Need recommendation on firing and hiring new property management

[Charles D.]

Hi, my wife has a house in Tacoma Washington. The property management she has does not do a good job. They keep the rent from the tentan and said the money was spent on maintenances which she was not notified. She has not received any money from the property management for 2 months. What can she do? Also if she fire them and hire another one, what are the procedure? Any honest property management would anyone recommend? Thanks in advance.

[Steve Rozenberg]

@Charles D. You can fire anyone... Remember that you and your wife are the customer and they provide a service for you and for your tenants. My suggestion is to first make sure you are not emotional and working solely on logic and facts. Use the data not he said / she said. Remember that owning a rental property is a business and always treat it that way. If the PM company is not in your view (based on facts) being part of your team then you make a business decision and end the contract and relationship.

Before you do that I suggest that you sit down and have an expectation meeting with the company based on facts as you know and can prove. Find out what information they have to back up the claims and then ask questions to understand what their policies and procedures are for things that you have issue with. If after that you find out that they either do not have any policy and procedures or you do not like them. That is when I would start looking for a new company, and before you hire that new company I would make sure they are  fit for your business model and your policy and procedures. Again if you do not have policies and procedures and expectations when interviewing companies then you cant complain when you just hire the cheapest person and they provide the same service they do for all their clients. It is upon you to make sure they fit how you want your business ran.

It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
Questions to Ask prospective management companies

1. What are your average days on market for vacant homes?
2. What is your average rent amount for all properties managed?
3. What is your average work order cost for the owner?
4. What is your average make ready cost for the owner?
5. Are all my invoices uploaded to my owner portal?
6. How do you advertise your vacant units?
7. Do I receive video of my pre and post make ready?
8. Do you have a setup fee?
9. Do you upcharge on maintenance?
10. When do you make owner payments? How often?
11. Are you a Certified Property Manager?
12. Are you a member of NARPM?
13. What is your Guarantee?
14. Do you provide move in and move out reports
15. How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
16. Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
17. Do you provide monthly newsletters to your tenants
18. Do you hold investor education classes to help me become a better investor
19. Do you have single point portfolio based management services?
20. How many properties do the owners actually own themselves?
21. What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
22. How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?