Typical Duration for PM to Turn a Property?

Question

I’ve owned an out of state rental for 18 months and I’m just now going through my first tenant turn with the property manager.  It’s been two weeks since the last lease ended and all they have accomplished is sending an inspector out to do a lease end inspection report.  They only respond to about 1 in every 4 of my calls or emails.  They haven’t provided any update on when recommended maintenance will be complete or projected cost of services, and have done nothing to market the property yet.  Am I just being a newby impatient landlord, or should I start thinking about finding a new PM?

Jay Hinrichs · Answer

the deposit belongs to the tenant not you.. so that is something you should not have worried about.. you could have paid 500.. been released on an on you go.

this is why in rentals 1 month vacancy is a true number most of the times.  if some are getting turn overs in 2 weeks that beats industry norms..

and then you will have usually 1 month lease fee etc.. plus your turn over costs.

so on average every 18 months you deduct 2 months of income ( rent ) and usually 500 to 2000 for a make ready ..

Jesse Shapiro · Answer

Thanks @Wes S. I made the decision to change PMs shortly after I read the first few response to this thread.  I even had an alternative PM lined up that sounded promising.  However, the current PM contract stated a $500+ penalty once the PM has started to market the property.  And they still held the past security deposit and hadn’t made the turn renovations yet.  I was worried to fire them while they help the security deposit, fearing that they would just return it to the previous tenant and not use it for needed turn maintenance.

To avoid these things, I resolved to keep them for one more year.  I fully plan to give them due written notice ahead of time and get them out when this current lease ends.  The lease ended July 18, it took them 30 days to complete the turn renovations, and they finally secured a new lease starting Oct 1.  2.5 months of vacancy was much longer than I expected.  This was my first rental property so it’s a learning experience.

Wes S. · Answer

@Jesse Shapiro Fire and replace them. My PM advertised the property one month before the lease expired and had a suggested tenant the very next day. I expect them to turn the property around within two weeks, including full inspection, cleaning, and minor repairs.

Mine is also very responsive to emails or phone calls, and I get a response by the next day. Communication is essential, because it is the means by which we trust them to do the job. If you don't have reliable communication, you need to get rid of them as soon as you have a replacement. Check your PM agreement to see what the fees are, and if you have to submit something in writing, but unlike wine, bad PMs do not get better the longer you wait.

Jason A. · Answer

Hi Jesse,

Speed is a huge factor in how good a PM is. Nowhere in a standard PM contract will it say “we will work fast for you”. Word of mouth and referrals is all we got it seems in finding a good property manager. I like texting and phone calling my direct contact with the PM. A good PM will respond within the hour. A good PM will start to market the property even before the tenant moves out, etc. There should be a review section for PM’s on BP. Maybe that could help everyone out.

Good luck in your endeavors!

Regards,

Milton Rivera · Answer

@Jesse Shapiro

In general, it should take them about one week to ten days for them to complete the inspection AND provide a list of recommended repairs.  I would speak to the manager/owner and have a discussion on your experience thus far, try to set and confirm each other's expectations, if you are not on the same page, you may be better off finding someone else.

Typical Duration for PM to Turn a Property?

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