Need some advice...quickly

[Pearce G.]

What do you do as a landlord when your PM won't provide a copy of the fully executed lease?

Here's the situation.  My first rental property.  My PM was highly recommended by my realtor, and for the most part, she has been satisfactory during a cosmetic rehab.  Ten days ago, however, I was getting impatient with how long it was taking to get it rented.  She even declined to give me a progress report, because she didn’t want to jinx herself.  I interviewed a backup PM, just in case, and was on my way to meet him at the property, but when I got there, I realized someone was in the process of moving in.

I texted my PM:  Is it rented?

PM:  Yes, I was going to surprise you.

Me: OK, great, send me a copy of the lease.  

PM:  Scanner is broken.  Will have to snail mail it.

Six days later…no lease.

Me:  Where is the lease?

PM:  Oh, sorry.  I forgot.  I’ll email it now.  

So she emailed the lease TEMPLATE.  It has names and amounts filled in, but no signatures.

Me:  I want the SIGNED lease.  And I want proof of security deposit.  And tenant background info.  And full accounting of rehab expenses.

Three more days…nothing.

Me:  Where is the lease?  

PM:  Scanner is not working.  Will have to mail it.

Me:  %#$@*&!!!!!

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I will talk to her this evening after she gets off work.  Whether she is just sloppy, spread to thin, or doing something more sinister, I don't know.  I just know I need to change property managers. 

So how do I sign on a new PM when I can't yet provide him with a copy of the fully executed lease?

[Kevin Harrison]

Yeah that definitely sounds fishy to me, Someone who is in this line of business needs to be efficient at getting documents to people and communicating. Also I don't ever want to be "surprised" about what is going on with my investment. I would demand she give you the signed lease and full accounting of the money ASAP. I would even go so far as to threaten legal action if she doesn't by some deadline (24-48 hours). Then I would most likely change PM's because this is just not acceptable.