Can we hire multiple property management companies

[Satish Sampa]

Hello

We recently bought a new home and moved. We are working with a rental management company for 2 weeks. Even though there have been few showing, nothing positive out of it.

The question I have is if we can work with multiple property management companies at the same time ? I have not signed any paperwork with my current property management company yet. Is it legal to work with multiple property management companies at the same time ?

Any response is greatly appreciated

Satish

[Jon Holdman]

Where is the property located? What is demand like? Seems that you're fundamentally upset the management company hasn't found a tenant yet. But is it reasonable to expect it to have rented yet? Is it properly priced? Pricing it higher than market means you'll get crummy tenants - the ones that will pay any price because most landlords will reject them.

I always except it will take at least a month to fill a vacancy. Sometimes its less, that's bonus.

Sounds like you're the "accidental landlord". You moved and don't want to sell, so you'll rent it out. Sure you're up for that? You need a lot of rent to be profitable. The rule of thumb is the rent needs to be double the P&I part of your payment to be break even. Less than that and you're going to have to kick in some of your own cash to hang on. But markets set the rent, not you. If the rent you're expecting is just enough to cover the PITI payment, and you're expecting to have a tenant in there every month and have no expense other than the PITI payment and your PM, then you're in for a rude awakening.

And, as Lynn M. says, you need to sign a contract with your PM. Or, fire them and find another. No, its not reasonable to have multiple PMs managing one property.