How do you know if you have good apartment building managers?
The first thing to do is to take a look at the numbers.
If the apartment building has an average occupancy rate of over 90-95% then you have good apartment building managers.
If the building has a collection rate of less than 5-10% then you probably have good mangers.
These numbers are guidelines and will vary depending on the neighborhood and the condition of the building.
Assuming the owner has given the authority to the manager to make necessary repairs and the metrics are worse than this, you have a bad manager and should probably make a change.
Another factor to look at is repair response time. If repairs aren’t being addressed in a timely fashion, you’re going to frustrate your tenants which will lead to greater delinquency, decreased occupancy and longer lease up times.
Whether you have apartment building managers in place or you manage it yourself, look at the statistics honestly… Even of that means firing yourself as property manager and bringing on someone whose going to do the job right. You owe it to your tenants, your investors, your lender and to yourself to ensure that the right apartment building managers are in place so the property performs to it’s maximum potential.