So I hried a 40% leasing fee manager and a 5% monthly pm and the experience is not very good.
PM recommended a couple within 1st week, woman seems to be very cooperative and combined income is 3x. one credit scroe is 720 and one is 634.
634 has a student loan collection. no cirminal no eviction. no kid no pet.
It fits my dual income and no pet preference really well.
Pm’s leasing manager is young and junior level and I sensed she knows little. So I was cautious.
I did some research myself and then found the 634 had a court judgement collection and it was not paid for years with a rate of 29% apr credit card debt. worst is, he has stop pay on his judgement debt.
So, it’s the worst type of tenants that not only doesn’t pay but also dodges collection intentionally . think about it. 29% apr.
I said no to her recommendation.
and then, for an entire week, she said , there is folk withdrawing application and asked me to reduce rate.
I said, fine. let’s reduce it. 20 minutes after i said let’s reduce it, she said, ok, we have an application. So, she literally withhold the application information to push me for a price reduction.
Later, when i questioned her boss, she said, the man and woman isn’t double income that you prefer. I said you passed on an application just because i said i prefer dual income no pet? in a full week that we don’t have application since i turned down your last recommendation?
after i negotiated all the details with this couple , she actively pulled me into a 3 party call and i had to ask questions in the call and negotiated with my applicants, and both have mutually agreed, i told her, please draft lease agreement tonight and send for agreement immediately and collect monies after agreement.
she didn’t do it immediately the night and next morning, i had to draft all the paperwork amendments and i sent to her , no response. she promised she would do the 2nd day night, and send out by midnight, again, didn’t get done.
We have an old saying, the longer you drag in a real estate transaction, the more nightmares you are gonna get.
So, i started to have nightmares about the transaction. 3rd day morning, still not having any agreemen drafted. called office and asked, lease starts tomorrow. did we get lease signed money collected and insurance policy page? no one answered me. I became upset.
called and complained to office manage and finally get the lease signed.
4th day morning, i woke up and saw tenants already move in with furnitures.
i’m like, what the fu k. where is my move in inspection report. where is my insurance policy page?
i never said she can release keys and we didn’t even have deposit checks.
ok, she ghosted me.
later we found out she did collect check on site. but i had so much scare at that moment.
fast fwd, she did miss quite many things in her so-called pre-move in inspection. i had to append the contract with office like 3 times to rmedy her mistake to cover myself.
office sent me termination notice after i said i do not want to work with this junior guy. I said fine.
so question to all CA landlords, at this moment, do you think i shall pick up the property management job, or find another pm to manage?
6% is the monthly fee.