Residential Property Management/Key west condo
We recently inherited a condo in key west,Fla. We live in Ohio. We have a feeling the property manager may have been renting the condo out and not informing us. We have asked for a rental calendar and statements and keep getting put off. Any suggestions on how we can be sure if is rented out and how we would know. It rents for 5 to 7k per month. Thank you.
Unfortunately, you situation is common among out-of-town owners. Here are solutions I have implemented for clients or seen implemented by others:
- Change property managers
- Require that the property manager use an online booking website so that you can see which days are booked, blocked for maintenance, or open.
- Install a security camera system that you can monitor through an Internet connection (monitor all points of entry, decks, open areas, etc.)
- Hire a local security firm to do drive-bys on unbooked days, especially weekends. Give them a key and authorize them to enter without warning on unbooked afternoons and on early mornings (between midnight and 3am).
- Hire a local CPA to audit the property manager's books relating to your property
- Spend time at the property and make friends with reliable full-time residents who tend to keep on eye on the complex. I manage several condos on the beach in Santa Cruz, CA (an hour away) and have several "snitches" who keep me informed on what's going on when I'm not there.
I'd start by terminating the property manager. If they can't get you a booking schedule and updated statements within an hour, there is something wrong and they can't be trusted - which is why I believe you have asked me about your situation. Remember to have all locks re-keyed if you let the manager go, including re-coding of garage door openers. Do a complete inventory of the personal property in the condo. Also inform the condo board that you have fired the property manager so that they know he shouldn't be on the grounds anymore.