I have what may or may not be an odd issue and idea. My former property management company recently sold their portfolio to another company and went out of business. Before the sale my portfolio was well managed, I had (what I thought were) good tenants in place, and life was easy. The company they sold their portfolio to is headquartered in Michigan and had no current operation in the City (Indianapolis) of the portfolio they bought.
Since the switch, my portfolio has gone from easy and successful to a disaster. One tenant was evicted less than two months after the new company took over, and another was almost evicted, but paid to get current. Now another tenant is late on their rent and has put in a couple of maintenance requests.
What I am wanting to do is contact the tenants and get feedback on their experience with the new property manager. My experience has been downright AWFUL. I cannot get a hold of anyone to answer any questions, and there is supposed to be some coordination with the remnants of the old company (to honor previous agreements through their completion) that has been a disaster as well. I am beginning to wonder and suspect if all of the problems with my once docile portfolio is related to this change that was forced upon me and I'd like to find out how it has been for the tenants.
Does this sound like a bad idea to anyone? I have copies of leases on all my properties so I have contact information for the tenants. Would calling them directly be inappropriate or potentially harmful to me? Any suggestions on a better way to get feedback?
With my old PM I had considered sending out an invitation to do a feedback/satisfaction survey with a small prize, but this seems more urgent and pressing than that.
Any thoughts and ideas would be greatly appreciated.
I would call them if the PM works for you and your not treated well. Im guessing your tenants are not treated well either. I would secure a time to go look at all your rental while i was there i would do a few interviews with other PM.
If you cannot talk to anyone at the PM to answer your questions then I would run. Find a new company. Communication is key to your property's success.
Joseph Catalano, WolfCat Properties, LLC | [email protected] | 716‑402‑1843
@Joseph Catalano I am. I have another company lined up. However, I have rent and maintenance guarantees in place on two of the properties that are extremely valuable to me financially. So I am trying to stick it out with the company until those agreements expire. The other two I am planning to switch shortly.
However, I don't want to lose the tenants I have in place if they are solid tenants, so I would like to try and find out if this whole mess is really the tenants or if it is the cause of the PM Company.
And I don't know if it's acceptable to contact tenants directly as an owner or if it poses some sort of threat to me I should be aware of.
Speaking as a property manager, I do not want owners contacting tenants directly as it can lead to problems. If nothing else, it gives the tenant another person to call when they want to complain about something, make unreasonable requests, ask to pay late..... etc. But if you can't reach the property management company, then I WOULD contact the tenants directly. Just be cautions is listening to what they say.
Marc Cunningham, Grace Property Management & Real Estate | http://www.RentGrace.com
@Marc Cunningham thanks for the feedback from the PM perspective. This is not something I would normally be considering. I have never to this point, and did not have any intention for the future of personally contacting tenants, but things change I guess. I will probably try to do it as anonymously as possible if I call for the reasons you mentioned.
Appreciate your thoughts!
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