I received a disturbing phone call yesterday from a client I have out west. (You know who you are.) Before we had ever met she had purchased an Independence, MO duplex and arranged for a property manager to take care of the rental home.
Well anyway, she called me yesterday to ask about other property managers I might know in that area who could take care of the duplex. Why? Her tenant had contacted her and said the property manager was missing in action.
Carpet had gone unreplaced that she had approved four months ago. The other side is vacant without so much as a sign in the front yard. And July’s proceeds had yet to be forwarded to her.
Wow. It got me to thinking that owners may not be fully aware that when you hire a property manager for your investment properties that you will still want to stay in some form of contact or the other with your tenants. Maybe have them fill out a questionnaire once a year about the PM’s management abilities.
That, or you better have a lot of faith in a very good property manager for your investment properties.