Property management company issue

[Nikolay Voronovich]

 Hi. 

 Looking for advice regarding some aspects of my property management company. 

1 

Is normal to be paid on the 15th of next month. They recently changing payment date. Like October rents are sent on 15th of November ? Sounds strange to me. 

 2

Is it normal to have turnover cost way above security deposit?  What can be done better ? Tenant screening ? It is B properties. 

3

Should I pay attention to Yelp reviews from tenants who deal with PM company I am using. They all terrible. Angry and desperate. 

Thank you 

All advices appreciated. 

Regards Nikolay

[Al D.]

Nikolay Voronovich

1. 40-45 days to get paid is on the long end of "normal" for me. Typically, I've seen companies wait 7-35 days.

2. The turnover costs will depend on (a) how long the last tenant was in the property with little/no maintenance performed since previous vacancy, (b) pets allowed, (c) smoking allowed, (d) eviction with vandalism/theft. So, circumstances would dictate the costs... I do not know what can be done better without the context of what was done in this case... Did you ask the PM for an itemized list? Did the PM use the whole security deposit before charging you for the difference? I am assuming this is not a driving distance from you. I would also ask for photos of claimed damage.

3. Yelp reviews are more often left by unhappy tenants than by happy ones. It would depend on the specific allegations in the negative reviews for me. Repeating statements like, "I made a payment, but they claimed they never received it and charged me a late fee," would be a warning sign - for one, the company could be lying to stuff its pockets with late fees they get to keep for themselves; for two, if the unhappy tenant leaves, they get to charge you another lease-up fee; for three, this creates a civil/criminal liability situation... Statements like "the house smelled," or "my car was broken into in the driveway," or "it took them 3 days to get back to me when a burner on the stove stopped working" are not necessarily an indication of a bad PM... Negative statements from property owners/clients are also a warning sign.

Where is the property located?

@Patrick Jackson: I am interested.