Charlotte Property Management Blog

4 Qualities Any Great Property Manager Has

System - Wednesday, January 30, 2019

Property managers have the ability to make or break their teams. Great leaders help their employees and their properties reach their full potential, while bad leaders can discourage workers and slow down the productivity of the property, as well as turn residents off. When looking for a new property manager, make sure they possess these four great qualities.

Responsibility

Being a property manager isn’t easy. You have to juggle the day-to-day operations while still making sure each home under your care is up to the standards of those living there. A good manager will take responsibility for the successes as well as the shortcomings of the property. They will keep tabs on employees as well as residents to make sure everything is running smoothly. When a problem arises, your property manager should be open and honest about it while speaking with residents professionally about how it’s being handled.

Decisiveness

Whether your manager oversees a small property or a large one, they’re going to have to make some tough decisions regularly. Look for candidates who understand that they need to make choices on behalf of the employees as well as the people who call your property home. Your property manager will need to act swiftly after putting in enough research to make an informed decision. These decisions can hold more gravity than those made by a manager in a regular office due to the fact that dozens of people are relying on your property manager to make the best choices for their homes.

Empathy

Your employees and residents need to believe that your property manager is on their side. People want to be able to trust those that they rely heavily on, especially the organization that keeps a roof over their head. Managers should be understanding of the complaints being made about the property, as well as being understanding of their employees. Look for someone who is able to put themselves in others’ shoes and think from another perspective. If your property manager can’t empathize with those they manage, bad things can happen.

Creativity

To take your property to the next level, find a manager that can think outside the box. Sometimes the best solutions aren’t the ones in black and white, which means finding someone who thinks creatively can be the best problem solver. Creative property managers are known for thinking about new ways to improve operations as well as the lives of their tenants and employees. Consider candidates who have led projects in the past, figured out new ways to improve productivity, or invent new products or services, and you’ll likely wind up with a creative manager to run your property.

Finding someone with all of these qualities can be difficult but it is possible. You want to ensure that your property is in the best hands possible, as you have a lot of people’s livelihoods to consider. Take your time to measure the abilities of each candidate, and you’ll find someone who fits the bill.

Property Manager Gets Tough on Squatters

System - Monday, January 14, 2019

CHARLOTTE, NC — A property manager took matters into his own hands to keep repeat squatters out of a Charlotte home.

It was a race to change the locks.

“Let’s hurry up and secure this home before they come back,” said Michael Morings.

WCCB Charlotte was there as Dynasty Property Management’s Michael Morings took back control of a client’s northwest Charlotte home.

“We’re inside. So, we have possession of our home,” said Morings.

He says Turmaine Thorne and Taqiyah Barber once rented the home but stopped paying rent. He says they squatted there for months, even claimed to be the true owners in court.

“It’s been a long journey for the homeowner who hasn’t gotten rent in nine months to the tune of, I think we’re at $15,000. Legal costs, attorney costs.

So, I’m sure they’ll be happy to know that we have their home back,” said Morings.

Morings says he didn’t know they were gone until he heard the couple had been arrested for breaking and entering, accused of squatting in the family home of the Davidson Mayor.

The $2,000,000 home on Concord Rd. is up for sale.

Once the couple bonded out of jail, Morings says they went back to the Charlotte property that he manages.

Police say the couple claims to be part of the Moorish Nation.

The group is notorious for moving into vacant homes, filing false ownership deeds and arguing they’re exempt from American laws.

“They’ll look at a judge and say these laws don’t apply to me,” said Attorney John Snyder.

Snyder has represented accused squatters before. He says to protect your home: “If you have rental property, make sure you go by and check on it,” said Snyder. “Do background checks, do criminal checks, google someone. Get things in writing.”

Morings warns: call landlord references for prospective renters.

Morings says if the couple comes back, the locks are changed so they would have to break in to get inside. That’s a crime in which police can get involved in.

CMPD doesn’t typically arrest squatters because if they classify it as an eviction issue, that’s a civil matter.

Ten Good Reasons to Ditch Bad Owners

Mike Morings - Tuesday, December 4, 2018

Just about every rent roll has them and most are equally unwilling to let them go! When business owners believe that the more properties they have, the better off they are, they often overlook the ‘ball and chain’ effect that bad business can have on their portfolio, staff and their bottom line. Let’s face it, finding good property managers is just not easy, and yet, finding bad owners isn’t hard at all!

If we intend to move forward we should be prepared to regularly review our owner clients and be willing to remove landlords that are not good for business, or at least increase their fees! Here are ten bad owners characteristics to be wary of:

1. Over-demanding and unreasonable

This type of client is just never satisfied and often needs to have control of your staff and makes communication with them difficult and unpleasant. When you’ve got good news, they’ll make you feel bad. They like to be the one’s in control.

2. They’re just downright time-consuming.

This is the owner who likes to write lengthy emails, blows small issues way out of proportion and gives you lots of frivolous requests. The time taken to read, comprehend and respond to such clients can be quite unfeasible and often results in lengthy and unproductive phone calls. Let’s face it, time is money, so is the fee income that you are receiving from this client covering the time that it takes to do business with them? We’ve done the math, and this type of owner will typically take up to double of your time than a ‘normal’ management.

3. Whatever your fees are, they just want less!

When you do an analysis of the owners that meet the criteria in points one and two, you will most probably find that they are paying less in fees than other quality clients. These clients are typified by lots of work with less income! This is what bad business looks like.

4. Whatever the rent is, they just want more!

If you give the owner a fair market rent assessment on their property and they then insist on charging more, one of two things can occur. Firstly, the property will remain vacant, or secondly, it will attract the type of tenants who are desperate and willing to pay anything but in the end pay nothing.

5. Spend little-to-no money on repairs and upkeep.

A bad owner is also typified by being overly reluctant to spend money on repairs and property maintenance. These properties increasingly become a safety and litigation risk! The more run down they are allowed to become, the higher the likelihood that problems or even serious injury to tenants and their visitors will eventuate leaving you legally wide open to costly litigation action.

6. The property tends to attract a bad tenant.

The more run down and ‘tired’ the property is, the less likely it is that a quality tenant will want to rent it. Quality tenants have standards. If the property doesn’t meet these standards it is fair to say that the only type of tenant that you will attract is the type that will not respect the property or pay the rent on time, if at all!

7. Low fee properties are lower in value to the business.

Lower fees have an impact on the value of that management to the overall business. Whether it is management fees or ancillary fees, it all has impact against the maximum value you should be getting in comparison to a quality property.

8. Will happily ask you to accept unfair safety risks.

I speak often with property managers who wrestle with owner clients who won’t fix the most serious of problems like defective smoke alarms, power points/outlets hanging off of the walls, wood rot in railing/balconies and the like. It should be an easy decision to stop managing the property should a owner refuse to promptly address urgent and dangerous issues. If they won’t, refuse to manage the property. The fee income you receive is not worth the injury or even a death of a tenant (or their children) on your conscience.

9. Staff burnout and turnover

The more ‘bad owner’ clients you have on your portfolio, the more ‘wear and tear’ to the mind, heart and emotions of the all staff involved. This shortens their professional life span as a property manager, increasing staff turnover which, in turn increases overall owner dissatisfaction making property management all that harder!

10. They are never satisfied!

This type of owner no matter how hard you try, just seems to be never satisfied. This makes the whole experience quite unpleasant for all staff concerned.

What to say to the boss if you want to get rid of these type owners.

At this point of reading, you may be thinking that you agree with all of this, but you have a principal (or you are the principal) who is concerned with the future potential loss of business, saying ‘they might want to sell one day!’

Quite simply, if they are a bad owner now, what is the chance that they will be a good vendor/seller? It is fair to say that they will demand less commission, want an unrealistic sale price and become a difficult and unprofitable client with selling as well.

In a day when the focus is shifting from trying to have the biggest portfolio in town to having the most profitable one (yes, there is a difference!), we must seriously take a look at our owner client base and make decisions about what is good for business and staff alike!

Should You Hire a Property Manager?

System - Monday, July 9, 2018

In this video, you’ll learn whether you should be a hands-on landlord, or hire a property management team. Many new investors think that collecting rent checks is a simple process, but the truth is, it can be complex! This video was inspired by a viewer who questioned his ability as a landlord.

As a real estate investor, this is one of the most important decisions you can make! How you decide to handle property management can make or break your real estate investing experience. This video is for you if you’ve ever considered being a DIY landlord.

You’ll learn many of the responsibilities that go into effective property management, and why I would never personally manage my own investment properties. I’ll share how to work a property management fee into your ROI formula, and how a property manager can help make your rental experience a passive income, cash flowing machine!

Tenant Screening Questions to Ask Before You Show Your Home

Mike Morings - Thursday, May 24, 2018

Should You Allow Pets in Your Rental Property?

Mike Morings - Sunday, January 28, 2018

Charlotte Real Estate: Wishing you a Merry Christmas & a Happy New Year

Mike Morings - Monday, December 25, 2017

Is it Smart to Hire a Property Management Company?

Mike Morings - Wednesday, November 29, 2017

Stuff Residents Say To Property Managers

Mike Morings - Tuesday, November 28, 2017