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Tuesday, April 24, 2007

Property Management Blues (Updated)

Rental #1 is the first rental I've had that I've used a property management company for and I must say, I am not happy so far. I've had several occasions to contact them about various issues and their response has not been good. Whenever I call, I am unable to get the person I need to speak with on the phone the first time I call. I have never had a phone message returned and I only manage to talk to someone on my second or third attempt at calling. I have tried email, but even that takes two days for a response. Furthermore, the email address I was given seems to be a personal email address instead of a business one, so I have misgivings about using it. And finally, the item that bothers me the most - I still have not received my rent for April. It is the 24th of the month and it still isn't here. I was told the bookkeepping department was behind this month and that my check was put in the mail on the 18th. I called yesterday when the check was still missing. It was after hours in Oklahoma, so I got voice mail. I left an upset message and said I wanted a call back immediately. I still have heard nothing.

Update: Of course, the day I post this, the rent check arrives..

6 comments:

Steve said...

Item #217 the gurus never tell you. This is on eof the things I keep wondering IF I plan to buy properties out-of-state. You're almost at the mercy of their schedule, until you have enough, find someone else, and keep your fingers crossed they are the same (or worse).

Kenric said...

Welcome to the world of property management. This is exactly why so many investors think about starting their own PM company. However, they quickly find that there's not enough money in it to do so.

Shaun said...

Yeah. I'm thinking for $75 a month, I don't know how much service I can expect. Obviously, if I have more properties with them, my expectations would go up..

Shawn said...

I have the same issues with my management co in San Antonio. Every month the rent is late or delayed. I've gotten so many excuses; new agent, new billing, software issue, new teams dividing work now, holiday hours and standard processing time. I'm so ready for my agreement to be up, so I can fire them.

savvy saver said...

We bought our first property from an investment group that used a property management company and that experience alone has helped me decide to never use one. Their bookkeeping was shoddy, their maintenance was shoddy, and I hear that they neglected to cancel some services when they sold the place, so now they are trying to get the previous owners and/or us to pay for some maintenance contracts they set up and forgot about. Um, no, we're not paying for your neglect.

Doug O said...

Shaun, that sucks that you're dealing with a lousy PM ... Doesn't Trisha know of anyone better? (isn't she doing PM work with her new brokerage firm?)...
I always demand the most of 3rd party PM companies I use... But then, I always conduct a rigorous interview process before I sign any agreement for them to manage the properties.. It may be a little different dealing with SFRs vs. apartment complexes, but just because you aren't having them manage your 100+ unit complex doesn't mean you should expect less... It's your money, and your investment - it's completely fair that you should expect any manager to treat it as though it was their own...
It may just be a matter of trial and error in finding the right manager for your properties.. But I would be furious if I didn't receive rent until the 24th of the month - THEY should pay YOU a late fee!

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