How to manage a property manager?

Question

One of my property managers, with six doors, sent me nothing for the month of December.  Sent nothing for January.  Sent a relatively small check on February 1. Has never sent me leases.   How to manage an out of state property manager?  Tips?  Advice?  Thank you!

Jonathan Greene · Answer

Advice? Fire them. But, you are the one who is allowing this. If you got nothing in December, why didn't you have the conversation then? To be in February, complaining in an open forum, just means you are likely adverse to conflict which is a tough and money-losing road as an OOS investor or just a busy one who hired management. Why is there nothing? Are all 6 doors vacant? You should have full metrics on where it's listed, how many times it has been shown. If anything is rented, you should have checks. The post is perplexing, what are you waiting for to contact them? When you hire someone you set strict requirements for what you want and then you follow up on them each week, month.

Arthur Schwartz · Answer

Yes I have had some communication with the current property manager but I wanted to post in an online forum to get other person's expertise.  Also there is no online portal.  Thank you

J Zev J. · Answer

@Arthur Schwartz - Do they have some type of online portal where you can review the rental income/expense activity?

Theresa Harris · Answer

What do you mean by sent you nothing-did you get the rent?  If not, pick up the phone and call them.  I get a monthly statement mid month and my rent deposited.  You should have called them in Dec as soon as you didn't get rent for that month.

Many PM are good, but if there are problems, it is up to you to call them and find out what is happening.

Greg Scott · Answer

The most important part of managing a property manager is your up-front due diligence so you can select a good one before you start working together.

Just because you received no cash does not mean they aren't doing their job.  However, they should be able to send you a statement of accounting for the month so you know why you had no disbursements.  They also should be able to provide you the leases if you ask, but I've never had a property manager do that automatically.   If they are unable to provide you the past monthly statement or the leases, I would get a new property manager ASAP.

How to manage a property manager?

Most Popular Reply