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Updated over 2 years ago on . Most recent reply

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Property manager not cooperating in turnover

Bocondo Williams
Posted

I own this property in Virginia which I gave to a Property management company to manage 2 years ago. As per the agreement they were responsible for collecting rent, leasing the property, providing maintenance and accounting services for property. Over time the performance of property was not very good (rent were down by 3% while in market rent were up 12-15%) and therefore I decided to let go of the property management company and start managing the property. As per the agreement we signed we were supposed to give 120 days notice to terminate the agreement, so when I let them go they immediately charged me for 4 month of management fee. And now after 25 days of the effective date of handover, they have not provided complete documentation. Here are some of the missing items...

  • Some of the leases were not provided. Later they claimed they have not signed the lease for 1 of the parking space.
  • Some of the keys were not returned. They claimed that they lost the keys.
  • As per the lease they were supposed to collect Pet Deposit, but they claim they made a mistake and did not collect pet deposit.
  • One of the tenant's has filed for rent relief and their documentation is not given.
  • Final ledger and accounts for property has not been turned over.
  • Full amount from the operating account has not been paid yet.
  • There was very little co-operation in handover of the management.

I can go on, but can someone please help me guide, what are my options?

Most Popular Reply

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Bocondo Williams:

I can go on, but can someone please help me guide, what are my options?


File a complaint with the Virginia Board of REALTORS. Here's a guide: https://virginiarealtors.org/l...

The form and place to file a complaint is found at the bottom of this page: https://virginiarealtors.org/l...

When you file a complaint, the Board will probably contact the other party to let them know a complaint exists. This puts the property manager (and/or his Broker) on notice that an investigation may start digging into their business practices. No real estate agent wants that and it should motivate them to work with you to resolve the issue and get the complaint dropped. If not, push on.

Get your ducks in a row. Provide copies of emails, phone call records, text messages, lease agreements, Property Management agreements, invoices, or whatever evidence you can provide to bolster your case from the very beginning.

  • Nathan Gesner
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