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Updated about 4 years ago,
How to deal with property management company disappearing?
I have a few properties in Indiana and one property near Kansas City, MO.
I've owned them for a few years now. I bought all of these through turnkey companies that do the rehab and also do property management, and I hold on to them long term.
Recently, over the past few months, the PM for my Kansas City property has been communicating less and less. They failed to fill a vacancy over the past few months, were not responding to most of my communications, and recently they went offline (their site is offline, and their email domain is also offline, emails bounce back).
I have never even seen this property in person.( I hired my own trusted inspector when I made the purchase -- which gave me the confidence to purchase) -- but now I feel a little lost in this current situation.
What are my options at this point? Find a new PM? I will have to re-read the PM agreement I have on file with them to see what my outs are. I admit I did not consider this scenario (ghosting me) when I made the purchase.