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Interesting Property Management Problem

Discussion in 'Real Estate Discussions' started by rahuldeshmukh, Jan 27, 2012.

  1. rahuldeshmukh Member

    I have never encountered this problem, lets see what you guys think

    I have an owner cancel their Property Management Agreement with another company. Since we live in a small town we normally just go over to the other PM's office hand them the Key and Deposit release form and leave after some chatting with keys, deposit, current occupying tenant rental agreement and Property Management agreement in hand in a few minutes. Copies of course. The same goes with us. Owners will switch PM's so its a pretty normal procedure expecially if there are current tenants, maybe late payments, evictions etc.

    So, a new company from out of state purchased a Real Estate company in my town. I gave them the release and supposed to get the keys and deposits on the 31st. Not a problem, now here comes the problem.

    They tell me they have to contact their Attorney to see if they can release the tenant and owner info. Now remember in the next couple of days we are going to start collecting rent monies, plus we have to rewrite over 45 lease agreements (we are taking over a bunch of homes). At this time we have no Tenant Info.

    What would you do? - We contacted our attorney, who of course charges us everytime we cough. I am fuming, I never encountered such a thing. Aren't we supposed to work and help our owners?

    I know they are doing this just to annoy me, because they lost 50% of their business when they purchased the other RE Firm, but still. That's pretty mean spirited and probably not in the best interest of the owner. The owner btw who does not have copies of the rental agreements, because they are investments and she hires PM's for a reason.

    Interesting dilemma eh?

    Let me know what you guys would do..
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  2. davisongray New Member

    If you have any kind of problem with property management than you can get advice with management agents. Its provide a leasehold of the certain to the managing agents. It providing the informations of the applications and rental.
  3. bojemrythem Member

    Property management is most important factor for become ore successful and increase our income in investment of real estate property. Here I get lots of details about property management also its best way make our future bright.
  4. stevepetun Member

    If the renter does so, the property owner must examine and give the renter an itemised declaration of issues with the home's situation so that the renter has to be able to appropriate them before move-out.
  5. marcssteve Member

    The law is set up in most declares to secure renters from violence real estate asset owners. You may experience as if you're eligible to evict the renter and modify the hair on the developing if lease is way late but you cannot lawfully do this.

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