I purchased a buy and hold property and effective June 1 have a tenant in place. I also enlisted the services of a PM. Monthly, statements are due no later than the 15th as advised in the agreement. Friday the 18th, I followed up with the PM as I did not receive statements but also had zero feedback. I was told they are running behind and would try and furnish the statements Monday the 21st. They did not provide on Monday and have not responded to any of my emails last the week. It is now the 28th, almost August and I have not received June statements and rent or any explanation. Any thoughts or suggestions on how to handle a situation like this? Is this typical? Any regulations around when PM are due to provide statements? Not the best way to start off I feel.
"Youre fired"- you
I would not say this is typical. Depending on the amount of properties the PM is handling, sometimes they go over their head and cant meet the demand of every account. They tend to magnetize their attention towards their larger clients with bigger portfolios.
We provide our clients with direct access to their statements so they can see in "real-time" exactly what is going on. If need be we deliver reports directly, via email, or they can access through our portal 24/7.
Much like Philip above, our company offers a 24/7 owner's portal so that questions about reports can be answered quickly.
The question isn't so much getting the reports, but if you are getting your rental proceeds. If not, it is probably a good time to meet with a few new management companies and discuss their taking over for your prior manager.
This post makes me feel bad and embarrassed. I feel like this sort of behavior makes all of us PMs look bad. I, personally, believe in accountability and keeping promises made. Regardless of how busy they might be, it's not a good excuse. If I were the asset owner, I know it would want to make me look elsewhere for management because you are currently not getting what you are paying for. I wish you luck in your decision!
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