Signs Your Property Manager Is Ripping You Off

You hired a property manager so you would not have to deal with tenants, maintenance, and midnight phone calls. But if your PM is costing you more than they save, you have a different problem.

Most property owners do not realize they are losing money until they finally look at the numbers. Here are eight signs your property manager is taking you for a ride.

1. Maintenance Markups Over 15%

Property managers coordinate maintenance. That is part of the job. A reasonable markup on contractor invoices is 10-15% to cover coordination, vendor management, and quality control.

If your PM is marking up a $200 plumber bill to $350, that is a 75% markup. Ask for copies of the original contractor invoices, not just the amount your PM charges you. If they refuse to provide original invoices, that tells you everything.

Example: A property owner in Syracuse was being charged $450 for “routine HVAC maintenance” every quarter. The actual cost from the HVAC company was $180. That is a $1,080/year overcharge on a single line item.

2. Vacancy Lasting More Than 21 Days

In the Central New York market, a properly priced and marketed unit should not sit vacant for more than 14-21 days. If your PM consistently takes 30, 45, or 60+ days to fill vacancies, they are either pricing incorrectly, marketing poorly, or not trying.

Every day of vacancy on a $1,200/month unit costs you $40. A 45-day vacancy instead of a 14-day vacancy costs you $1,240 in lost rent. Multiply that across multiple units and turnovers per year.

Ask your PM: What is your average days-to-fill? Where do you list units? How many showings did you do last month? If they cannot answer these questions with specific numbers, they are not tracking performance.

3. No Monthly Financial Statements

You should receive a detailed monthly statement showing: rent collected, expenses paid, maintenance costs itemized, vacancy status, and your net distribution. Every month. Without asking.

If you have to chase your PM for financials, or if the statements are vague (“miscellaneous expenses: $800”), something is wrong. Vague accounting hides overcharges, unauthorized expenses, and sometimes outright theft.

Your PM should also provide an annual summary for tax purposes, including a breakdown by property of income and expenses. If you are doing your own accounting because your PM does not provide usable reports, you are paying management fees for incomplete service.

4. Response Times Over 48 Hours

When you email or call your property manager with a question, how long does it take to get a response? If the answer is “days” or “I have to follow up multiple times,” the PM is either overloaded or does not care.

A responsive PM acknowledges your message within 24 hours, even if the full answer takes longer. Tenant emergencies (no heat, water leak, lockout) should be handled within hours, not the next business day.

Slow response times from your PM mean slow response times to your tenants. That means unhappy tenants, lease non-renewals, and turnover costs that come out of your pocket.

5. Undocumented Turnover Charges

When a tenant moves out, the PM handles turnover: cleaning, repairs, painting, and re-marketing. You should receive an itemized breakdown of every cost with photos of the unit before and after.

If your PM charges you $3,500 for “unit turnover” with no photos, no receipts, and no itemization, you have no idea what that money actually paid for. Maybe the unit needed $3,500 in work. Maybe it needed $800 and your PM pocketed the difference.

Demand before-and-after photos and contractor invoices for every turnover. This is standard practice for any legitimate management company.

6. Charging Fees During Vacancy

Some property management agreements include fees that continue even when units are vacant. Management fee on collected rent of $0 should be $0. If your PM charges a flat monthly fee regardless of occupancy, they have no financial incentive to fill your vacancy quickly.

Check your management agreement. Look for: flat fees during vacancy, marketing fees, lease renewal fees, early termination fees, and administrative fees. These add up. A PM charging $100/month flat fee on a vacant unit that takes 60 days to fill just cost you $200 for doing nothing.

The best arrangement: a percentage of collected rent. If they do not collect, they do not get paid. Interests aligned.

7. No Rent Increase Recommendations

Market rents change. If your PM has not recommended a rent adjustment in 2+ years, they are either not tracking the market or they are prioritizing their own convenience (keeping the current tenant happy means less work for them) over your income.

In the Syracuse, Oswego, Auburn, and Utica markets, rents have moved significantly over the past three years. If your unit rented for $950 in 2023 and comparable units now rent for $1,100, your PM should have flagged that at lease renewal. That $150/month difference is $1,800/year you are leaving on the table.

A good PM sends you a market analysis before every lease renewal with a specific recommendation.

8. No Routine Inspections

If your PM never inspects units during occupancy, small problems become big problems. A minor leak under the sink becomes mold and subfloor damage. A broken window seal becomes a heating efficiency problem. An unauthorized pet becomes carpet replacement.

Professional PMs conduct interior inspections at least twice per year with proper notice to the tenant. They document conditions with photos and report issues to the owner.

Ask your PM: When was the last time you inspected my units? Can I see the report? If the answer is never, you are flying blind on the condition of your own property.

What Good Management Actually Looks Like

A legitimate property manager should provide:

• Monthly itemized financial statements without you asking
• Rent collection with follow-up starting on day 1 of delinquency
• Maintenance handled with transparent invoicing and no excessive markups
• Market rent analysis at every lease renewal
• Semi-annual property inspections with photo documentation
• Vacancy filled within 14-21 days with professional marketing
• 24-hour response time on all owner communications
• Thorough tenant screening (credit, income, rental history, background)

How RenPro Does It Differently

RenPro Property Management charges 10% of collected rent. If we do not collect, we do not get paid. No vacancy fees, no hidden markups, no administrative charges.

We handle maintenance in-house where possible, eliminating contractor markups. Monthly statements go out automatically. We screen every applicant with full credit, background, income verification, and prior landlord checks. We inspect properties quarterly and send you the photos.

We manage properties across Syracuse, Oswego, Auburn, and Utica. If your current PM is not delivering, call 315-400-2654 for a free portfolio review. We will tell you exactly what you are overpaying and what your properties should be earning.