Commont Pitfalls in hiring Property Management

Commont Pitfalls in hiring Property Management

Real Estate Consultant · FL · Member since 2009 · 6 posts · 2 votes

Hiring only a real estate sales agent to manage your property

Paying more than 7% of the Gross Lease as a leasing commission

Paying more than a 10% management fee

Signing a long-term, binding contract

Using stock, dated leases

Hiring managers who don't have the proper experience and education

Hiring companies that only do leasing and not management

Hiring companies that don't return your call in a timely manner

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Real Estate Investor · Harrisburg, PA · Member since 2008 · 716 posts · 41 votes
17y

Being hands-off and letting them do all the work. Inspect don't expect.

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  • Real Estate Investor · Harrisburg, PA · Member since 2008 · 716 posts · 41 votes
    17y

    Being hands-off and letting them do all the work. Inspect don't expect.

  • Real Estate Investor · Myrtle creek , OR · Member since 2008 · 343 posts · 13 votes
    17y

    Having the manager disapear with 3 months worth of rents and security deposits

    A manager who takes evenings and weekends off and is not responsive to potential tenants

    A manager who charges the first months rent as a security deposit.

    :roll: :roll: :cry: :cry:

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    #1 Pitfall of all: Not performing the proper interviewing procedures to identify a quality PM.

  • Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
    17y

    Christian nailed it - you can hire a bad manager without knowing it.

    But you CHOOSE to keep a bad manager in place.

    Short leash on all mangers.

  • Real Estate Attorney · Syracuse/New York, NY · Member since 2008 · 29 posts · 4 votes
    17y

    As a property manager in Syracuse, NY, I have many clients who have had some very bad experiences with other "property managers."

    My advice, make sure your property manager is at least licensed (many states require it). That improves your chance of finding a better property manager.

  • Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
    17y

    No offense Tony but I have found many lisc. property managers to be underwhelming and many folks who were not lisc. to be great -

    Not saying your wrong I am right - just offering up my experience.

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