What problems have you had with your Property Manager?

Question

My co-worker was complaining about some issues he was having with the manager of one of his properties, and I thought it would be a good topic to bring up here. What are some problems that people have had with their property managers?

Lets hear the big and small ones

Oliver Roe · Answer

Lawyer up.

D Coats · Answer

New to Florida. I have a few developments that I inherited. I have no real interest except that of my dad. I hired PM's also. So here I find myself in the middle of a discrimination complaint.

PM used erroneous actions and maybe even discrimination. Is collecting FEES and have not followed through with application process but refused to rent. This prospective tenant has filed this complaint and I'm absolutely blindsided. What shall I do?

Mark Davis · Answer

Cville - how often would you call your property owners?  Do you call them anytime things go wrong, or do you just not bother them?  What do most people prefer?

It is important for every property owner to know how much someone is going to charge them.  The only people I've met who don't care are either the super rich, or stupid folks who have no idea what's going on with their finances.  How on earth can you dump a potential client who wants to be informed?

It seems like you don't want to work with your owners.  People have the right to second guess you, especially since you're in charge of their largest investment.  I'm not sure that you have the best attitude towards landlords.  In the service business you need to cater to your clients.  How on earth did you survive in the business for 20+ years with that attitude?

You've just blown my mind.  :goofy:

Jeff Takle · Answer

-Lousy job of screening tenants. Kept bringing in people with no credit, several judgments against them, haggling for rent reductions, etc.

-Not proactive in finding tenants.

-In general, I never felt they were my advocate. I was paying them and they executed a service but always seemed pretty indifferent as to whether I was happy with the service or whether I was making money on the investment, had good tenants, etc.

I've never used them for anything but the listings b/c I found it easy enough to develop a network of maintenance folks and handle it myself. Rent collection is normally a snap if you invoice, accept online & recurring debit payments, and communicate early and often.

Wallace S. Gibson · Answer

Most professional property managers - those of us who have been in the biz for a LONG TIME - interview prospective client/owners as much as we interview the property itself.

If a client/owner starts tellin me how to run their property, I give them the names of two of my "lesser" competitors to call and interview.  When the first question is how much is my fee? - they get the same suggestion and names.

A property manager is a part of your investment team.  Sometimes we are the square peg you want to put in your round hole....interview several, ask their mgmt experience, if they are a landlord and when they last took a property management course.

"Life is a team sport" is attributed to Michael Waltrio (soon to drive the #55 NAPA TOYOTA in 2007) in Chicken Soup for the NASCAR Soul and is featured on the blue Hendrick Motor Sport wrist band.