Time of Year, Property Manager, or User Error?

[Nat Rojas]

Time of Year, Property Manager, or User Error?

The property has been listed for 77 days awaiting for a tenant. My question: Vacant because Time of Year, Property Manager, or User Error?

Listing: 1053 Parksley Ave, Baltimore, MD - https://www.zillow.com/homedetails/1053-Parksley-Ave-Baltimore-MD-21223/36546090_zpid/

Time of Year: My optimism says the reason is the time of year, but at this point, something needs to change whether it’s the Property Manager, discounts/rewards (first month half off, etc.), or I need to lower the rental amount..

Property Manager: This is a property manager that was recommended via a real estate agent. Comes from a large company (based out of two different states) and has standard fees. He communicates well and is analytical. My fear is he is waiting for online leads versus taking action. I have a call scheduled to ask him directly to see what he has been doing specifically (which may remove any concerns I have).

User Error: Rent is too high. Currently at 1150. Rentometer shows Average $1085. MyRentRates: $1195. Rent Zestimate: $1195. PM says it’s good where it is. I asked him to lower it from 1200 à 1150 about 30 days ago.

What do you recommend my course of action? I have several lessons learned for the next rental, but encourage your wisdom and guidance as well. Any assistance is greatly appreciated!

[Account Closed]

Unfortunately, in my experience, it's really hard or impossible to make a profit when you rely on a property manager for a property far away from where you live.  I know there are lots of podcasts, etc., that say you can - but - like any business, can you really make a profit when you are relying on a manager far away from your own eyes and oversight?

I mean, really, if you owned any kind of business other than real estate, just to bring the point home, would you expect an owner of a business to do well when he/she relied on someone they barely met once or twice to make them a profit?  Especially when the contract said they could hire anyone they wanted (hello, their pals who give them a kick-back) to take care of anything as long as it was under $250?  My own daughter was royally ripped off by a property management company using that $250 amount over and over an over and over until they blew through her account.

Anytime something is too good to be true - it is.  There is no such thing as a company that makes money without your personal oversight, or at least without employees you personally know and who are accountable to you and who can't profit without making you a profit first.

Live and learn.