Management contract amend

[Todd Cook]

Small time two property owner here. Spend some time reading here but never posted before. So I have a question and will.

Recently received an amendment to my contract with my property management company who is requesting two changes to our agreement on both homes.

1. If the home is put on the market for sale that they be the sole listing agent for the property. *I am ok with this as it seems to keep things under one roof with regards to showings and such. Not that it matters so much as I have little intention of selling it anytime soon.

2. "....right to lease....price or rent is changed to $- at discretion of property management."

I had to go back and read it over again to be certain I had it right: they want me to leave the rental rate to "their discretion"?? I say whoa, hold on here....

I sent a reply indicating that I would agree to a 'range' of rental price be established and that they be allowed to act within that range. I can understand how with multiple properties you'd not want to be calling all the owners with requests for $ variations for time/rates.

On the other hand I don't want my property listed beyond market value and be empty until they find the right tenant. Nor do I want it rented to someone brother-in-law who's down on his luck for a bargain either!

I find the wording to be very open-ended and have requested a review. Can I offer to pay them their fee at my discretion also?! Interested in hearing your thoughts on this.

[Jon Holdman]

I'd be looking for a new property manager.

Really? I can't. This is their JOB. You're paying them to do this, and paying them quite well.

My response to this letter? "You're fired".