All Forum Posts by: Gardy Saturne

 I know them all happy to recommend. BTW mistake paying 700 to fix a furnace, its going to break again. Not sure what they did for 700 but you can get a brand new one installed for 1600, 3K is ridiculous. Its only about 700 in material . 

First things first:  go read your contract with the PM.  What did you agree to?  I find that there is a misconception with investors that they don't need to do anything - that the PM is "on it."  Why would anyone give complete control over their property to a PM - who most likely wasn't personally known to you in the first place - and assume they're "on it."  PMs need to be managed and they owe landlords an update on their properties.  What you've done is commendable by following up with tenants and the like - BUT that's what the PM is paid to do.  You just did their job (and thankfully you did so you now know that you're not getting what you think you've paid for).  Do not pay anything until you have a discussion with a management level person at the PM Company.  Know what your contract states and manage to it.  If they have violated your contract and your trust, throw them to the curb as soon as your contract allows.  They are costing you money - and even worse, your time.  You can always make more money but you cannot replenish time.  Manage to the contract - just as you expect the PM to manage to the leases.  

And, reconsider the PM model.  There are many ways to manage properties electronically these days that provide for a seamless and secure experience.  It's my firm's model - and many others as well - and once in place, it's amazingly efficient and simple.

Best...

When canceling the contract with a written notice is it best to explain why you're canceling or just straight to the point and leave it at that?

 Hi Gardy, I would like to discuss the details with you. Let's connect on a DM!

@Gardy Saturne you'll need to follow the termination requirements of your contract.

Regarding recommendations, contact @James Wise and @Bob Stevens

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Please send us any feedback via email, as we do not use the DM feature here.
Also, if you like our response, please don’t be shy about giving us a vote😊

Just put it in writing.  So when you are there explain to them that you want to put it in writing that they returned the keys and have moved out.  Write it that any items that remain are abandoned, so you can dispose of them.  Check your local laws to see when you need to send them written notice about their deposit. While they are 7 months behind in rent, the deposit will all go to that, you still want to itemize the money owed and put it in writing, so you don't have problems later on.