Property management

[Chuck Win]

Hello BB Folks Currently I have a side by side Duplex and A Property Management Co. that handles the rental. Question, Rent is due on the 5th of every month but I do not receive Money until the 19th to 21st of the month is this normal. What should I expect in basic terms from a good prop mang co. ? Thanks

[Robert Smith]

Not getting the money until then is a problem but not very uncommon sad to say. There is something going on that should be corrected, I would either work with another company or demand an explanation and resolution to your problem. If the tenant is paying late then you should be seeing late fees, if the property management company is mismanaged then you should look for another company to represent you. I make sure my owners are paid as soon as possible, unless there are known bills coming in that we must pay, my owners are paid within 2 days of us collecting the rent. This is not the norm for every company, but should be demanded by every owner out there in my opinion, no later then the 10th, if you have a mortgage you are only given until the 15th to pay your note, if they cannot give you payment before you are charged late fees they should be the one paying the late fees, not you. This adds up quickly. Call around and talk with other investors in your area and see who they suggest, if you talk with agents to interview for the position get some current owners to check what they are telling you before you make the move.