Expectations from a Property Manager

[Anomaly14]

I have two places where the tenants have just given notice. For one place I use a large real estate company to property manage it, for the other I use a small company of just two people so I am interested to see what the difference between the two will be.

[Keys]

There might be an anomaly between them :

[Bluekiwi]

Just wondering: are there any property managers who don't charge their fee whilst the property is vacant inbetween tenants?

Not sure about mine, havent had a vacancy in the last 3 year

[Maccachic]

My property manager is good at finding tenants but falls short with our monthly payments, they come in on all different days the following month.

What is the standard in regards to recieving rent from a mangager ie. 2 week of the month following, weekly etc?

The only reason I havent changed yet, (after a few threats to said company) is they have always found us hassle free tenants that pay their rent on time.

[Keys]

We have two options for our clients. Monthly or (with conditions) weekly. Paid on Monday nights barring public holidays. We also make a one off payment to be in owners accounts on the last business day (whatever it is) in March.

[Tan]

I get paid monthly on the last day of the month. This is all rents in less management fee, less rates/insurance etc.
At the end of the year I will give my accountant 12 sheets of paper and bank statements - all done!

This year is a bit of a mess as I have managed for half of it and lived in one, but once I leave the country it will all be so easy.

[Maccachic]

Hmm so two weeks or more into the next month isnt common. They seem to be hanging onto our $$ for a long time. However are good with the rest of the management.

Does your property managers pay rates, insurance etc?

[Tenancy Solutions Ltd]

I am aware of some Property Management companies that pay on the 1st and 15th working day of every month.

Tenancy Solutions

[kapitibeanman]

I am aware of some Property Management companies that pay on the 1st and 15th working day of every month.

Tenancy Solutions

A proficient PM would be flexible in my opinion.

I prefer to keep control of most outgoings myself, rather than pay a fee for someone else to do or not do it. The exception to this is maintenance, I never quibble, and let my PM get on with it, as they've earned my trust and it speeds things up.

[Glenn]

My property manager is good at finding tenants but falls short with our monthly payments, they come in on all different days the following month.

What is the standard in regards to recieving rent from a mangager ie. 2 week of the month following, weekly etc?

The only reason I havent changed yet, (after a few threats to said company) is they have always found us hassle free tenants that pay their rent on time.

I find it amazing that a person who holds themselves out as a manager could be late with paying the owners their money. That puts them in the same catagory as a number of our tenants. Disorganised and suspicious.
Many years ago I had a property in Christchurch that we had managed by a lady called Brenda. She speaks with a lovely sing song like voice. She was always late paying us. She kept saying she had computer problems. When the property was sold we discovered that she had not lodged the bond and there were other iregularities.
If a manager can not organise themselves they have no chance of organising things for other people.
I have a little saying if you can not organise things in such a way to look after themselves they have no chance of organising things for other people.
Despite a few zillion going through our bank account I can say we have never been late paying out. That is not to say some owners have had to wait because their money has not yet come in.

[Keys]

I've been late, once. My bank closes off accepting batch payments at 8pm and circumstances dictated that I got there at 8.05.

[Maccachic]

Good point. Any recomendations for PM's in Dunedin?

[eagle]

The closely guarded secret about many courses is that a significant amount of time is spent on how to advance your rent roll.

True, true, true and it is because the rent roll is what the RE companies are able to sell when they need a serious injection of cash. There is serious money in a large rent roll and RE companies with a rental division are very aware of this and much pressure is put on PM's to build the roll. Hang the landlords and tenants......what matters is the rental roll. This is why non RE agencies, ie private PM's often (usually) give a far better service. It is their core business; with RE agencies it is not.