Reedy & Company - Memphis TN

[Jim Pfeifer]

Has anyone used Reedy & Company as a property manager? I am very disappointed with their service and curious to see if others have had similar experiences and what can be done about it. Reedy managed four SFH's for me in Memphis. They have always been hard to communicate with and had been very dismissive of my concerns and questions. I finally sold all four of my properties in March and April - partially because I am exiting active investing and partially because managing Reedy as my property manager was becoming too time consuming and frustrating.

After I sold the properties - and informed Reedy that they were sold - they kept performing services at the properties that I didn't own anymore!   They did termite inspections and mowed the lawn - when I reminded them that I didn't own the properties, they said that I hadn't notified them properly. They also refused to send back the property reserves on each property. They said they would continue servicing the properties until I sent the Closing Disclosure document to them.  That was ridiculous, of course, because I had already informed them in writing that the properties were sold - but they insisted.  So I sent the CD's and they still mowed the lawn and did another termite inspection.  Now, they will not respond to my inquiries.  They did, however, send back the property reserves - after they deducted these phantom expenses.  I hope the new owners enjoyed their free mow and termite inspection!  

[Hark Tukay]

100% my experience with them too. They know how to hit out of state investors who are vulnerable and who probably never look at their statements as long as money is coming in. I would email and not get responses back regularly. Talked to management and they did not seem to care. They sold me on this system that is connected. They are one big office with the warehouse right there and it's better for everyone. But as soon as I caught them overcharging for stuff all of a sudden it took months to research. Aside from the multiple overcharges, they cost me thousands in under priced rents on renewals, tried to rent properties after I had moved companies, took 4 months to rent a property in one of the hottest areas of the hottest rental markets ever. The list goes on and on. I was starting to take it personally but maybe that is just how they do business. But if you think about how they operate, they do not pay out rents until the following month. This means in many cases you do not get paid until 45 days or so after rent is paid. this also means for half the month they have two of your rent checks plus your maintenance reserve of $500 per property.  So if they can find a way to charge you for something, they have plenty of your money to take.