Homeowner looking for a Property Management Company (Phoenix: section 8, leases)

[bolatsara]

Hi there,

I am a new Homeowner of 2 condos in Paradise Village Phoenix and presently looking for a Property Management Company.

I would like to have your advice based on your experience with Property Management Companies.

Thanks,

Steve

[PNWGuy]

are you looking for a property management company to manage short term (several months) or long term (1-2 yr leases)? If the latter, for a condo, have you thought about managing them yourself? Once a tenant is in, given condos are very low overhead, you're basically collecting rent only, not much upkeep is needed. Simply set up a bank account or paypal account, and have them deposit directly.

[john3232]

My experience with property management companies has been very disappointing. I have used 5 in the Phx metro over the past ten years.


1st--- the pm told the tenants to contact the vendors about repairs, send in the invoice and deduct the amount from their rent. It wasn't long before I noticed bogus repair invoices. Fired this guy after 6 months.

2nd-- Let tenants continuously pay late and when they did checks sometimes bounced. PM didn't demand money order. Fire this PM after a year.

3rd-- After I signed up the PM rarely responded to my calls or emails. Vendors sent out did work not requested. Fired her after a year.

4th-- Never verify repairs nor were tenants well screened. When tenants left the home wasn't inspected. It was simpler to give the tenants back their deposit and bill me for repairs later on.


5th--Jury still out on this guy.


Bottom line good PM is very difficult to find esp. without a recommendation.

All PM spin a nice story about how they'll do this and that.

However, they often have far too many properties to watch but without a large number to oversee they can't make a living.

Good luck.

[bluegrey]

Mine quit on me, after I told her she had to raise rent on Section 8 tenants. She was great as long as I didn't need her. I think I am going to disqualify any candidates, who manage Sec 8, because the whole thing is underhanded.

[john3232]

Originally Posted by bluegrey

...She was great as long as I didn't need her.

That's often the way it goes.

If you could depend on tenants being responsible you might not need PM.

But problems do occur and the PM is usually interested in easiest/fastest way to solve them.

The owner often isn't around to inspect the problem and the PM just takes the tenants word for what happened over the phone.

What can you do? You're not there to see for yourself.

Believe me after a while you begin to realize you've got two problems: 1. problem tenants and 2. a PM company that just doesn't give a damn.

[bolatsara]

I am looking for long term management. I know that its possible to collect rent yourself, but since I am living in Canada, I want to be sure that someone will be to pass by from time to time, to make sure that the property is in good order.

Also, if there's a problem with the tenant not wanting to pay, I want someone on the spot taking care of that, since I don't have that kind of expertise.

I don't know if I am a dreamer, but isn't that what PMs are supposed to do?

Btw, what is the best way to find tenants and make sure they are in good order(credit check, employment, ...)? Can I do it myself?

Thanks

[bolatsara]

If you don't mind, john 3232, could you give me the names of the PM you've dealt with that weren't good. I wouldn't want to make that mistake either...


Thanks!

Steve

[john3232]

Originally Posted by bolatsara

If you don't mind, john 3232, could you give me the names of the PM you've dealt with that weren't good. I wouldn't want to make that mistake either...


Thanks!

Steve

Check your PM box.

[PNWGuy]

Originally Posted by bolatsara

I want to be sure that someone will be to pass by from time to time, to make sure that the property is in good order.

What you need is a good friend. In my experiences, property management companies don't do this. And even if they said they did, you'll have no way of knowing whether they did this or not. I think you're giving yourself a false sense of security here.

Originally Posted by bolatsara

Btw, what is the best way to find tenants and make sure they are in good order(credit check, employment, ...)? Can I do it myself?

So it sounds like this is your very first rental? OK, maybe you do need a property management company.

[bolatsara]

Thanks john 3232.

Cheers!