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NoviLandlord

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Posts: 5
Reply with quote  #1 

Dear fellow landlords, I need your advices.

We were those people who suffered from the crash of the MI real estate market and never walked away from the mortgage but get stabbed by poor property management company.

We have a condo listed with a management company named Richers and associates in Michigan for 4 years starting with mint condition. The PM never represents us!

-He is slow in communication
-He markets the condo really low and takes the first available tenant.
-He changes our rent increase request from $50 to $25 on the third year.
-The tenants ask to paint our property when they first came in and we natively agreed but put in writing that they have to paint it back to neutral color when moving out. This PM, in order to sweeten the offer of rent increase after 2 years of renting, yes, not only he lowers the rent increase from 50 to 25, he told them they don't need to paint it back.

As a result, we've been losing money every year, the current rate is severely below the market price (30%). The tenants finally decide to leave but they have something in writing that the PM told them they don't have to paint our condo back.

 

We contacted Richers management and got NO responses.

We were told MI is a tenant favored state, what can we do in this situation?

 

Be aware of horrible PM company and bad agents! They are out there to hurt your property.

jgardian1

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Posts: 6
Reply with quote  #2 

The only thing you can do is possibly sue the PM company for mismanaging the unit.  Once the Pm company give the tenant something in writing you cannot really do anything about it.  the Pm company represents you so the contract (in the courts eyes) binds you to the contract.  The first thing you do is fire the Pm company, then speak to a lawyer.

 


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James Copeland
silverthornpropertymanagement.net
Caldwell Idaho
jems232

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Posts: 8
Reply with quote  #3 
Before selecting a property manager you should collect detailed information about him, his work and his way of customer service. Still ow also you can do these. Collect information about him from his previous customers how he treat them. If he has treated well with them ad provided good service to them then just go with hi. This time there might be some other issues for which he is dealing at a slower rate with you.
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GHG AM
adalinaabella

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Posts: 3
Reply with quote  #4 
That's why various agencies or real estate investors try to assist you to get in touch with an agent before you are going to be investing on any real estate. Try to get the detail and depth knowledge about the piece of property that you are going to by. Because investing is not a one time investment. You invest for getting the profit from the piece of property life long.  So, try to start the getting detailed as much as you can before investing...Phoenix homes for sale
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