All Forum Posts by: Niranjan P Ghate

@Scott Trench, The PMs you must work with seem to be really good. Can you share some names and contact details? Where do they operate? I am new to REI and I was shocked to see the terms presented by the ones I have seen thus far. They seem to be so unfavorable to the owners!

I am new to REI and using property management companies, but having looked at terms offered by 3 property managers, I see some of the following unfavorable terms:

1. Manager can renew leases without Owner approval

2. Manager has broad discretion over rental amounts, discounts, and payment arrangements 

3. Continued management fees for remaining lease terms even after termination

4. 3% to 6% sales commission if the property is sold to a tenant within 3-12 months after termination of property management agreement

5. Manager keeps 100% of late fees and pet rent, etc 

6. One-sided Liability Provisions, Legal Protections

7. Cross-collateralization - proceeds from one property can be used against charges from another property being managed for you.

8. Manager has lien rights against the property. ?!!!

Is this common across various states or something seen more in Arkansas? 

What are people's thoughts about not using a property manager but working with the tenant to have them schedule repairs as needed, but paid for by the owner?

Any advice is much appreciated!

- Niranjan