It’s time to start cutting these guys some slack.
If you are a property owner on the market for a property management company or are wondering if your current property manager is worth the monthly tab, we are here to tell you why you shouldn’t be afraid to hire management that can do the absolute bare minimum. Below are the top five reasons a slumlord should be your top choice.
Remember, when it comes to property management, less doesn’t have to mean more.
Reason #1: Easy money.
You already made the investment when you purchased the property. Why put any more money into it? You don’t need a property manager who will give recommendations to make capital improvements or create a budget to review each year. We all know that just means spending more money. Instead, get yourself a manager who doesn’t do budgets. No budget = no money spent, which means more in your pocket! Sure, the building may end up falling apart and might be hard to sell or even rent out to in the future, but why worry about tomorrow? Live in the now!
Reason #2: You’re not a people person anyway
Slumlords are notorious for not knowing or caring about their tenants. But that’s the point! Why invest time and energy into getting to know people? Slumlords know that the bottom line is making sure someone, anyone is renting the place. Does it really matter what their criminal background, rental history, or credit looks like? Why hire a management company that cares about your residents loving where they live when you can just hire a slumlord who welcomes anybody and everybody with open arms? Multiple evictions, poor credit, insufficient income, inconsistent rental history, you name it, a slumlord has them by the bucketful.
Reason #3: Out of sight, out of mind
You have worked hard to purchase your property. It’s time to sit back and let the returns hit your bank account. You don’t need to be bothered with the miniscule details and neither will your slumlord. Who will take care of the trash or snow removal? Who will make sure the building remains safe and habitable? Who will ensure the building is in good standing with the city? Who will review utility bills and make sure all invoices are paid in a timely manner? Who cares! It’s time to relax, and let a slumlord avoid doing any of the work.
Reason #4: Why maintain anything? That’s what insurance is for.
We all know that the biggest headache is when your rent-paying tenant asks you to do something. Smoke detectors in working order, appliances that are safe to use, doors that are secure, the list goes on and on. A slumlord’s philosophy? If it’s not broke, don’t fix it. If it is broke, wait until as long as legally possible, and then some. Why spend today when you can spend tomorrow?
Reason #5: Life on the edge is a lot more exciting.
Consistent, reliable property management is just not as fun. A real slumlord will have you at the edge of your seat! Going through your bank statements is as thrilling as a scavenger hunt, but instead of treasure, you get to search for hidden fees and unexpected or unauthorized charges. Just imagine waking up in the morning and not knowing if you’re going to have a lawsuit filed against you for an injury on your property, caused by total negligence- that’s what we call exciting! In the words of Mark Zuckerberg, “The biggest risk is not taking any risk.” If you want to shake things up and take all the risks, a slumlord will be sure to get the job (un)done.
So there you have it.
If you are looking for management that does not care about fostering good relationships with your tenants, is shrouded in mystery, charges hidden or arbitrary fees, and has never experienced an ownership mindset, do not give Three Hills a call. You’ll only be disappointed.