Should I Fire My Nashville Property Manager?
So, let’s start by saying… I’ll start with a confession. We have been fired before, right?
If you’ve ever been in business if you’ve been in business long enough in property management, you have been fired, you will be fired.
And so I just want to throw that out as a caveat as we start this topic, and I’ve got my notes with me, as I want to talk to you about maybe some signs that you should look for to know if you should fire your Nashville property manager.
And, You Know, It’s Just Kind Of A Part Of Doing Business.
Now we get fired for different reasons, right? So an owner may wanna sell their house, or the owner may decide to take it in and self-manage.
I mean, there’s a number of different reasons.
But with this list I’m gonna go over, it’s going to be pretty clear if you’re seeing some of these signs in your property manager, it might be time to let them go.
And this is for your Nashville property manager. So, let’s just go ahead and start off.
The First One Is If You Find Out That They Are Disorganized And Just Things Are Out Of Control.
Now, this business is a business of systems and processes. And so, it’s very, very important that all of these things are followed.
I’m telling you, there are daily tasks, there are a countless number of transactions.
Lots Of Communication!
There’s lots of communication in this business, just lots of communication going back and forth, back and forth between us and the tenant, us and an owner.
And so, if you’re seeing, in your Nashville property manager, some disorganization and things falling through the cracks, that’s probably not a good sign, especially if it’s on a consistent basis.
Accounting Is Another One That Comes To Mind.
I mean, let’s be honest, we are dealing with thousands upon thousands of dollars, and then assets that are worth several hundred thousands of dollars.
And so, this is really, really important.
Your property manager’s job affects you in a very real way.
So, again, if you start to see some disorganization and some things kind of not looking in order, then it could be called for concern.
So The Second Clue That You May Need To Fire Your Nashville Property Manager Is Just An Avoidance Of Difficult Conversations.
If you have owned rental houses long enough, maybe if you’ve even managed rental house yourself, if you’ve been a landlord, you come to realize something very quickly and that is there are difficult situations that must be had, right?
And we live, property managers live in a world of difficult conversations.
We Need To Spend This Amount Of Money!
On the one hand, we have our client, the owner, that would be you, and sometimes we have to make these difficult calls and have these difficult conversations of, “We need to spend this amount of money,” or “we need money for this.”
And then there are difficult conversations with the tenant who maybe they’re complaining or asking for something and we’re having to say,
“You know what? We’re Actually Not Going To Do That.”
So the whole property management business is wrought with tough conversations.
If you’re noticing that your property manager is having difficulty with those conversations, maybe delaying them, or avoiding them altogether, then that would be called for concern.
Really, at the end of the day, if you have a property manager who’s avoiding these types of conversations and pushing them off, things like that, then what it really means is it’s probably going to do you more damage and more harm down the road.
Damage To The Property!
It could cause lots of damage to the property if they’re not able to have a conversation and talk with you about much-needed repairs.
It could cause damage to a relationship with a great tenant that you wanna keep in your house if they’re not able to have those tough conversations.
So avoidance of difficult conversations is kind of a second sign that it may be time to fire your Nashville property manager.
The Third Clue That It May Be Time To Fire Your Nashville Property Manager Is Just Discourtesy.
And what I mean by that is… So it’s one thing to avoid those tough conversations, but it’s another thing to blow up and lose control when you do need to make those difficult conversations.
So, sometimes people will not agree. We may not agree with a tenant, we may not always agree with our owners.
Having those difficult conversations, but then coming to a conclusion, coming to a decision, and acting in line with that, that’s the way to handle it.
It Just Blows My Mind!
But it just blows my mind, I’ve actually seen property managers who lose their cool and lose, you know… Just blow up when something doesn’t go their way.
And so, if you’re noticing that in your Nashville property manager, then that may be called for alarm, just discourtesy.
Because if you have a property manager who is not courteous, who’s not friendly, doesn’t mean they don’t have hard conversations, but if they don’t do it with respect, well, then more than likely you’re not going to keep tenants very long if they’re having those types of interactions or altercations with your property manager.
So think about that as a clue that it may be time to fire your Nashville property manager.
The Fourth Clue That It May Be Time To Fire Your Nashville Property Manager Really Is When They’re Talking The Talk If You Notice They’re Talking The Talk But Not Walking The Walk.
Okay. So they’re out of line with what they’ve said that they’re going to do and what they’re actually doing.
So, the way that we see this happen most of the time is… Let’s just be honest, property management is a difficult business.
I mean, I go to industry events, and when I’m sitting there talking with…
And I was just one in Nashville not long ago, and sitting there talking to other property managers, every one of us agrees this is not an easy business.
Extremely Disciplined To The Outcome!
So, in order to make things run properly, you have to have systems and processes in place, and you have to be extremely disciplined to the outcome of what you’re trying to get done, which is managing a house, is managing a relationship with a tenant, is making sure all of this goes well.
And so it’s a grind, I will tell you, it will wear you down.
They’re Failing To Live Up To!
So, if your property manager knows what to do, knows they need to manage your home, manage the relationships between owner and tenant and then they’re failing to do that, they’re failing to live up to, then that could be a reason for concern.
And so, some of the things that we do here at gkhouses that help keep us, like, keep checks and balances and hold people accountable to outcomes.
There are several things. So we have department huddles each morning.
We Call Them Huddles!
We call them huddles, where we get together and it’s just a quick five-minute update on what’s going on.
What did we accomplish yesterday? What are we going to accomplish today?
Then we have a bigger huddle that has more of, like, leadership and team leaders in it from our different cities.
You know, we’re seeing is there anything that we need to be looking at?
Is there anything that somebody needs to know in this huddle? From there, we have what we call level tins.
Here’s An Issue.
These are our meetings and we have key people in these meetings that are getting together, that are dropping issues down, “Hey, here’s a problem. Here’s an issue.
Here’s something we need to think about.” And they’re solving these issues.
So out of this meeting, come to-dos. These to-dos need to be done by the next week when we meet.
And so, we’re always, we’re constantly saying, “Hey, you know, Spencer, you were supposed to do this last week.
Did You Do it? Yes Or No.”
And so that type of accountability helps keep the train on the tracks. Other than that, we have weekly leadership meetings.
So there’s a group of us that are in leadership, and we’re meeting every single Friday to talk about bigger issues within the company.
And Then We Also Have Off-site Meetings.
On every second month, we’re having meetings off-site leadership biz where we’re really kind of stepping back from the business and just kind of getting a grasp on the health of our business.
So let me see if I missed anything. Oh, yeah.
The Last Thing I Did Miss Is Everyone In The Company, They’re Having One-to-one Meetings And So With Their Supervisor.
I’ve got several people that report to me, and I am sitting down and having one-to-one meetings with them.
These are some of the ways that we are… And I do this once a month.
So these are some of the ways that we are making sure that we are, you know, walking the talk, that we’re doing exactly what we say we’re going to do, that we’re staying disciplined to our systems and processes.
So if you find that your property manager is not doing that, then that’s going to be cause for concern.
And Then The Last One, Number Five, The Fifth Clue That It May Be Time To Fire Your Nashville Property Manager Is If You Find Out That They’re Just Embracing The Status Quo.
And so the status quo is just property management as usual. Things change in our world.
What we’ve found is a lot of times people just kind of just accept, “Hey, we do this because this is the way we’ve always done things.”
What we like to do is we like to hire very talented and smart people, bring them in, and then we’re immediately asking them, “Is there anything you notice?
Is There Anything That We Are Doing That Can Be Improved On?”
So we hire people that have high entrepreneurial spirit because we believe that that means they take ownership of their position, and we don’t want to just accept the status quo.
If somebody on our team who’s been in the business for three months, six months, comes to us with an idea or, you know, has this great idea, then we wanna see if it has merit.
And so we’re constantly looking for ways, how can we be more efficient?
How Can We Be More Effective? How Can We Serve Our Owners And Our Tenants In Better Ways?
And so, we don’t want to just stay with the status quo. And actually, one of our passions here at gkhouses is we want to see every team member develop.
So that does not just develop in their role or in their job, but as a human.
We think that everybody has growth potential, and we grow our entire life.
And so, I would just say, we hire people that constantly want to improve themselves, and then in turn, help improve this business.
If you’re finding that your property manager is just kind of accepting as,
“This is the way we’ve always done business,” then it may be time to fire your property manager.
So You Take All Five Of Those, All Five Of Those Issues, And You Roll Them Together.
If you’re noticing combinations of those, then it may be time to fire your property manager.
And if you see any one of those in us, we hope that you would raise your hand and say, “Hey, listen, you know, here’s something I’ve noticed in you gkhouses,” because we don’t pretend to be perfect.
Again, I started this whole video out by saying, “You know what? We’ve been fired before.”
So we’re not perfect, but we also welcome and invite just, you know, healthy insights into maybe something that we’re doing that we need to improve or can improve.
I hope this video has been helpful and feel free to reach out to us.
Call us (615) 925-3880 extension 3 if you’d ever like to talk to us about managing your rental properties.