On my first property this year. I went with this particular property manager because she returned my calls, (where other big names in the area did not), and had 15 years experience. I thought I needed help screening tenants, as I'm new to the business.
Property Manager did not advertise condo a few month backs so I advertised and find tenant, but property manager does not do lease so tenant is moving out after only three months. Do I ask to do lease or go with the way she likes to do things, since she has more experience?
Second question, she also likes to do all inclusive, stating that is the way renter like it in this area. ( I figured out, she also gets bigger fee, since its on pay collected). I do not like paying other peoples utilities though, but was told my property would sit on the market if I did not go all inclusive.
I have a year contract with this property manager, do I need different one, or just asked often about different tenant to encourage advertisement and advertise it again myself, and shop for different property manager until my contact ends?
It is foolish to have no lease. The lease governs the relationship between tenant and landlord. If the tenant does not pay, how do you evict? How do you sue for damages if they destroy your house?
You need a new property manager. Don't waste any more time with this one.
Regarding all inclusive (aka "All Bills Paid") she might be correct. The easiest way to find out is to mystery shop other properties in the area. Call as if you were a tenant seeking a rental and see what they say.
PS Ask if you can move in without a lease too!
So property manager did not find any tenant for you in a few months,
You decided to find one on your own and you did it!
Then property manager Essentially kick out said tenant cuss it was a lease and not All Inclusive,
Am new to investing but I feel like you did all the work for the property manager only to have it all go to waste
I think it’s time to find a new property manager, but also you got skills!!
You were able to find a tenant when ur property manager couldn’t so maybe you don’t need a property manager
Any PM not advising their clients to have signed leases needs put out of business. That's downright dangerous.
@Ginger Schmidt Hi Ginger -- I'm sorry to hear that you're dealing with that issue. Generally, property managers can charge anywhere from 6 - 10% and there are other more cost-effective ways to get the most out of your rental property. I don't want to knock Craigslist or Facebook if you decide to post your listing there, because a lot of landlords have luck finding tenants there. In fact, my sister found her last rental via facebook and it has worked out tremendously; however, I will say, it could be worth considering a still listing via a landlord software tool (1 - 15 units) that helps you to automate your own rental process and can help to get a renter in there fast (ie. compared to other tools, one that helps you to actually build a single listing and syndicates it to 10+ major listing sites, allows you to schedule showings, provides you with super thorough tenant screening options, online digital leases which can be customized and help you by breaking out those fees, automated maintenance tracking, and fast rent collection which also offers your tenants the ability to report their positive on-time payments to the major credit bureaus; just another positive reinforcement/added incentive to get them to make those payments on time). I'm hoping it will rent soon and I think you have the right idea thus far; it is still early enough in the fall so don't lose hope/steam just yet!