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.