Trustworthy Property Managers

[Omar Lee]

I've been shopping around for a property management company (PM) and I'm astonished by what I've seen. Some of the contract terms I've reviewed are down right bewildering. What's even more surprising is it appears to be an industry standard!? From my research 95% of PM's contracts entitles PM's to complete control of the property and the finances. Furthermore there's little to no accountability on the PM's part. Conveniently paired with no recourse afforded to the property owner. None! Almost like handing the car keys and credit card over to your teenage child as they head off for a wild night of fun. Friday night to boot! You've seen the terms. Named additionally insured on your policy; Hold harmless agreement; indemnification from both the property owner and tenants; Can't be held liable for mismanagement and or gross negligence; Rent checks shall be made out to the PM and will be deposited into PM's bank account; PM decides what expenses are to be paid, how much and to whom; Property owner will receive a disbursement only after the monthly financial books are reconciled; PM has a sole claim on a myriad of tenant fees; Property owner will be billed for a setup fee; Property owner will be billed for tenant dwelling inspections; If the property owner suspends the contract, there's a bill for that too. Is this normal?