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After I release the PM of his duties, whether I, a family member, or a new co. takes over the management, whom does the security deposit go to next? Since new management means new lease, will the PM give the security deposit back to the tenants, and the tenants give new management new security deposit?
My current PM has a tendency to be unresponsive so I am a little worried he will make things difficult (ie taking his time to give this security deposit back). I assume since I am the owner, I am liable to the tenants for this. I guess there is always court if he makes things difficult, but that will be the last route I'd like to take.
Unfortunately for this one I did make the mistake of not getting a copy of the lease. The first tenants he found for me, I did request for one and in that lease he does list me as the owner, and himself as the agent. So I assume with this tenant, his lease should be the same... I am listed as owner.
This PM is his own boss (and a licensed realtor).... so there is no one else above him. So if I have issues, there's no one else in the company I can address this with.
I rented a house and signed a lease with a Property Management group. I was told in advance that the owner would be responsible for repairs and did the walk through and listed the items needing repair prior to moving in...one of those things being lots of mold in the basement. I received the key Thursday and was told that all repairs had been completed. When I got to the home, NOTHING had been done and when I contacted the PM the following morning, they contacted the owner and after lots of back and forth he cleaned the house and agreed to remove the mold and fix the ac Monday. (All of which should have been done prior to my moving in)....Today I recieved a certified letter from the PM stating that they are no longer managing the property. In the state of TN, am I still under a binding contract? The contract was between me and the PM group...the owners name is no where on the contract period.
Agreed -- interview more prop managers and get references, perhaps, but it seems pretty clear that it will not go well if you go it alone with your cousin.
and talk to your tenants. Maybe they wont' renew because of this yahoo, but they knew you were getting a new manager, they might want to renew.
I rented a house and signed a lease with a Property Management group. I was told in advance that the owner would be responsible for repairs and did the walk through and listed the items needing repair prior to moving in...one of those things being lots of mold in the basement. I received the key Thursday and was told that all repairs had been completed. When I got to the home, NOTHING had been done and when I contacted the PM the following morning, they contacted the owner and after lots of back and forth he cleaned the house and agreed to remove the mold and fix the ac Monday. (All of which should have been done prior to my moving in)....Today I recieved a certified letter from the PM stating that they are no longer managing the property. In the state of TN, am I still under a binding contract? The contract was between me and the PM group...the owners name is no where on the contract period.
Suggest you call the PMC and ask them. If you can't get a response from them, speak to an attorney or your local Legal Aid office.
I rented a house and signed a lease with a Property Management group. I was told in advance that the owner would be responsible for repairs and did the walk through and listed the items needing repair prior to moving in...one of those things being lots of mold in the basement. I received the key Thursday and was told that all repairs had been completed. When I got to the home, NOTHING had been done and when I contacted the PM the following morning, they contacted the owner and after lots of back and forth he cleaned the house and agreed to remove the mold and fix the ac Monday. (All of which should have been done prior to my moving in)....Today I recieved a certified letter from the PM stating that they are no longer managing the property. In the state of TN, am I still under a binding contract? The contract was between me and the PM group...the owners name is no where on the contract period.
Yes, you still have a binding contract. The letter from the PM should say who you should now pay rent to.
Leases and contracts can be assigned to someone else. This is what happened. I'm guessing the landlord fired the PM, and took over the lease. Totally legal. My daughter did the same thing firing her PM, and taking over management of her own property. Now my daughter has to deal with the tenant, and she will be responsible to pay the deposit at the end of the lease, etc. She will also be required to abide by the original lease's terms.
I disagree. I think you can manage it yourself no problem. All you need is a leasing agent to find you tenants, and a local repairman to handle repairs.
Property managers generally do nothing except eat away your profits, and many are just con artists.
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I also have related questions:
I am using a property manager for the first time, and I regret it. I own 8 other rentals, and manage them myself, and it is a breeze. This is the first time I am having any issues in a decade, and it is thanks to the property manager.
My questions are...
1) Is my property manager legally allowed to withhold all tenant information including name and contact information?
2) Is my property manager legally allowed to withhold all terms of the lease agreement (i.e. rent amount, deposit amount, length of term)
3) Is my property manager allowed to move a tenant in without notifying me in advance and getting my approval?
Any info would be helpful. I have searched far and wide and cannot find specific laws or regulations pertaining to these questions.
I disagree. I think you can manage it yourself no problem. All you need is a leasing agent to find you tenants, and a local repairman to handle repairs.
Property managers generally do nothing except eat away your profits, and many are just con artists.
===
I also have related questions:
I am using a property manager for the first time, and I regret it. I own 8 other rentals, and manage them myself, and it is a breeze. This is the first time I am having any issues in a decade, and it is thanks to the property manager.
My questions are...
1) Is my property manager legally allowed to withhold all tenant information including name and contact information?
2) Is my property manager legally allowed to withhold all terms of the lease agreement (i.e. rent amount, deposit amount, length of term)
3) Is my property manager allowed to move a tenant in without notifying me in advance and getting my approval?
Any info would be helpful. I have searched far and wide and cannot find specific laws or regulations pertaining to these questions.
Thanks
Depends on the terms of the agreement you signed, your contract to manage property with the management. I would say no but it could be in there and you just signed away without reading it. If it isn't in there then that is a no to all those questions.
Hello. My father in law died in July, and left my husband a tenanted condo managed by a property management company. It took us some months to change ownership, but now we have it, we are going to ask tenant to vacate and let family move in. When we notified the PM Co. They suggested we owe them 30 days notice. We sent and faxed notice of change of ownership. We never signed a contact. Can they hold us up for 30 days?
Hello. My father in law died in July, and left my husband a tenanted condo managed by a property management company. It took us some months to change ownership, but now we have it, we are going to ask tenant to vacate and let family move in. When we notified the PM Co. They suggested we owe them 30 days notice. We sent and faxed notice of change of ownership. We never signed a contact. Can they hold us up for 30 days?
Yes. At a minimum you owe the tenants 30 days. In some states you have to give 60 days. And in parts of California, you can't terminate their lease for anything other than gross violations on behalf of the tenant.
I have a condo I rent out and have absolutely no clue what a property manager would do. I used a standard lease, I set up a separate account for free at bank. Tenant mails me check once a month and I cash it. If something breaks I either fix it or the condo association has a handiman who will do it and the charge will be put on my monthly maint. If an appliance breaks I have an appliance repairman or I can go on line and order a new appliance at Lowes etc. Tenant has to let them in.
I have rented perhaps 12 dozen places over years and rented out my own places to around a 12 dozen tenants. No property managers. Sometimes the realtor you use will do emergency calls for free. Mine does if you use a realtor.
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Renters Rights
