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Updated 4 months ago,
How to change PM?
For those who have used a PM and changed PM, what questions did you ask to evaluate the new PM? What factors were most important? i This particular PM and property I have had for two years. The main issues are: 1. gross revenue has been less than half the projections the PM initially provided and what is on AirDNA, and 2. gross revenue has dropped 30% from last year to this year despite me investing over $125K in improvements (new pool, new fire pit, new landscaping, new dog yard). In fairness, that could be due to disruption from all of the construction.
Our current PM has done a good job maintaining the property, but more and more I find myself having to get involved in day to day issues. A simple example is that they called to tell me the hose was left on in the pool. I live 500 miles away from this property. All I knew to do was to call the pool company (who the PM introduced me to) to see if it was them. It was. They went and turned it off. Not a big deal, but now I am getting 8 to 10 of these types of calls a month.