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I am a first time LL and have hired a property management company to handle everything for me since I am not local. As an aside, I am not pleased with the PM company and will likely bring on a new one at the end of their contract.
My question is - those of you who use PM companies, how involved are you with everything? I just feel like I'm in this weird position where part of me wants to know everything that's going on with the house at all times and another part of me wants to just relax and not worry about the day-to-day. Since this is all new to me, I don't really know what the norm is.
When I had a PM I was not involved in day to day. There really is no day to day. The only contact is if there is a permission for a non emergency repair and when your check and statement arrives. Even as a LL managing my properties there is no day to day involvement. I don't call my tenants every day or go by the properties every day. I dont have the time for that. If I come by it's for a good reason.
The key is having a GOOD PM company. Our first one was simply awful. Our current one is excellent. We get reports on any repairs, as well as semi-annual condition assessments of the property with pictures. The assessment shows any damage from the tenant, but also makes suggestions on other repairs or upgrades (paint, etc) we could make. We don't do much at all, except review the assessments, but I feel comfortable the house is being taken care of.
With PM companies, you'll find you get a LOT more service if you pay a little more money.
As long as they aren't costing you a bunch of money that you can't figure out, then I think you can just sit back.
My daughter, within just a couple of months, knew her PM was ripping her off royally. If there are a huge number of repairs and they are going through your funds like mad - when there were hardly, if any, repair issues when you owned the place - you better get really involved, or even fire them before the contract is over. That's what my daughter did. She fired them early.
If they're just depositing your rent, deducting their fee, and there are just a few minor repair bills here and there that seem reasonable, then I think you can just relax.
Thanks everyone! I am going to see how everything goes, but based on my experience with this PM co thus far, I will be finding a new company to take over the lease at the end of their contract. Their customer service is downright horrible and I don't want to be in the same situation if/when I need to find new tenants. The current tenants are in the process of moving in and would like to stay for a few years though, so I hope it all works out.
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