How to manage the Property Manager
I may be the only one with these property management issues but it seems to be a recurring theme.
I've owned 4 rental units in a particular farm area. Almost without fail every single property management company I've hired has had issues with at least one of the following:
a) Creating repairs and invoices for ficticious repairs.
b) Charging us for repairs done to another property.
c) Not managing the tenants properly in terms of them paying the rent late. ie - US- What happened to Mays rent? Them - Oh, we forgot to tell you that the tenant is having some issues and said they wont be able to pay til June.
d) Not communicating the cost of repairs and charging us for them unexpectedly. ie - the stove broke we had to replace it.
Im sure I will think of some other things after I write this memo but Ive learned that the property managers need managing. I thing that if left unattended the tendency is for them to use your rent rolls as a license to print money.
Ive gone through 3 different property mangement companys and it almost seems like there is a common theme amongst them which is that they know you are an out of town investor and the likelyhood of you showing up to inspect your property is very, very low. The further away the better it seems.
I've taken some precautions lately like asking for a phone call prior to making any repair more that $100. Asking for before and after photos of repair work that needs to be done. Closely watching the expense column for charges (hidden, mistaken and otherwise)
Please share your prop mgmt thoughts and experiences with me. I'd love to hear them.