Denver - Property Mgmt Contract problems

[Cary P.]

Hey Folks,

I'm signed up with a PM company in the Denver area and I am VERY unhappy with the work they are providing.  I believe they are in breach of contract, but they still want me to pay about $20K to "buy out" the contract. 

Anyone have experience getting out of a contract that does not have any back outs for the owner at all?  I believe they are in breach and therefore the contract is void, but they think I am wanting to terminate the contract triggering the buy out clause.  Obviously, I have tons of evidence to the contrary, so I can "prove my case"

Thanks,

Cary

[Thelonious Jones]

Cary,

I recommend hiring an attorney for this, because the $20K sounds like a pretty steep fee. 

I had the same issue a couple years back over a couple thousand dollars, I also had proof the property manager was in "breach of contract", but per my attorney it was not really worth the time and effort to go to court. 

But best suggestion is hire an attorney for contractual advice and try to somehow come to a reasonable agreement outside of court, if it can be resolved in civil manner, take it court. 

One thing I learned after losing my money and my investors money to a property manager is that I would never let another person or company collect our rental income. I use pay your rent now, so if a PM does not work out efficiently they do not control our money/cashflow.

Please let me know if this helps.