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Updated over 10 years ago,
Las Vegas property management contract question/help
Hello everyone.
I am new to this site and a novice to real estate investing in general although I have had my rental property in Henderson, NV since 2006.
I have been using my current PM to manage the Henderson NV property since 2006 and have some minor issues with them up until now. Monthly charges that have been ongoing for the past 4 months now (ie broken sprinkler heads, numerous plumbing issues, etc.). The home is one of many in the Vegas area that was affected by the Kitec plumbing class action lawsuit and had the plumbing re-done in 2011. But that is another topic all together.
I am seriously thinking about terminating their services with them but going over the language in our contract I just wasn't sure how to interpret this.
"upon the expiration of the primary term of this contract it shall be automatically renewed for a like period of time unless the Owner or Agent shall at least 30 days prior to the expiration date thereof give written notice of his desire not to renew this agreement."
The primary term is from May 2006 to May 2007. Do i have to wait till May 2014 or can i just give them 30 days notice in writing to fire them? I know I should seek legal counsel but any input or insight in this matter is greatly appreciated.
Additionally, if anyone knows of a "reputable" PM in the Vegas area, I am all ears.
Thanks.
Darwin