With the down real estate market has come a growing trend of real estate agents moving into property management. The thinking is that with new and existing home sales fewer and further between an agent can make ends meet with property management services until the market recovers. This has brought increased competition into the management services market but not necessarily better service. New property managers are taking on more than they can handle. It is hard to say no to a request for management services, especially with many people hurting in this economy. Often new managers simply lack the knowledge, experience, and capabilities to fulfill their property management duties.Property management requires a lot of leg work and smaller firms with smaller staffs are ill prepared to handle the duties of a property manager. Having bitten off more than they can chew many new managers find that they are unable to service properties spread all across town or in another county. They quickly discover that they are spending all their profits simply in gas and other travel costs in showing properties. Being spread too thin by taking on too many accounts over too big an area means landlords and tenants with suffer from substandard service.
October 11, 2012