What aggravates you most about your property manager?

Question

I've just about had it today, so I wanted to see what others thought. If you could change anything about your property management company, what would you do and why?

What are some of the headaches you put up with in this "passive" investment?

Steve Craig · Answer

Unfortunately, nobody cares for your investment the way you do. Have a clear concise agreement with your PM. I never liked PMs with similar properties to mine.I was always concerned about the competition. Manager vacancies always fill first. Plan for reserves for replacement; roof, heating & cooling, appliances etc. Add these items to your budget. There are plenty of tools to help you. Deal or No Deal Real Estate Calculator can help you with the calculations. This application for Android is a great tool to keep your PM in line. Use it to keep an eye on your ROI & cash flow. Replace a PM who is unresponsive or unwilling to follow your instructions immediately. PMs view your rental as an anuity...10%,10%,10% and so it goes. Some view you as just a number in a numbers game. Don't put up with it. I chose to be a managing partner. It improves cash flow and builds character. Unless you can afford to not worry about your PM, I suggest you do it yourself, take your licks and become a better investor as a result.