There’s an old saying, “Good, Fast, or Cheap – Pick Any Two”. The concept is simple. Choose two of the three options: good, fast or cheap. You can’t have all three. If you want something fast and cheap, it’s not going to be good. If you want something good and cheap, it’s not going to be fast. If you want something good and fast, it’s not going to be cheap. There are certainly exceptions to this rule, but for the most part we’ve found this to be fairly accurate.
It really doesn’t matter what line of business you’re in, customers all want their product done good, fast and cheap; however, it is impossible to create work in this manner. It just does not work that way.
Property management companies are not all created equal: They don’t cost the same, they don’t deliver the same quality of service, and they don’t provide their services at the same speed. So why do landlords choose to evaluate property management firms solely on how much they cost? When the success of your investment property, worth hundreds of thousands of dollars, is at stake, why choose a “cheap” property management option?
Too often, the “cheap” property management option comes with many gaps, when compared to a more reputable and marginally higher-priced firm — gaps related to cost, quality and promptness. You wouldn’t expect steak and lobster at a fast food restaurant, just as you shouldn’t expect first-class management from a “cheap” property manager.