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Updated almost 12 years ago on . Most recent reply
Property Management problem
I bought an investment property in Kansas City (Independence). It came with a tenant. I am currently situated overseas and cannot get back to the USA until April 2014 (earliest). The property manager is aware that I am overseas.
I use a property manager to look after the property for me and deposit rent money into my Wells Fargo bank account. For the first 9 months this system worked well.
Problem:
About 11 months ago the property manager stopped depositing rent money into my account (except for October 2012).
I have received numerous reasons why this is the case via email.
- "A new payment program is being set up so there is a delay in processing".
- "Numerous repairs to house" (no evidence or receipts)
- "The tenant has yet to pay the rent this month”.
- “I promise to sort this out as soon as possible.”
- “I promise to start the eviction process by Friday if the tenant does not come in and pay the rent”
Now the property manager and the owner of the property management LLC refuse to respond to my emails for the past 3 weeks.
When I call the up the front office I get the same message: “I’m sorry they are not available to talk to you at this time. Please email them with any concerns”.
I continue to service a $55,000 loan and paid the recent Tax Bill.
Assume I have no family in the nearby area to assist.
What are the options do I have before me????? Any assistance would be greatly appreciated.
Most Popular Reply
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Hi Gary,
Is the property manager an agent working for a larger PM company?? If so have you called the principal broker and owner of the company??
If they are the owner of the company and principal broker and you can't reach them or they a REALTOR or they just hold a license in that state??
If they are a REALTOR you might can get them sanctioned for Ethics violations.
Another last step is contacting the state real estate commission and filing a formal complaint. You can have an attorney send certified signed mail that if you do not hear from them in 24,48 hours etc. you will file a complaint with the commission.
3 weeks without a response is too long. I don't like the answers they are giving you. If they are having to evict that should be your call and they should communicate with you.
- Joel Owens
- Podcast Guest on Show #47
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