Biggest pain points people have faced with PM on the "I hate rent

Biggest pain points people have faced with PM on the "I hate rent

Jorge VazquezBusiness Member
Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 679 votes

We asked 100 landlords 


Following up on the results of the survey on the biggest pain points people have faced with PM on the "I hate rentals post"

1. PM companies are lazy. Not giving good advice, not involved enough in the process of getting the property fixed and rented.

2. PM companies have too many accounts, and therefore service is sub-par.

3. The 10% fee seems to be just for bookkeeping. Charged extra (nickel and dimed for everything else). Being charged a fee to inspect properties, using sub-par vendors that do subpar work, PM taking too long to evict tenants, lack of care in general

4. Slow to respond to repairs, causing a loss of great tenants. Technology has made it easier to self-manage.

5. They only collect rent and communicate with tenants, not enough to take care of a property and the tenants. They treat tenants as the primary client when it should be the owner. They do not customize their services based on the owner's wants, and how they expect you to handle the property as a PM. Unclear response times, no before/after photos taken by PM/vendors.

Thanks to my associate Jay for the research! I hope is useful to the group.

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  • Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    4y

    If you care about those landlords at all you need to send them a mass email telling them you know there are literally 1000’s if not 10’ s of thousands of landlords on BP that don’t have any of those problems. Maybe send them a link here. 

    If they have them all that’s defiantly their fault for being too lazy to switch. Same goes if they have more than 2. If they only have 1 of those problems then they’re saying they aren’t pain points at all but rather a”things they wish weren’t so” but aren’t worth spending a couple hours to fix.

  • Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
    4y

    Based on social media posts (as well as some here), much of the problem does in fact lay at the feet of Landlords. At the urging of gurus and even new investors who haven't yet gotten their feet wet, many people jump into the real estate game with no knowledge of state and federal laws, contracts, costs of operation, insurance, maintenance requirements, etc. The lure of quick wealth and cash flow (even though many noobs don't know how to calculate true cash flow), etc., causes far too many to get in the game before they're ready and therefore they make bad choices with their hiring. The same is true on the flip side. Too many real estate agents with too little knowledge are trying to do too much before they're ready. I've been in investing for more than 20 years I'm also a broker so I've seen firsthand the problems that poorly educated / trained agents have on this profession. I don't see either of these issues changing anytime soon. Having a poor understanding of business, contracts, state and federal laws, negotiations, maintenance costs, etc. will continue to result in poor performance and finger pointing on both sides of the table. 

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