Upset with property management... Self manage?
I have 23 single family homes being management. The terms are pretty standard - 10% monthly rents - 1st months rent on new lease - $200 renewal.
Most of what they do is fine but they are not on top of tenants as much as I want and I am not sure anyone will care as much as I do about my business - which is understandable. Most of my issues with them is not getting properties ready and relisted quickly after tenant leaves and they dont post 3 day notices and are not aggressive enough with late tenants.
Here is why their job is easier then it could be.....
When a work order comes to my email I handle it every time. I used to let the PM handle it but they cost of sending their people is crazy compared to the people I send. So for the past year or so I have been sending my guys to handle all work orders. In addition to that, the last 12 or so properties I purchased have been completely rehabbed... kitchens/granite/baths. So most of my properties get a premium rent and rent quickly (1 week or less) because they are brand new which makes is easier for the PM.
The part of PM I dont care for and not too sure on is tenant screening/legal issues/collections/showings. I run a real estate business and a separate business I never intended to self manage. But I forked over $32K to them last year and that number keeps rising with additional properties. Would you recommend self managing? Or maybe I can negotiate a lower wage. Or maybe I can find someone do do the screening/collections/showings at a lower rate and I can handle the work orders?
I am not sure what to do but I feel like something needs done.