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Updated almost 6 years ago, 01/16/2019
Seeking Quality Fort Collins, CO Property Manager
Hi BP folks!
My wife recently inherited 11 units (4 buildings) in Fort Collins and we are seeking a property manager as we're out of state. She's interviewed several but is not comfortable with the terms of their contracts and they seem resistant to modifying/red-lining their terms (note: my wife is a contract attorney, so part of the question here is "are we being too stringent?").
All County was her first choice, but their contract requires that she grant them blanket indemnity, even for their own negligence. In other words, should they hire an unlicensed electrician who faultily wires a socket and burns the building down, they have zero liability (extreme case, sure, but it would apply). They also charge a lease renewal fee of $250 (the existing tenant stays, but she pays regardless - is this normal? I'm thinking not....).
Stegner seems open to negotiating indemnity, but there are so many fees in the contract, she feels like she'd be getting nickel and dimed. For example, they have a clause that says if she terminates the contract with them at any time while a tenant is under a current lease, they're owed 6-months management fees. How does that even work with 11 tenants who are on different lease schedules!?! She'd never be able to cancel without paying YEARS worth of rent.
Can anybody recommend another manager that we should consider? Alternatively, does anybody have experience with either of these companies that might sway us to put aside some concerns?
She's willing to pay 10% of rents collected (although, she'd appreciate a volume discount, but I'm not sure if 11 units is enough to warrant that (?)), and is fine with leasing fees, eviction fees, early termination fees, etc., but we are having trouble finding somebody with the right fee schedule on the right terms.
Thanks for your help!