Contact hours per month with PM
- Thread starter Demoivre
- Start date
Depends on what kinda knucklehead you get. My previous one called me 42 times in a month, so left him in a hurry.
Current one has 4 of my tenancies and emails me about once a week. Either to say one of them is moving out, he's found a new tenant, hes got a rental statement or inspection report, or he's just answering my retarded questions.
Current one has 4 of my tenancies and emails me about once a week. Either to say one of them is moving out, he's found a new tenant, hes got a rental statement or inspection report, or he's just answering my retarded questions.
Way too much contact with one of my PMs right now. A bit ditzy - gets things mixed up and I'm getting quotes for work that don't include everything I asked for. Plus the tenants are asking for too much.
Going to change this week. I gave her the benefit of the doubt for a long time but when I met her, I realised she's not the smartest.
Like your avatar!
Going to change this week. I gave her the benefit of the doubt for a long time but when I met her, I realised she's not the smartest.
Like your avatar!
Haha thanks! Had a few minutes to play around my profile.
Wouldn't mind that, timely notifications. On the plus side, it won't clog up my emails.
Might as well manage yourself and save that %
This ^ plus a report after an annual inspection and then a rent review.
I want my property managed, and I don't want to micro manage the PM. If they do their job properly, the rent will be paid, the property taken care of and I'll need to do almost nothing.
If you're talking to your PM constantly, then there's something going wrong.
Usually only when something goes wrong, otherwise monthly statements and annual inspections
Precisely the reason I was happy to pay (a little bit) more when choosing the PM for my property. I'd rather have someone competent do it and justify their fee, then have me managing the the receptionist, sorry I mean "Property Manager" from the local REA.
Right now a lot for IP1 because of recent issues. I'd be happy with low communications during happy time, but need a lot more than having to chase the PM everytime for an update when there are problem still not resolved.
Looking to change soon, just wondering how it works when I'm still trying to get the arrears back from tenant.
Looking to change soon, just wondering how it works when I'm still trying to get the arrears back from tenant.
Yep - this is about the same for me too unless there's something that needs to be repaired (and is costly) or it's an issue that I need to provide input towards.
Cheers
Jamie
Hi Demoivre, how often do you want to speak to an agent? The least the better because everytime the agent rings you during a lease it will cost you money. I only contact an owner when there are issues which involve their money being spent. No news is good news as long as they rec their statements on time and results of periodic inspections on time all is good!
Where on earth did you get this idea from?
Is there other reason why I should call my owners?
Did you read which part i quoted?
[Current one has 4 of my tenancies and emails me about once a week. Either to say one of them is moving out, he's found a new tenant, hes got a rental statement or inspection report, or he's just answering my retarded questions.[/QUOTE]
Read and understood, I mentioned during the lease, sorry if to be more exact, i also contact them once a year to review rent also if a tenant gives notice I contact the owner (tenants now staying longer and longer). Once a new tenant found I discuss with owner as well. If rental areras begin to happen i contact the owner to up-date and explain what I have actioned and planned.
Read and understood, I mentioned during the lease, sorry if to be more exact, i also contact them once a year to review rent also if a tenant gives notice I contact the owner (tenants now staying longer and longer). Once a new tenant found I discuss with owner as well. If rental areras begin to happen i contact the owner to up-date and explain what I have actioned and planned.
How long is a piece of string? When things are going smoothly I get a statement once a month and inspection reports. When the SHTF, there are emails flying back and forth and long phonecalls. Here's a few things I do to keep the amount of talk down:
1) I make it clear that for issues that cost less than $400, I want them to make a decision and if necessary put notes in the statement. If I have a query, I will discuss it with them afterwards in a non-judgmental way "for next time". But I stress that below this amount I WILL BACK THEIR DECISION even if it turns out I would have made a different call.
2) Between $400 and $1000, I want them to get a quote and forward to me for comment. If I do not get back within 2 days, then GO AHEAD I WILL BACK YOUR JUDGEMENT. BUT I AM EXPECTING GOOD DECISIONS.
3) Above $1000, don't go ahead until we are in agreement about the best way forward.
Across my portfolio my PM would probably make 5-10 unattended decisions a month. I will discuss one maybe twice a year. For the big stuff, we usually get on the phone and throw ideas back and forth - and I hold the discussion as if it is "our" property to make sure she is fully engaged on the decision and has ownership. If my PM feels strongly about something I take it on board because she is responsible for the management of hundreds of properties and knows what she is doing.
Point is, you can either delegate, in which case you have to really delegate and sometimes back some decisions you don't like, or you can not delegate and be answering questions all the time. The choice is yours.
But read the statements and inspection reports carefully and make sure your PM knows you do. If they think you don't care, then they will stop caring as well.
1) I make it clear that for issues that cost less than $400, I want them to make a decision and if necessary put notes in the statement. If I have a query, I will discuss it with them afterwards in a non-judgmental way "for next time". But I stress that below this amount I WILL BACK THEIR DECISION even if it turns out I would have made a different call.
2) Between $400 and $1000, I want them to get a quote and forward to me for comment. If I do not get back within 2 days, then GO AHEAD I WILL BACK YOUR JUDGEMENT. BUT I AM EXPECTING GOOD DECISIONS.
3) Above $1000, don't go ahead until we are in agreement about the best way forward.
Across my portfolio my PM would probably make 5-10 unattended decisions a month. I will discuss one maybe twice a year. For the big stuff, we usually get on the phone and throw ideas back and forth - and I hold the discussion as if it is "our" property to make sure she is fully engaged on the decision and has ownership. If my PM feels strongly about something I take it on board because she is responsible for the management of hundreds of properties and knows what she is doing.
Point is, you can either delegate, in which case you have to really delegate and sometimes back some decisions you don't like, or you can not delegate and be answering questions all the time. The choice is yours.
But read the statements and inspection reports carefully and make sure your PM knows you do. If they think you don't care, then they will stop caring as well.
I always say to my clients that they can hear from me as much or as little as they want.
I have ones that like little emails every month or so - even when nothing is wrong, and others that don't want to hear from me until SHTF.
I have ones that like little emails every month or so - even when nothing is wrong, and others that don't want to hear from me until SHTF.
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