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Pay him and fire him. He looks like a fraud. Just hire someone else. There are plenty out there who would do that for 5-8%
Pay the man, cut your losses, and learn the lesson why most people make the PM fee a fixed percentage
Also, his "breakdown" includes "received text from tenant 1", "texted tenants to check on heat" and billed .25 or .5 hrs each time (up to 1.5hrs/day), claims to have communicated w/ tenants up to 25 days in January... I'm thinking wtf, you took it upon yourself and expect me to pay for texts that take mere seconds to respond to? Am I overreacting?
They billed 22.5 hours of communication for the month of January alone? How many tenants/units are we talking?
Subject Expert
If you don’t pay, he might take you to small claims court. Is it worth your time to fight? Might be worth paying the bill and moving on from them. Chalk it up to a lesson learned.
A1, I should've specified, it's just 3 units. The bill completely blindsided me and he agreed he didn't realize it was so many hours until he tallied at the end 🙄 on literal paper
$1,200 for 3 units? F that lol I personally don’t deal with a Property Manager for my units, but you might just have to pay and take the L. I would definitely look around for another person to manage
Pm1, it's a $1200 bill so probably not worth it. I'm trying to negotiate down but he's bringing up personal issues to make me feel guilty, very frustrating. Appreciate your responses
Subject Expert
Definitely try to negotiate it down. But at some point, it’s not worth the headache. $1,200 may sound expensive now, but switching to a different property manager should save you way more over the coming months and years than the time you might spent going back and forth, arguing, dealing with a possible legal battle, etc.
I’d be pissed at a $1,200 bill, but that shouldn’t affect your long term growth path. Expenses like this may pop up every now and then. Gotta roll with the punches and learn how to reduce the potential for these types of situations if you want to be a successful real estate investor over the long term.
What’s the total rent across properties? I’ve seen 10% for prop mgmt for long term and as high as 25% for short term rentals
~$2600
A1 yep we agreed to dissolve our pm contract and started communicating with tenants directly via email and text (textnow service). Ended up negotiating the bill down to $1k. Thanks all