Property Management Responsibilities

[Devin Woods]

I have a question for those who have extensive dealings with property management companies. Would you expect, as an owner, or is it common for the 3rd party PM companies to perform inspections of your properties for you? This is referring to routine or periodic inspections, as well as any additional visits such as stopping by to check on contractor's work, etc... Please let me know what you guys have seen, thanks!

[Robert Gilstrap]

If you aren't paying for it then I can almost guarantee it isn't being done and if it is; it's being done poorly. One of the biggest secrets in property management is that most companies never perform inspections. They tell you they do drive by's, they tell you the maintenance guys check on it when they perform maintenance, they tell you they have staff do annual inspections, etc. For most companies it just isn't true unless you are paying for it.

Think what it costs to send someone out to a property and do an inspection: At least $75-$100 in most major cities. Now do the math on what a property managers fee is each month for managing that property. So are they gonna give up 1-2 months management fee income to go inspect your property?