You're Fired!
- Thread starter BayView
- Start date
Same here. We let the new agent did all the work but the old agent did ring us back and talked to usWe just simpy said it was too late.
Ditto!!! Most probably have done it about 12 times over the years. The reaction you get can be very different - from not a whisper to outright indignation. In fact the worst ones have been indignation
Cheers
Perform or Perish.
Will tell the PM - I will hell him serve other clients better by taking my properties elsewhere
Will tell the PM - I will hell him serve other clients better by taking my properties elsewhere
Alot of sucsessful property investors say PM's are a good thing vs self managing, basically a time thing. Just make u surround urself with good people
For trouble free tenants, let's face it, they are not spending anything like 40 minutes per week on them. I spend about ten minutes per month writing manual receipts.
I am sure they don't even do that, as I assume it is all computerised (?).
Changeover of tenants is another matter and more time is spent there, but these days, tenants don't even come into the office to pay their rent, do they?
I am sure they don't even do that, as I assume it is all computerised (?).
Changeover of tenants is another matter and more time is spent there, but these days, tenants don't even come into the office to pay their rent, do they?
I've been following this discussion - I'm thinking of giving my PM co the @rse when agreement is up just after Xmas.
My PM does the very best she can under very poor management. She's been around forever in the industry, but I think has made an error with her last career move. She started there with one other PM each managing about 150 properties. Other PM retired and since then she has managed 300 properties with the assistance of two part timers in the office - this has been for four months. The RE Co has just employed another PM who starts in two weeks.
She has really struggled during this time and I've been most unimpressed with follow up etc. Not her as such, just the whole scenario.
Hopefully things will improve with the new PM, although I'm assuming they will now actively hunt out new properties (add in local paper supports this), so the ratio may end up similar?
If I do go looking this will be my major criteria - what happens if one of you leaves, how actively will this company hunt for a replacement and what happens in the interim?
Burn-out must be common in the industry, if this is normal practice - but of course my PM may just be out of her depth - very hard to tell!
My PM does the very best she can under very poor management. She's been around forever in the industry, but I think has made an error with her last career move. She started there with one other PM each managing about 150 properties. Other PM retired and since then she has managed 300 properties with the assistance of two part timers in the office - this has been for four months. The RE Co has just employed another PM who starts in two weeks.
She has really struggled during this time and I've been most unimpressed with follow up etc. Not her as such, just the whole scenario.
Hopefully things will improve with the new PM, although I'm assuming they will now actively hunt out new properties (add in local paper supports this), so the ratio may end up similar?
If I do go looking this will be my major criteria - what happens if one of you leaves, how actively will this company hunt for a replacement and what happens in the interim?
Burn-out must be common in the industry, if this is normal practice - but of course my PM may just be out of her depth - very hard to tell!
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So we should feel sorry for them and lower our requirements (not expectations, issues raised are requirements) ?
Burn-out is extremely common. Particularly if there is not much support from management (which is often the case as they are sales focused). The job is also a lot harder if the managers prior have done a crap job, because then not only does the PM have the regular issues to deal with, they are also fixing someone elses mistakes. This is why there is such a high turnover of PM staff... also the award wages are not great at most companies.. unless they are specialist property managers and pay accordingly for good staff.
I'm surprised there so few specialised Property Management companies, as other have stated the REA companies care about selling and the PM business is just an add on. The PM business always seems to be such a good money earner, so much potential. But so many PM's get taught by crap PM's or don't get taught and are just expected to know what to look for.
I don't care that the dishes are dirty and piled on the sink, I want to make sure the tap isn't broken and I need to know what needs maintenance.
It's so hard to get good people.
Regards
Graeme
I don't care that the dishes are dirty and piled on the sink, I want to make sure the tap isn't broken and I need to know what needs maintenance.
It's so hard to get good people.
Regards
Graeme
Actually, my problem is the opposite.
The problem property in question is one which has a GEHA lease. Great from the no-vacancy and rent paid on time aspect, and has been this way since Day 1 (2003) for us, and the rent returns are excellent. Great, you think.
However, this property is forever needing something fixed - mostly smaller stuff - $100 here, $130 there, etc. This one property has had more things wrong with it than every IP I've owned put together.
At first I thought "think big picture, my boy - good payers, no vacancies, tax deductible, etc". All repairs done promplty and paid for immediately. What a great Landlord.
After a while I started to pay more attention to the type of repairs needing to be done due to the frequency of the repairs.
It became apparent (to me - and I'm cynical and trust no-one) that what is going on is the tenants are short term renters who are employees of the Govt agency who are the actual leasees, and therefore probably couldn't care-less, and don't take care of the property. Moreover; they break stuff.
The PM automatically hand-balls the repair bill back to us, and until the last 12 or so months I paid without argument.
But then I started to scrutinise the situation a bit more, and it is now my belief that the PM's simply take the word of the tenant that they weren't responsible for the damage, they haven't actually gone out and inspected the problem and tried to bring the tenants to heel and take care of the place. They said they always do. I think this is total BS.
I then started querying this and put it to the PM's that the tenants are responsible and should be made to pay, and that the PM is not trying hard enough to keep the tenants in line - assessing each repair on it's merits of course. Stuff like; broken light switches. Rotting skirting board from water damage. This is a 15 year old house. We owned an 80 year old house that still had original switches; no problem with those, no water damage in any house I've ever lived in, etc. Water spills; clean it up.
No support from the PM's whatsoever - basically saying it's "fair wear and tear" every time and stiff doodoo. Please pay promptly.
My impression is the PM is taking the least difficult path and always directing responsibility back to the Landlord - not doing their job of making sure the tenants look after the property. Also put this to the PM who denied it of course.
More denial - we provide good service. So I give them a 3 month probation and let them know they are on alert, and think about acting in my interests if they wish to remain the PM in future. Not nice, but I'm very headless by now. No change from PM. More hand-balling.
Final straw is conversation with Principal who couldn't care less and is happy to let the business go with no apology.
You may say there's reasonable doubt, but as I said - too many little ongoing things over too long for it to be a coincidence and rotten luck with wear and tear.
Contact another real estate agent property manager and ask them to take over the management of your rental property. They will contact the old real estate agent and get the keys and sort out the transfer of statements, ect. You could also put in writing at the same time that management will cease with them and will transfer to the new real estate agent.
I have fired one before and it was very amusing as they never returned my phone calls and failed to renew the lease. So I get a phone call from them asking me why I didn't phone them up and give them a chance. I comment that they do not return my phone calls and also that my second property has been managed by the other real estate agent and that service is superior to theirs.
I have fired one before and it was very amusing as they never returned my phone calls and failed to renew the lease. So I get a phone call from them asking me why I didn't phone them up and give them a chance. I comment that they do not return my phone calls and also that my second property has been managed by the other real estate agent and that service is superior to theirs.
