I began my career working for a man in the property management industry for whom I have the utmost respect. He gave me a chance, and in return, I discovered something I truly love. I often say that I eat, breathe, and sleep property management. There is not a day that goes by when I dread going to work. Every day brings something different, challenging, and exciting.
The first person I worked for managed approximately 350 individual rental homes scattered throughout the tri-state area. The only reason I left was because he viewed me more as a daughter than a potential business partner, and I wanted the opportunity to grow outside my comfort zone. We still speak nearly every week, and there is nothing I would not do for him—and I believe the feeling is mutual.
After leaving, I went to work for a corporation that, to say the least, wanted to look like a large corporation—and I am sure it was. However, it often seemed as though people were simply “finger-painting” their way through the day. Bills were not being paid on time, vendors suffered, and owners and investors were charged late fees they never should have had to pay.
When I submitted my three-week notice and prepared to move to another corporation, I left knowing exactly how I would never treat vendors in the future.
Paying bills promptly can move a property management company to the top of a vendor’s priority list. That becomes extremely important when temperatures are freezing and a property has a burst water pipe. In that situation, you want your plumber to put you first—not number 80 on the list because your company has a reputation for paying slowly.
The corporation frequently had to pay cash on delivery, and vendors regularly placed liens on the properties. There was no excuse for it. Two people in the corporate office were responsible for handling my accounts payable, yet neither could consistently get bills paid on time.
Looking back, I should have recognized the problem during training. Instead of teaching me to enter the payment deadline into the system so we could avoid late fees, they taught me to enter the late-fee amount. Being new to the corporate world, I did not immediately realize how backwards that process was.
I then went to work for another corporation. This company paid its bills on time and treated its vendors well, but it did not always show the same respect for its employees.
The wrong employees were often promoted, and although our employee handbook clearly stated the company’s policies in black and white, I was repeatedly instructed to work in the “gray area.”
If a resident received a legitimate lease-violation notice and complained or cried to the regional manager, I was expected to smooth things over—sometimes practically buying them a plate of cookies and giving them a gift card. To me, that was rewarding bad behavior.
I was required to inspect the properties monthly and use the company’s standard form whenever I observed a lease violation. However, if a resident took offense to that same company-approved notice, I was expected to make it right with a gift card.
I ultimately left because I no longer respected the company’s leadership. I did not believe leadership respected its employees’ professional judgment, and I did not feel that management supported us 100%.
By the time I left, I knew exactly what I wanted—and did not want—for my own company.
I wanted to pay vendors promptly so Turn Key would become a preferred property management company to work with. I wanted to respect and support my employees’ professional decisions. I wanted to provide adequate, well-maintained housing for residents while also requiring everyone to follow the black-and-white terms of the lease—the legally binding agreement they signed.
I do not operate in the gray.
Paying vendors promptly helps keep costs down. I do not believe owners should have to pay unnecessary late fees because those fees affect the property’s operating expenses and reduce the owner distributions I can provide.
I also need happy, dependable vendors. When one of our properties has an emergency, I want Turn Key moved to the top of the list because our vendors know they will not have to wait more than 30 days to be paid.
If you are an investor looking for someone who will treat your property as if it were her own, give 110%, and consistently protect your best interests, call Turn Key Property Management.
I am currently licensed in Indiana and Kentucky. If you own property in another state, I am willing to pursue the licensing required to manage it legally. I can also provide property-management consulting services in all 50 states.
Perhaps you need an experienced outside advisor to take a deeper look at your current management company, review your cash flow, identify unnecessary expenses, find opportunities to increase revenue, and determine whether your investment is reaching its full potential.
If so, give me a call. I would welcome the opportunity to help.