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Updated almost 2 years ago on . Most recent reply
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Cancelling Property Management Contract
I'm cancelling my property management contract with my PM. I'm an out of state investor from NY and my duplex is in ohio. My downstairs tenant has mentioned in the past when trying to reach out for some assistance it took some time for them to reply. My downstairs tenant told me they were going to pay their rent to the city until some items were fixed. I relied this message to my PM company and they took care of it. My upstairs tenant hasn't been the greatest. She has reached out for issues in the past with the heat. At this time my property management company has informed me about it. They quoted me a price to replace the furnance. Due to the cost I decided to send someone else for a second look. The furnace just needed to be serviced. ( cost of replacing a new one 3k - cost of servicing furnance 700$). My tenant has fell behind on rent for the past 7 months and was in the process of being evicited. Ive contacted my tenant directly. The tenant was understood they was being evicted and moved out voluntarily. By the time I went to walk the property they had already moved out. After seeing the condition of the property I don't think my upstairs tenant was really living here that long. The gas stove isn't working, hot water isn't working etc. My perception is ( i could be wrong ) but I think my PM company didn't put towards the best effort of managing my property knowing that I am out of state. I just informed them of the condition and status of the unit. As well as I want to cancel my agreement with them. What is the best way for me to get out of this agreement ? Can anyone recommend any PM company's / real estate attorney for cleveland area ?
Thanks.
Most Popular Reply
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Before you terminate your contract, you should review the terms and conditions outlined in the agreement you signed with the property management company. Look for any clauses or provisions that relate to termination and the notice period required to end the contract. You should also consider any penalties or fees associated with canceling the contract before its expiration date (some managers play dirty). You should send a written notice, email works best, to the property management company indicating your intention to terminate the contract.
There are plenty of great property managers out there that want to earn your business, not take advantage of you. I know our office allows a client to cancel our agreement with 30 days notice for any reason. I tell our team we have to earn our clients business every month.
- Kyle Mccaw
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