pennsylvania property management (tenants, agent, investment, agreement)

[talktome]

Anybody out there have a similar experience in Pennsylvania of an employee at a property management company renting out your properties and not putting them on the books and keeping the rent?

[spencgr]

You mean theft? No, certainly not, but keep us informed of updates regarding the criminal case against the thief.

[talktome]

It's interesting that you called it 'theft' because it was not viewed as a 'theft' by anyone in any position of authority.

[spencgr]

It might be a more helpful thread, then, if you provide more specifics as to what happened.

[JakeinChina]

Where in PA? Any more details?

[petsandgardens]

So these must be vacant properties? Seasonal?

[Nov3]

Sounds like this person had investment properties in PA. Chose to utilize a property management service. Unknown what the contract entails. And now the investor who owns these properties is either A: not receiving communication with the management company
B: managent company is pocketing the revenue or C: He /She isn't sharing the entire scope involving this transaction.

Fwiw, a business investor keeps his hands on the pulse...letting a third party in was the first mistake. Unless you like giving more of your money away.

[talktome]

Yes I had investment properties in PA. I realized, after the fraud was already committed, what responsibility the broker has for what happens in his/her office. Nov3, you knew right away the revenue was being pocketed. It took me months of investigating to figure out that was what was happening. The perpetrator was a very good con-artist and very very good at hiding and covering up. The contract was legitimate...the employees at the real estate office WERE NOT!!!
Also, I was just a 'regular average person who bought a couple of ugly properties and enjoyed watching them come to life'.
I was naive. I never suspected the real estate office would not be monitoring it's employees and keeping proper accounting records.

[talktome]

Location - central Pennsylvania.
Properties were vacant but not seasonal. The contract with the property management company was to manage my properties ethically and honestly. Some were vacant when the management agreement started. The management company rented some of the units and did not put those tenants on the books. The rent money was not given to me.
Question: does the property management company owe a fiduciary duty to the client to protect the clients' assets?
Or, just tell me what 'you' think a fiduciary duty is?

[JT-3]

What company? Help others avoid, or discover.