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Updated over 3 years ago,
Balancing property management contract/payment?
Any advice on balancing property management fees with their responsibilities?
For instance. They put a tenant in a property (I pay 65%of first months lease), tenant pulls apart all the appliances looking for copper or parts to sell (I pay $1500 for new appliances), they evict tenant and I pay minimal fee while it’s empty until rented, they rent to new tenant (I pay 65% of new tenants first months lease and rekeying fee), etc.
- over last 2 months property manager has made about $750 extra payment while I have lost about $2000 unexpected losses and it’s all a result of the property managers decisions.
I’m 7 months into real estate investing, and have 12 units. However, I’m finding in each event the property manager gets paid regardless and I’m often stuck paying for their decisions. I realize stuff happens but I’m wondering if anyone has any experience with balancing the financial payment with the level of responsibility?