Checking in With Property Management

5 Replies

For those of you who have turnkey real estate in other states, how often do you check in with the property management company? 

If you have a good property manager, you shouldn't need to check in. They will send you a report every month showing income/expenses. They should communicate any time there's a problem or a pending turnover.

It's my belief that a PM that requires baby-sitting is a PM that should be fired. Find one that does their job and does it well and you'll almost never have to speak to them.

If your PM is not reporting to you monthly and you do not have open communication with them you are not properly operating your business. Real estate is not a arm chair investment. You must stay on top of it and be fully aware of the regular operations. When you get your monthly report make sure you understand it completely and be sure to question anything you do not completely understand or agree with. I will again stress that real estate is not a arm chair investment. You own a business and must take on the responsibility of a management position. Your PM is a contracted employee and you must stay on top of business.

Communication should be regular open and easy otherwise as @Nathan G. suggests you need to replace or train your PM to your expectations. If a PM does not meet your expectations you need a new PM. If you do not know what your expectations are you should not be in business.

@Nathan G. and @Thomas S.

Thank you for your response.  My current property manager does send statements showing monthly income/expenses and their team is readily accessible.  There is definitely no babysitting to date.  

I wanted to get a sense of what everyone else is doing.  I found myself forgetting that I have a rental property.

Originally posted by @Aaron Wade :

For those of you who have turnkey real estate in other states, how often do you check in with the property management company? 

 It's typically on the PM to keep you informed as to the income & expenses of the property on a monthly basis. With online portals being so popular now you should be able to see real time updates.