Property Management

[Keith Jablonowski]

What are your thoughts on a Property Management company that operates without a contract between them and the property owner?

Was inquiring about a property and the current property management company stated that they work on handshake deals for 95% of their clients. They do currently manage 500+ doors.

Their selling point was the a contract would just end up protecting them more and doing nothing to protect the owner.

This gave me a very uncomfortable feeling. I don't understand letting a 3rd party deal with the tenants, maintenance, etc in a building YOU own without a single thing in writing detailing the terms.

As I have never hired or worked with a property manager before I am interested in hearing other peoples thoughts on this.