Fire property manager ..... please help!!

[carolina chick]

Uh she works for you, not the other way around. Totally sketchy, not to mention she is LAME! Time to move on and find a PM company that is of a higher standard.

[ESFP]

Check with a real estate office or property attorney for a suggestion. Fire the manager and be ready with numbers on how much money they owe you. Bands, like the "Monkees" and "The Osmonds" went bankrupt because of bad managers. You need to make a written contract on what is expected from now on, and stick to it.

[speaktomi]

Hi there, have read the above threads and am thankful for your side of things. I too have a PM that sucks; I never hear from him on stuff (hear from my neighbor), he practically never returns phone calls, he's yet to provide a monthly reconciliation report which was part of his sales pitch, we do have a joint checking acct that is JUST for the house, and every now & then the tenant pays HER portion of the rent (state pays the rest). The PM seems to be doing nothing to collect her portion, or get her out and find someone who can & will pay the rent. I interviewed 4 PMs to begin with--there weren't a lot in Kenosha, WI to choose from. The first one was way too expensive (her cut of the rent was almost 1/8th of the monthly rent, plus a $600 getting-started fee), the next one blew off the interview, the 3rd one I hired and then fired 2 weeks later after I found out how she was talking to prospective tenants ("I love your house, but I want nothing to do with it if she comes with the package.") The 4th one I ended up hiring and that's the one I'm having issues with.

What's an owner to do when ALL the monthly rent isn't coming in yet he continues to take his cut? I could relate to *every* single attestation above. I have mortgages to pay and cannot sell (sucky market, even suckier neighborhood, and upside-down from heloc). I went to the link you posted (NARPM) and within 50miles of 53143, there are 2--and their websites indicate they manage only Chicago properties...not even close to the area code I plugged in.

Really feeling helpless at this.

[austin-steve]

Really feeling helpless at this.

Unfortunately it sounds like you are just as bad at hiring properties managers as the property managers you hire are at managing properties. If you've made 4 bad hires, you need to fire your hiring process and rethink your decision process.

Make a checklist of questions you want answered. The link may get removed, but my website has a FAQ that serves as a good basis for interviewing property managers. It's basically a collection of the questions I think prooperty owners should ask a prospective property manager.

Then ask for at least 3 to 5 client referrences and call all of them and ask questions.

Good luck,

Steve

[speaktomi]

Steve, thank you for your response. I did read your site of questions and you two are very thorough in your screening. I wish my zip code had the option of a PM firm as thorough as you.

As I stated prior, I didn't have many people to choose from. I had 4 apples to choose from, I HAD to pick one, all of them were rotten, but I opted for the one that didn't also have a worm. (Not sure how that makes me "just as bad" at selecting when all the options suck.).

[Paula Lynn]

All the PM Companies I've worked for -------- we send a cash flow statement on the 5th of each month, along with all original receipts and the owner receives the rent. So, on November 5th, they receive their statement ending October 31st. They receive all monies received in October on November 5th. The owner receives all security deposits. We keep $100 in a trust account at all times. If any maintenance charges are over $250, we call the owner for approval. Simple plumbing charges, etc. we take care of. That is what we are hired to do. Any other major issues, we are involved with the owner. We are here to guide them and assist. It's not what we DO, it's what we KNOW. Some are slum lords and others are cheap and illegal ..... We are THERE to protect them from Fair Housing lawsuits and the like. Screen your potential PM Companies, ask for references. We are not all bad.