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
Why not hire just one good one?
Maybe not much happening because you haven't signed anything with them yet? Why would they find a tenant for an owner who may or may not agree to their terms, percentages, etc., when they could be steering those tenants into homes where they know they'll get paid? Find a good property management company (with more than just one property manager), read every word of their management contract, negotiate any issues you have, and get an agreement in place. If you are out of town, ask them to e-mail the contract for your review before the interview. There were some crazy rules in some of the management company contracts I reviewed that helped me weed out a lot of the companies. One even listed that I had to pay a huge fee, like $50 a window, to have my custom vertical blinds cleaned every year by their own cleaning company. This was tucked away in the actual contract, never mentioned by them until I asked if they would remove it from their contract. They said no, so I moved on. Would have cost me over $1000 a year just for that had I not read through the contract carefully. The firm I went with allowed me to write in that I can do the turnover work myself and also be contacted on any repairs over $200 instead of their normal $400 and hire my own people instead of using their handymen or contractors if I choose, although I would be responsible for scheduling my own people.
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.
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