Property Management Companies

[LUDELVR]

Does anyone currently use or has used a property management company? The family and I are traveling the world for a year and we are going to rent out our place for that time, fully furnished and are looking into someone to take care of it while we are away. Any recommendations or companies to stay away from? I've spoken to some friends already who have recommended some companies while others have told me to steer away from others.

[Mitsu3000gt]

I can only help you by telling you who to avoid like the plague:

MCM Management
Gateway Property Management

[dj_rice]

My parents just started using Race Real Estate Inc for their condo in Edmonton.

I had to read over the contract for them as their english isn't good but from what they get for rental income to what they have to pay for this company, not much money left on table. Bad market.


When I lived in the condo, there was 2 companies the condo used and both were terrible

Parterre Property Management
Ayre & Oxford

[LUDELVR]

What were some of the issues that made some of these companies a nightmare to work with?

[A790]

Honestly, they are all equally as bad IMO. None seem to have a good rating (Google reviews say it all).

[realazy]

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What were some of the issues that made some of these companies a nightmare to work with?

My anecdotal experience with property management companies for rentals is that they only do work at the beginning to find the tenant and after that all they do is collect their percentage of the monthly rent. It's almost better IMO to just use them to rent it out if you don't want to deal with it then manage the day to day yourself if you can.

The monthly management fee is usually 10-15% of the total rent charged. This sucks for a condo because that's a percentage of top line revenue before your condo fees, property taxes, and etc. The property management company we dealt with just forwards all the tenants' inquiries to the owner directly. If something needs maintenance, they will not schedule anything nor will they open the door for the trades to enter and be present for the service. This is especially tiring if the tenant themselves are unwilling to be present and expects the problems to be fixed without their involvement.

[pheoxs]

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My anecdotal experience with property management companies for rentals is that they only do work at the beginning to find the tenant and after that all they do is collect their percentage of the monthly rent. It's almost better IMO to just use them to rent it out if you don't want to deal with it then manage the day to day yourself if you can.

The monthly management fee is usually 10-15% of the total rent charged. This sucks for a condo because that's a percentage of top line revenue before your condo fees, property taxes, and etc. The property management company we dealt with just forwards all the tenants' inquiries to the owner directly. If something needs maintenance, they will not schedule anything nor will they open the door for the trades to enter and be present for the service. This is especially tiring if the tenant themselves are unwilling to be present and expects the problems to be fixed without their involvement.

Pretty much this. Any time I've contacted the company managing the townhouse I'm renting all they said is hang on theyll message the owner. Beyond that they've literally done nothing besides collect rent.

Unless you are out of town it'd be much better to just deal with screening tenants yourself and then do a mid or end of year walk through inspection to check on things.