Thursday, December 10, 2009

My property manager charges my tenants $100 late fee per month, and she keeps all of it, shouldn

I have many complaints about her because she is not doing a good job. It makes me even more irritated whenever she makes extra $100 late fee (about 10%) per tenant so easily each month. Am I entitled to some of that money?



My property manager charges my tenants $100 late fee per month, and she keeps all of it, shouldn't I get someopera score



You should have a contract with them stating what the agreement is....I would think that you would collect the late fee since it would be added to the rent and that you should be paying them a percentage for the full amount that they collect...If you do not have a contract and since you are so unhappy with this manager I would hire a property manager and put the terms into the contract stating they get a percentage of what is collected....I would think that it is illegal for her to keep the late charges since it is your property and I would assume that you are getting the rent late if she is....if she is not doing the proper job get rid of her even if you are under contract, even if you have to get an attorney to do it



My property manager charges my tenants $100 late fee per month, and she keeps all of it, shouldn't I get somemusicals opera theater



If you are the landlord, you are entitled to all the money. You only pay her a salary. I dont think she is a good PM. She is scamming you. What makes you think she gives you the full amount of any other monies?
manage the property your self and save the management fee



hire a maintenance guy to do the repairs ,it will be cheaper



and get rid of that property manger she is ripping you off



evict her so the maintenance guy can have the apartment.



to collect rent, have your renters deposit the rent in a bank account and check the account every month to see who needs



to be charged a late fee
You need to make it financially rewarding for your property manager to get the payments you are due in on time. If it becomes financially rewarding for the property manager to do what they are doing then they will continue to do it. Reevaluate how your property manager is compensated and change the payment structure and specify that all late fees will go to you the owner, after all it is your investment. Reward on time payments.



This also holds true for vacancy rates. If your manager is compensated the same for 50% vacancy as they are for a 10% vacancy rate then they will settle for a 50% vacancy rate. This result, however, is going to hit your bottom-line very hard.
My apartment doesn't have a PM. It only has a maintenance guy, and you mail your check to my landlord's house. My grandma owns and rents a lot of houses, and even though she goes through an agent, my grandma gets the late fees, although she just charges 25. I have never heard of 100 late fee. That seems rather high. I would just get a PM that gets a free apartment to do the job, that's what my dad's friend use to do, and no, the money does not belong to the PM, it's your apartment.
That is called embezzlement. Better call in the authorities and do an audit. Please don't warn her before you show up..........
I own a property management company.



what your are entitled to should be spelled out in your management agreement.



In my opinion what the p.m. is doing is not ethical but it may not be illegal.



Refer to your contract.



Most states require that anyone involved in managing other peoples real estate be licensed agents. If so then the real estate commission for that state would be the governing body with whom you should take this up.
Why should you be entitled to any money? Are you married to the property manager? Do you collect the money? If you want the money, then fire the property manager and do the collection of the monies yourself. And if you hire a new property manager, put it down in writing that ALL fees collected go directly to you, and that you pay the property manager a salary.

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