Quote from @Patricia Steiner:
I hope a lot of BPers will read this thread and learn from it. When you turn a property over to a PM, you don't turn away from managing the PM. Any idiot can mismanage a property and let performance decline...but PMs are expected to be experts in this field. Termination periods...4 months just to comply with an artificial date. I would file a complaint with the BBB - which triggers an expected response from the company - on the grounds of mismanagement and failure to provide services (provide the list) - and don't reward poor performance.
Thanks to the poster as well as all who contributed.
Hello All,
Thanks a lot for all the replies, yes this was a big lesson for me and all who read this thread. Just because PM is managing the property you can't leave it for them, you have to manage the PM and see what they are doing, read their report every month, ask question if you see red flags. In retrospect, here are few things I did not do...
1. I did not read all the lease they signed.
2. I did not keep up with market, how the market rent was increasing while my property rent actually went down.
3. I did not see all the maintenance requests and expenses related to them.
4. I did not visit property frequently to ensure good living environment for tenants.
I still have not filed complaint against them because I wanted to stabilize the property, in past 2-3 month, I gave notice to all the tenants paying lower than market rent and signed new lease at market rent, overall rent increase will be 11.5% when new rent kick in. Did several small improvement which made building look 100 times better and I can feel the excitement when new people come to see apartment.
I will be filing complaint against them with DPOR and BBB. One question for someone who is familiar with Realtor ethics, which ethics my complaint should be focused on?
