Should I find a new property manager?

Question

Fahim Ahmad · Answer

In this day in time with instant communication there is no reason for the delay in your property manager contacting you.  They should also be on top of the utilities, especially for 12%.

Ray Harrell · Answer

I would find a new one right away, and here's why. For the amount you are paying, you shouldn't have to manage your manager. You are paying them to manage, not be managed. If they can't do the job they signed up for, then you terminate and find someone else. Problem is, most PM contracts do not have a "termination for non performance" clause, and you will end up owing the full term of the contract. I learned that the hard way.

The reason behind a property manager is so that you can collect rents while sipping margaritas on the beach, not keep checking email and sending texts and making calls, and negotiating with utilities and vendors. If you're doing all that then YOU are managing!

I pay 16% for C/D manager, but that includes everything from showings to maintenance, lawn/snow, evictions, rent collection, vendors, minor repairs, rental ready. I get notified if someone is late and whether he feels he can collect. I get photos when a repair needs to be made and after it is made. I get photos of lawns mowed and snow removed. I get suggestions for cost reduction. I'm happy with my manager.

Thomas S. · Answer

I woild not change managers until you get on board with your responsibilities as a owner and begin to manage your manager. Outline your expectation very clearly and then if he is not following your directions you can consider changing. Problem with c/d properties it is difficult to find managers that actually care enough to be on issues immediately when they occure.

Once you take control and beging to manage your PM you wiill have a better idea as to whether you should find a new one.

Nathan Gesner · Answer

As a PM, I monitor utilities so the owner doesn't have to. When a tenant gets behind or is facing a shut-off, I am notified, not the owner. Then I work overtime to get the tenant back on track and avoid a shut-off or a tenant that abandons the unit.

If there's a problem like that, I don't wait three days to respond to the owner. At a minimum, I would shoot an email so they know I'm on top of it.

Excess garbage? That's a written warning to the tenant that includes notice they will be charged for the excess garbage and a reminder of the rules/policies/law.

I don't know the whole story but it sounds like you're paying 12% for a 6% manager.

Kenny Dahill · Answer

@Sharon Hsu If you have concerns, first make sure to explain your concerns to the manager.  Personal preference, but I believe people should be given the opportunity to correct themselves.  Set your expectations and hold to them, but make sure they are clear!  Somebody mentioned on another thread and I loved their examples: "promptly" is general, "within 24 hours" is specific.

If that's not your style, then consider hiring a new manager.  For a C/D neighborhood, paying somebody higher rates might be worth it as long as they can collect the rents.  I would have more concern about the 3-4 response time than the rates.