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Greg, Both Buyer and Seller in Saratoga Springs, NY

What do you do when your property manager is gouging you?

Asked by Greg, Saratoga Springs, NY Thu Mar 1, 2012

I have a small 2 family house and hired a property manager to manage the building. The problem is he has picked bad tenants and they destry the building and I have to pay to get them evicted. Then I have to pay the property manager to fix up the place. He gives me an estimate of $2500. I said OK and when the bill came it was for $9000. what can I do?

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It has been my experience that using a property manager on a 2 family just doesn't work. Because the fees tend to be small on a unit with only 2 tenants often the tendency is to try to make additional money on the repairs. I'm not saying that all managers are unethical because that's far from true. I'm just saying that in my experience on small units that you hear the complaint about the manager all the time. You might think about managing it yourself or possibly knocking some rent off if one of your tenants is interested in taking care of it. I hope this helps and I hope I didn't offend any property managers out there but it's just been my experience over the years.
0 votes Thank Flag Link Sun Mar 4, 2012
If you are unhappy with your property manager, consider hiring another....
0 votes Thank Flag Link Fri Mar 2, 2012
Greg,

With out knowing all the details... Sounds to me like you need a new property manager. There are many reputable firms out there. $9000 would cover a huge amount of repairs. What did these tenants do?

One way to deter bad tenants is to do first, last, security, and credit check. I find as soon as you tell people you do a credit check the bad ones tend to run.

If I can be of further assistance feel free to call or email me.
0 votes Thank Flag Link Thu Mar 1, 2012
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