Every time one leaves and I get a new one I brace myself but I'm always surprised at how good they are. Funny thing is the only really bad PM I've had to deal with is the one I'm renting from myself. I hear all these horror stories but it feels like I've dodged a bullet! I've dealt with two agencies this whole time: LJ Hooker in Sunnybank Brisbane and Little Residential in Melbourne. Perhaps in some way I've contributed a little to this - every time one goes out of their way to help me I will send a thank you note and CC higher management. It's a nice boost to their motivation I think. Although it's potentially hindered me in some ways...the two times I've done this they've been promoted out of their jobs shortly after!
If you never have bad PM for multiple properties, I'd say it's no coincidence. Maybe somewhere in your process, you kicked out all the horrible ones
I think it also has to do with good management. The lady that runs the rentals dept in LJ Hooker is really on the ball and you can tell she runs a tight ship. No doubt she knows how to recruit good people.
The agent of the last place I bought kept asking me to go with them. He was such a nice guy I almost agreed. But when I went to pick up the keys after settlement I saw their rental team just sitting around casually chatting like they were in high school. I promptly got the hell out of there!
Yep! More IP's = more PM's and also = more tenants. Sometimes it's just the luck of the draw, as I've known good tenants turn bad, and you get left holding the baby.
I'd say you are Fully Lucky, there are some duds out there definitely. I think it comes down from the top, if the Head PM/ Principal runs a tight ship things seem to run smoothly IMO. I hate the agencies where the staff turnover is really high, you begin to wonder which 18 yr old kid is my pm this week. The problem is that no one is responsible for anything.
Maybe lucky is not the right word, fortunate that you haven't had one - yet. Like others have said, it's probably partly the odds. The more properties you get in different locations, the more likely you are to possibly get a bad one.
