Okay, maybe I don't have a horror story.. yet.. but a very frustrating one about money gauging ($90 for a light bulb change?) and other issues. Our relationship is ending soon. But I was interesting in hearing stories and recourse from other investors about poor performing property managers. I look forward to the advise and moral support. Thanks.
Actually, I'll add a question.
On our 4-plex, one of his contractors removed the antique door knob from one unit. I don't know why it was removed (couldn't open the lock box?) or why they didn't just keep it on the property so we could re-install it later. We informed the property manager of this issue immediately. Now, several months have passed. Since it's an antique door knob, one can't just drive to Home Depot and buy a replacement. Is it unreasonable of me to ask them to buy four sets of new door knobs, so the front doors all match again?
@Ann B. , unfortunately that's not uncommon when you hire property management. It's a valid excuse that sending somebody out to your property requires time, the argument then becomes what is a fair determination of time.
Before signing with a property manager, landlords need to request in writing the management firm's policy for repairs.
- What is the minimum trip charge?
- What is their hourly rate?
- When (or will) you be charged OT ever?
Had you know it was a $90 minimum trip charge then you could have maximized your expense by having them performing other minor tasks. Instead they chose to slide in for 5 mins, charge the $90 and will do again for the next minor item. It's the hidden fees and lack of transparency we commonly hear about regarding the industry.