How long should it take for a PM to list a property?

Question

I signed my agreement with a PM company Monday night.  I submitted proof of ownership and insurance on Tuesday.

I want to list it for more than their recommendation which is based on inaccurate square footage and # of baths and I have since received an appraisal for my refinance where the rental comps were in line with my amount.

I've been receiving 1 sentence emails about once per day.  I've asked to schedule a walkthrough and said that I would like it listed by the weekend, as next week is within 3 weeks of the beginning of the month with a major holiday in the mix. Their response was that they wanted to speak by phone the next day (today, Friday), then didn't call me, but instead, sent me an email asking me to call them at a time that was past by the time I saw the email.  No response to my voicemail or email.

Do I have unrealistic expectations? I assumed that by nature, their business justifies a sense of urgency.  I'm disappointed, stressed, and upset.

Should I just list it on my own and wait for them to catch up?  I wasn't planning to figure out everything there is to self management in a matter of days, but here we are.

Can I cut ties with them even though I signed a contract?  I don't feel that they are holding their end up.

Has anyone had this type of experience with a property manager?

Nathan Gesner · Answer

Different opinions for different people.

I take great pride in exceeding expectations. When I sign a new owner, I am as responsive as possible because I know they are putting their trust in a total stranger and can be anxious about the process. I over-communicate, over-perform, and ensure they have a pleasant start. Then we can slow down as time progresses.

If you hired me Monday night, I would find time to take pictures and start marketing on Tuesday, Wednesday at the very latest. Not everyone shares my standards.

Aleta Schnitzer · Answer

Love that, Nathan!

Manco Snead · Answer

Aleta, this is extremely common. You're not alone. Many of those PM companies are dysfunctional and lack any integrity; I've dealt with them. If they are like this now, they won't change. Don't give them any more chances. If you want out from them tell them so; if there are no tenants you shouldn't owe them anything. If they mumble something about fees, say $50 or so, I'd just pay it to get them out of my life.

If your property is local, definitely manage it yourself. If you fire them (you should) and it needs to sit vacant for another month while you organize your system that's not a big deal and well worth paying the 1 month mortgage. There will be a steep learning curve, but once you get your system in place you'll do a million times better than with a PM. It's actually much simpler than one might think. Just get a quality tenant; everything hinges on that. Again, quality tenant.

Eliott Elias · Answer

Stop contemplating this, cut ties and hire a property manager that suits your style.

Theresa Harris · Answer

Talk to another PM and see what they say.  It shouldn't take long to list it. Not sure why they didn't call you at the agreed to time and then expected you to call them. but if I was expecting a call and it didn't happen, I'd be calling them within 5 minutes of the agreed to time.

Aleta Schnitzer · Answer

Thanks so much for the advice.  I've read on their website for landlords their points of losing out on revenue by overpricing, and don't disagree with the concept. I've also been eagerly awaiting a discussion on pricing (maybe they're uncomfortable about it?)  We haven't discussed the terms of the lease yet, and twice I've requested to schedule a walkthrough (where I thought we could discuss the remaining items).    I'm trying to be respectful, and not too impatient.  I had great hopes of building a relationship here, but I feel that not only are they not being helpful, they are being harmful to my bottom line.

Bill Ward · Answer

I reached out to 2 PMs when I was getting ready to rent out my primary. Both came to the residence in about a week, did a walk through, talked about estimated rents and how much I wanted to rent for and if my pricing was flexible. Both went over items I should fix and replace before it's rent ready and both were ready to list whenever I was ready. Took about another week for them to email me with estimated rent prices after doing their comps and sent their policies/fees.

Patricia Steiner · Answer

It doesn't take a lot of time to list a property for sale; photos can be a major hangup and writing a great narrative can take some time - but we're talking hours, not days as long as the photos are available.

Other things to consider:

Pricing is your call.  The PM should absolutely provide you with current valuation based on comparable sales - and that's a recommendation; the PM should pushback if your price is out-of-market but do so by explaining the impact of going ahead with a price that may be too high.  Overpricing can belabor a sale but you certainly don't want to leave money on the table because it wasn't properly valued.  Have that back and forth discussion to get the price that reflects the market value and gets it sold/rented. Again, the ultimate decision is yours.

Bolting from your PM may not be the right play; check your contract first.  The problem with having a PM handle the entire scope of your property is loss of control.  What is your property now becomes "their ball, their court."  Having said that, listing it when there will not be resources to show it or even handle inquiries is a killer.  It needs to be listed with an entire marketing support plan behind it.

I recommend:

Speaking with the PM/Manager and sharing your expectations.  Now.

Correct any incorrect property details now; if it's not listed properly, it's a waste of time and could result in claims of 'bait and switch' and the like.

The holidays are a major interruption in the real estate market. The last two weeks of the month are a total waste for even attempting to get anything done due to resource partners being scarce due to taking time off.  Don't go out with a bang to then sit and rot.

Rushing to the list isn't going to do you any good if you don't have a strategy for pricing it effectively and for responding quickly to inquiries.  There is no reason to have a PM - much less pay for one - if you're operating on different pages.  Start there and don't wait to have a voice conversation.  You need it now.  Fingers crossed you're up and listed fast!  Hope this helps...

How long should it take for a PM to list a property?

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