Hiring a Property Management Company – Pros and Cons

Owning rental property can be a lot of fun, but it can also be a lot of work. While many landlords have really amazing experiences, there are just as many who do not. By hiring a property management company, you can take the worries and time-consuming tasks that come with managing a rental property and pass them along to a professional. Before you make a move towards hiring a professional rental management company, take stock of your property and decide whether or not the costs will be worthwhile.The Pros of Hiring a Property Management CompanyThey Can Find Tenants for You
A professional management company can handle the marketing for you and your property, placing ads and screening calls from prospective tenants. When someone responds that fits the qualifications you have given the property management service, the company will call you!They Can Act as Your Liaison
Good customer relations are essential, and if you have a large business you may not have time to keep a relationship going with every new tenant. If you hire a rental management company, they can help step in and fill this role for you. Professional property management companies can also field complaints and requests for repairs or maintenance instead of leaving all of this up to you.They Can Handle the Finances
If dealing with the financial aspects of being a landlord doesn’t appeal to you, or you simply think it would be better to have someone else handle this part of your business, a property management company might be a great fit for you. Professional property managers collect rent, deposits, and any late charges that might occur. No more having to remind tenants of a late payment!They Know the Local Laws
Because there are specific laws that deal with rental properties, hiring a property management service can be your ticket to greater understanding of these laws for your own benefit. Having a professional in your corner can be enormously helpful and also help you avoid any potential legal blunders while managing your rental property.They Are Well Connected
Any professional rental manager worth mentioning is likely to have connections with other professionals and groups in your area. When you need to hire someone for a repair, upgrade, or replacement your manager will be able to recommend someone they know or have worked with before, helping you get the job done right the first time.The Cons of Hiring a Property Management CompanyThey Cost Money
Really the only con of using a professional rental management company is the cost. Many landlords will avoid signing on with such companies because they are worried that doing so will affect their profit margin a little more than they would like.There are many advantages to hiring a property management company; peace of mind and the knowledge that they will call you if something truly important occurs are all valuable things that a business owner can definitely appreciate!
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How Does Managing by Coaching Really Work?

The phrases “managing by coaching” and “manager as coach” describe a management practice involving the application of various coaching principles to the management of employees and employee groups.Managing by coaching is a more practical, real-world implementation of the phrase “managing by walking around,” since, to me, the walking around part did not give the employees or the manager much opportunity to chat.At its heart (and soul), managing by coaching is about the manager talking with his employees to understand what motivates and excites them and how the manager and the employees can develop a continual dialogue on a variety of work related topics.It might be that the manager has an idea to improve a specific work process. He may not know exactly what is needed so he engages his employees in a problem-solving discussion. He enters the dialogue with his employees confident that, collectively, his employees will develop a solution and will be able to implement it. He understands his role to be that of the facilitator, the encourager, the coach.The manager may have the talents to facilitate the process review or he may have a team member who has been trained in that process. The central element here is that the manager understands it is more his role to encourage dialogue, problem solving and discussion. He understands he is more effective as a manager by encouraging his employees to arrive at solutions.I have worked with quite a few managers who were not certain, at first, that they could perform this managing by coaching role very well. Certainly they could learn how to manage, create a productive work environment, or establish effective motivating procedures. But they were a bit uncertain about the coaching role. They also sensed that they were missing a better understanding of the management role they occupied.When I see this uncertainty it is important to quantify its cause. I have found that diagnostic profiles assist managers in understanding what their strengths and talents are in motivating their employees better. These profiles help managers to understand not only their own behavioral preferences and drivers; they also help the managers to understand how to assess their employees’ behavioral preferences and drivers.It is important, as part of a managing by coaching program to help the managers and their employees become more success focused by training the manager to learn successful management techniques, successful coaching techniques, and the effective use of appropriate diagnostic profiles.The use of formal authority to lead and manage others does not yield effective results over time. Managing by coaching is effective at motivating and managing employees to excel.

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