Responsibilities of rental-managment Broker (tenants, insurance, lawsuit, property)

[2 rainbows]

Would someone please list the Responsibilities of Brokers who own a rental-management company.
Thank you.

[FalconheadWest]

Their main responsibility is taking care of everything for the property owner so the owner can just sit back and collect his rent checks each month and not worry about phone calls from tenants.

[2 rainbows]

Originally Posted by FalconheadWest

Their main responsibility is taking care of everything for the property owner
so the owner can just sit back and collect his rent checks each month and not worry about phone calls from tenants.

Thank you.
so
what is the Brokers' management responsibilities for making sure the owner's property does
NOT
1. go up in smoke, like from a fire because the tenant used kitchen range to cook up their drugs.
2. end-up with 100+ holes in walls & doors, because tenants felt like it.
3. need doors replaced after tenants forgot the keys, & broke doors in, also from forbidden animals.
4. go up in smoke, like from a fire because tenants never mowed grass, so several feet tall.
5. get floors & foundation destroyed because plumbing issues were not reported to be fixed.
6. become unrecognizable because black mold is now the 'new look'.
7. have the remainder of owner's property destroyed.
just to mention a few "real-life" incidents...

[FalconheadWest]

Originally Posted by 2 rainbows

Thank you.
so
what is the Brokers' management responsibilities

The Managements's responsibilities depends on what your contract says you want the management company to do. The management company isn't responsible for anything that isn't in writing for their duties. The main one some of my investor clients use does a quarterly visit to the property. That's 4 times a year. If there is something going on that doesn't look right, the management company puts a stop to it.

Much of what you asked about would come out of the tenant's deposit like fixing holes in the walls and replacing doors and locks.

Fire? You think a management company can prevent a fire? That's why you ensure the tenant has renter's insurance along with the owner's policy.

And again, if the management company has a contract that they are supposed to inspect, they would see things like "black substances" and cracks in the walls because of foundation.

Sounds like you didn't have a good management company, or you didn't have a good contract that spelled out what your expectations of them are to be.

[2 rainbows]

Originally Posted by FalconheadWest

The Management's responsibilities depends on what your contract says you want the management company to do.
The management company isn't responsible for anything that isn't in writing for their duties.
The main one some of my investor clients use does a quarterly visit to the property. That's 4 times a year.
If something goes on that doesn't look right, the management company puts a stop to it.

so "a quarterly visit to the property. That's 4 times a year, to stop activities that are not right."
iow
1. When such ^ "periodic inspections" were part of the written contract:
2. The Broker's management company would surely document such, right?
3. And immediate actions taken, to prevent further loss, yes?
4. And the property-owner promptly Notified, yes?

re the 4 actions above, for what was agreed on, are any laws holding such a Broker responsible?

[Zippyman]

Originally Posted by 2 rainbows

so "a quarterly visit to the property. That's 4 times a year, to stop activities that are not right."
iow
1. When such ^ "periodic inspections" were part of the written contract:
2. The Broker's management company would surely document such, right?
3. And immediate actions taken, to prevent further loss, yes?
4. And the property-owner promptly Notified, yes?

re the 4 actions above, for what was agreed on, are any laws holding such a Broker responsible?

Contract law in every state would hold the broker to the provisions of the contract that you both signed. Recourse would be a lawsuit, filed by the injured party (you). In most states, the real-estate board wouldn't get involved in contract disputes, so you're unlikely to get anyone's license pulled, unless they misappropriated funds - I.e., collected rent & pocketed it, or rented a home without permission of the owner (and pocketed the funds).

[FalconheadWest]

Recourse wouldn't necessarily be a lawsuit. Again, it's in your contract what you can do. In Texas, it's mandatory Mediation if you're unhappy. You can't go straight to court as a judge will say "but your contract states mediation, so try that first and come back if it doesn't work."

The Texas Association of Realtors actually offers Mediation and trains mediators (I'm one of them) so you might want to see if your state board offers the same. Texas also has a FREE Ombudsman program (I'm one of those too) and that helps resolve issues before possibly having to take further action.

The laws holding a property manager to do what he's supposed to do is basic Contract Law. If the contract is breached, you have recourse, but only the recourse that your contract states would be acceptable if either party defaulted... or what you would deem "reasonable" recourse. A court would have to interpret "Reasonable" if you went that route.

[2bindenver]

I am guessing that this property is not in the USA.

[2 rainbows]

Four reasons for needing to hire management were:
1. Friends had medical complications so they could no longer manage the home.
2. Lacking needed knowledge & experience to rent to others.
3. Medical malpractice complications prevented us from doing it too.
4. Distance between current home, & former home.

Originally Posted by Zippyman

Contract law in every state would hold the broker to the provisions of the contract that you both signed.
Recourse would be a lawsuit, filed by the injured party (you).

In most states, the real-estate board wouldn't get involved in contract disputes, so you're unlikely to get anyone's license pulled.

Never thought any of the above would ever happen. Because I obey all laws, & am responsible & ethical, & enjoy being friends.
so
Never thought I'd need to look at laws, which some include: Responsibilities of Managing brokers, & their brokers, Unprofessional conduct, & Disciplinary actions.

Wonder what should be done next?

[Silverfall]

Originally Posted by 2 rainbows

Wonder what should be done next?

You talk to an attorney to look at your contract to determine what recourse was agreed to.