Are You Losing Money With the Wrong Property Manager?

Common mistakes investors make when hiring a property manager. Choosing a property manager is one of the most important decisions you'll make as an investor. The right company can protect your assets, grow your returns, and give you peace of mind, while the wrong one can cost you thousands of dollars and a lot of headaches. Hi, I'm Mendell Gosnell with Centurion Real Estate Management, and today we're talking about the most common mistakes investors make when hiring a property manager and how you can avoid them. Let's get into it. The first one is choosing based on price alone. Sometimes I joke the first question that an investor wants to know when they call us is, what do you charge? And we're happy to, uh, get some questions answered and give you a price quote. Not a problem. However, the biggest mistake we see investors make is actually choosing the cheapest company or basically making a decision on price alone. A low management fee may look attractive, but in property management, you truly get what you pay for. Lower fees often mean less service, slower response times, and inexperienced staff. At Centurion, we believe in value, not volume. Our systems, technology, and staff training are designed to save you more money overall and through performance, not discounts. And so the way that looks is a lot of investors will look at the top line of price, but we really wanna have enough, charge enough to have the resources that we need to take care of your property to drive the bottom line, the performance of the value that you get out of your property. Mistake number 2, not reading the management agreement. So not all management agreements are created equal. So another big mistake is not reading the management contract carefully. Some agreements include hidden fees or markups, renewal charges, or vague cancellation policies. Well, at Centurion, we have all of those stipulations in our property management agreement, but they're— we try to make them very straightforward and transparent because trust starts with clarity. So mistake number 3, not asking about communication. So communication can make or break your experience. Many investors hire a company and then can't reach anyone when issues arise. And so you'll always want to ask, who will be my main point of contact? Or who is in the different departments? How often will I receive updates? And what systems do you use to track communication, maintenance? Requests. And so at Centurion, we provide consistent updates, online portals, and clear expectations from day one. You'll always get owner statement with all of the information regarding your property, and we're here to take all your calls and emails. So mistake number 4: not checking experience and local expertise. So every market is different. A property manager who doesn't understand local rental laws, vendor networks, or tenant demographics can cost you big. And a lot of times what I've seen over the years is the young mom-and-pop startup that don't have a lot of resources, they're able to charge that low rate, but again, they don't have the systems and the resources and the team and experience to really drive the value for your biggest asset. So Oregon, for example, has some of the most complex landlord-tenant laws in the country, and increasingly adding more every year. And so noncompliance can lead to fines or lawsuits. Since Centurion's team is based here, manages properties across the Willamette Valley, and knows this market inside and out. Mistake number 5: ignoring reporting and financial transparency. Some investors don't ask how their manager handles accounting or reporting until there's a problem. You should have real-time access to statements, maintenance invoices, and performance metrics. At Centurion, we provide detailed owner reports, financial diagnostics, and monthly summaries. And you have access 24/7 on your owner portal, so you'll always know exactly how your property is performing. Mistake number 6: not asking how maintenance is handled. Maintenance can make or break profitability. Many property managers outsource everything, often to the cheapest vendor and not necessarily the best. At Centurion, we use trusted, vetted local vendors, and they, they're, they know landlord-tenant laws, and we use them repeatedly, so they're going to come to know your properties and the tenants and our standards. That means faster response times, better quality work, and lower long-term costs overall. Mistake number 7: Failing to ask about strategy. Finally, most investors never ask a key question: What's your strategy for helping me grow my portfolio? It's a good question. Um, uh, great property management isn't just about collecting rent. It's about asset management, protecting value, and helping you make smarter decisions. At Centurion, we go beyond management. We help investors analyze performance, plan capital improvements, and identify opportunities for long-term wealth growth. So I like to say one of the, one of the things that differentiates me and Centurion is a lot of the team here are also investors. In fact, that's how I got my start. And so I'm not only a property manager, I know all the ins and outs of buying and maintaining property over the long term, and so definitely valuable person to have on your team. So the bottom line: the right property manager doesn't just save you time, they protect your property, your income, and your reputation. So you'll want to avoid these mistakes and choose a management company that treats your investment like their own. Again, My name's Mendell Gosnell with Centurion Real Estate Management. We're here to manage your property and maximize the performance. Thanks for watching.