The importance of a Property manager? (tenants, agent, landlord, renter)
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We are out of state and accidental landlord . It has been hard for us to find a trustable PM. We hired two and both did not work out because they tried to cheat on us. Should I still rent without a PM or it may cause too many problem and better to sell? I look forward to hearing advice and thank you all in advance.
yes they do. agents cheat and steal and are incompetent. but to function w/o them and deal directly with a renter is unbearable. u will sell very soon if you do. the real issue is never do out of state rentals.
How were you cheated? Was there ethics involved or do you say cheated because you feel they did a poor job or charged to much? It's hard to respond without more information other than to say you need to do a better job of hiring.
How important are they? Not at all if you have a good tenant that keeps the property in good shape, is willing to deal with repairs, and pays on time. If not and a problem pops up they are very important. You never know ahead of time so you have to decide what you're willing to deal with. With you being distant I'd say it's almost essential but that's just me.
If you can afford to sell and get out that may be your best option of all.
You either have to be able to do the job yourself or pay to have it done...
Since you are geographically distant... looks like you have no choice.
That said... I have had tenants that would have been fine without a local property manager as long as I was knowledgeable on the applicable laws.
Such tenants are far and few between... and you really never know how good they are till after they move.
Generally, professional managers are licensed through the States Department of Real Estate and may also have a local business license too.
They should be experienced and have reviews/references you can verify...
What do you mean "licensed"? -Licensed real estate agent or licensed PM? Another issue is it is hard to find a good size property management company rather than a person to manage a single unit. Thank you!
How were you cheated? Was there ethics involved or do you say cheated because you feel they did a poor job or charged to much? It's hard to respond without more information other than to say you need to do a better job of hiring.
How important are they? Not at all if you have a good tenant that keeps the property in good shape, is willing to deal with repairs, and pays on time. If not and a problem pops up they are very important. You never know ahead of time so you have to decide what you're willing to deal with. With you being distant I'd say it's almost essential but that's just me.
If you can afford to sell and get out that may be your best option of all.
PM demanded checks but did not do the job she claimed- we found it out after visiting the house. She also lied about where the CO detector should be installed because we believe they were in the wrong place-it is safety issue. She also threat not to mail tenants first month rent (after we signed the lease) unless we pay her money that we agreed not necessary before the lease was signed. I think those issues are pretty serious. We also heard tenants were her family or friends. My biggest concern is we need someone to inspect the issue if tenant claim repairs so that we know the cost should be deducted from the security deposit or landlord? Or do you think we can ask the repair person to take some photos before the repair and after, we then determine. Thanks a lot.
These are minor, minor issues. As long as the rent is coming in and the repairs are none to few, your property manager is fine. Your PM wanted his money because he was concerned he would never get paid. Understandable, but stick to your guns and say no, not until you get your rent check. You dont technically know you even have a real tenant yet. Yes, ask for photos or you will not pay. Tell the tennant he will NOT be reimbursed for repairs.
Spend $10 on amazon and get yourself a good landlord book.
Wait a minute, you promised to pay the LL and didn't so they threatened to withhold the first months rent until you held up your end of the contract? I'd have concerns about you also if I was that LL.
Take photos. It seems to me there is just a general trust issue with you. Whether the tenant can do repairs and deduct from the sec dep is part of your contract. You could ask for photos and it would fix that.
We are out of state and accidental landlord . It has been hard for us to find a trustable PM. We hired two and both did not work out because they tried to cheat on us. Should I still rent without a PM or it may cause too many problem and better to sell? I look forward to hearing advice and thank you all in advance.
How large a "property" is this?
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