The relationship you have with the property manager when renting a property is crucial for a harmonious living experience. The sad thing, though, is that most tenants always end up in the dark regarding their rights, obligations, and how property management really works behind closed doors. While most property managers try to do a good job, there are a few insider secrets they may not be so willing to share. Knowing these little secrets can put you in a better position to navigate your tenancy with more confidence, time, and money – and with fewer gray hairs.
Here are 10 secrets your property manager doesn’t want you to know:
1. They’re Not Always Acting in Your Best Interest
Remember, property managers work for the property owner, not the tenant. While they are supposed to be neutral, in order for everything to flow properly with both parties, their utmost allegiance will lie with the landlord. In this respect, they are most likely to insist on terms and decisions that may lead to a benefit for the property owner, like increasing the rent or maintenance according to strict schedules. It is important to note that, as nice and helpful they might be, their job is to protect the landlord’s interests.
2. They May Be Overcharging You for Maintenance and Repairs
Most property managers have a set of preferred vendors for repairs and maintenance. This is okay; however, some of them take advantage of such a relationship to inflate the price for their services. For instance, a repair that could be done for $100 is marked up to $150 or higher-just because the property manager will get a kickback from the vendor. Always ask for a breakdown of repair costs, and seek second opinions when necessary. If something seems overpriced, don’t hesitate to ask for an explanation.
3. You Can Negotiate Your Lease Terms
Most tenants think that the lease terms they get are what they are, but in reality, leases can often be negotiated. Whether it’s the rent amount, the security deposit, or the length of the lease, property managers may be willing to work with you in order to secure a long-term tenant, especially if the rental market is competitive. Don’t be afraid to ask for a lower rent or more favorable terms. It never hurts to ask!
4. They Know Your Rights (And Might Use Them Against You)
Property managers are well-versed in tenant rights and laws, but they don’t always volunteer this information. For instance, in many places, tenants are entitled to a 24-hour notice before any entry into the rental property. However, property managers may not always respect this, and some might take advantage of tenants who don’t know their rights. Educate yourself on local tenancy laws. Knowing your rights helps when engaging with a property manager who consistently oversteps their boundaries.
5. Late Fees Can Be Negotiated or Avoided
Late fees are applied in the event that rent is not paid in a timely manner. Few know, however, that in some instances, they can be negotiated. If you’re only a few days late with your rent and have been a good tenant so far, you may want to call and explain the situation to the property manager. Many property managers will waive or reduce late fees for tenants who communicate proactively. You may also be able to work out a payment plan if you are experiencing temporary financial difficulties. Communication is key in these matters.
6. They Can Kick You Out Much Faster Than You Think
Nobody likes to think about the worst-case scenario, but the fact of the matter is that property managers can pull the plug on your lease at almost any time. If you’re violating your lease terms or they want to raise the rent or rerent the property, eviction proceedings can move along a lot faster than you might think. Pay your rent on time, respect your lease agreement, and get along with your property manager, and this will not happen to you.
7. Property Inspections Are More Routine Than You Think
Some renters are concerned about property inspections, feeling they may be an intrusion. While most often legally required, property managers will perform these much more often than one may think. Inspections also provide them with the opportunity to ensure the property is being properly taken care of and that no major problems are going unnoticed. You do, however, have the right to prior notification and to be present during said inspection. Understand your lease and what the local law says about how inspections can be conducted.
8. They May Be Collecting a Significant Commission from Rent Payments
Some property managers will charge a large management fee, which is usually a percent of your rent each month. That can be as high as 5-10% in some cases, and sometimes even more. While these are considered standard fees within the industry, what you may not immediately notice are some other hidden fees by certain property managers. These may include administrative charges, maintenance fees, or penalties for things like pet damage or unauthorized modifications. Make sure to review your lease agreement thoroughly and ask questions if any fees are unclear.
9. They Can Be Slow to Address Issues – Unless They’re Costly
Maintenance issues might take time to get around to when the property manager is busy-unless it involves a possible lawsuit or a high-cost repair. Minor things that are not perceived as causing great hardship to the tenant, like a leaky faucet or a burnt-out light, may be put off until there is more time. However, more serious issues, such as plumbing problems or electrical hazards, usually receive attention sooner because they are greater liabilities for the owner. If you experience persistent delays, be sure to put your requests in writing and follow up with regular inquiries.
10. They May Be Holding Your Security Deposit Longer Than Necessary
It is a well-known fact that property managers require a security deposit, but many tenants do not realize that the process of returning that deposit can be slower than expected. Some property managers may actually delay returning your deposit intentionally to collect interest or simply make extra money. They may also hold back portions of your deposit for minor repairs or damages you might not agree with. Do a careful walk-through with the property manager when moving out to get all of your deposit back. Take photos of the property condition at move-out, and ask for an itemized list of deductions.
Conclusion
Being able to understand how your property manager operates can help you avoid possible pitfalls and make your tenancy as smooth as possible. Knowing these 10 secrets will help you navigate around lease terms, know what to do when maintenance issues come, and protect your rights. With a proactive approach, coupled with open communication with the property manager, you should be able to keep this a win-win relationship and enjoy your space free from all nasty surprises.
