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Property Management Issues

michless

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There are a group of us that bought condos (individually) last year and have the same property management company that in my opinion is not doing a proper job and am questioning whether they are managing legally. Here are a few of the issues at hand:
- tenants skipping out and mgmt refuses to give me the name of the tenants so I can myself go after them for the rent, mgmt says there`s no use. But as the owner of the condo do I not have a right to know who the tenant is?
- mgmt has been charging owners with repairs, anywhere from $100-5000 without prior consent and refuses to provide reciepts for repairs, several requests have been unanswered.
- rent has been deposited into accounts for way less than rent, repeated enquiries as to why have been unanswered.

Should this be tolerated anymore?? I would like to know what other investors think I should do, would speaking to a lawyer help? Fyi, the realtor who sold is the overpriced condo`s are the the property managers as well. Needless to say, I`ve become much more aware and `smart`, of course after the fact.
 

kboughen

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QUOTE (michless @ Aug 14 2008, 12:01 PM)
Should this be tolerated anymore?? I would like to know what other investors think I should do, would speaking to a lawyer help?




I would not be able to tolerate any of the above, I would terminate the agreement immediately. If you believe there are substantial losses (thefts) I would also consult a lawyer.
 

michless

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QUOTE (kboughen @ Aug 14 2008, 10:15 AM)
I would not be able to tolerate any of the above, I would terminate the agreement immediately. If you believe there are substantial losses (thefts) I would also consult a lawyer.






Oh the other issue, when asked when leases are due so we can take over it falls upon deaf ears and unanswered emails. I managed to get one of my condos back because the tenants skipped (corporate tenant) out on the rent. That's when I questioned the company's integrity and whether they were skimming. But the other owners haven't been able to get the necessary documents in order to take over the rent.
 

michless

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QUOTE (C2Ventures @ Aug 14 2008, 12:13 PM)
Sounds familiar. What city are your properties?




They are in Edmonton... there's 7 of us that have similar problems. We each have 2 individual condo's and we are all having problems with tenants or repairs or always something. I really do think I need to get a lawyer so if anyone knows of a good real estate lawyer please let me know.
 

DianneDachyshyn

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We just fired a Grande Prairie PM company because when we evicted a tenant and the security deposit was returned to cover lost rent and damages, only a portion came to us. As a matter of fact, they didn`t return it until we hounded them about it. Then we received a casual email from the PM saying, "I believe $890.00 will be going back to you—he still owed $510." Apparently, the tenant had never bothered to pay the full security deposit and the PM didn`t bother to collect it. To add insult to the above, they took their 10% of the portion before they sent it to us. When I asked what about the rest and what was going on, they shrugged and said, "What can we do about it? That`s all that came in."

It`s tough finding a good PM company, but we really can`t afford to allow that kind of lousy service.
 

MonteDobson

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I can`t speak for your Edmonton problems, but we have had similar problems and are in the process of firing QPM in Grande Prairie as they have been very frustrating to deal with. The more I hear about them from my tenants the madder I get. And now i have 2 vacancies to fill and have had over 10 applications come in from online ads, whereas they just wanted to slash rents to fill the vacancy. If someone wants to look at the property, they have to go to the office to pick up keys and look on their own. Also have found out many issues around maintenance etc.

Anyways, bottom line, if your property mgt company is not up to standard take whatever action is needed to resolve the problems. This is your business and needs to be managed as such. I feel your frustrations...now we have a private lady looking after all of our properties and it is going 10X better already!!
 

dplummer

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As owners you are entitled to all info pertaining to your units. Have you formed a condo corporation? Contact your lawyer immediately. There`s something fishy here.

Doug
 

Ready4Rent

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Oct 11, 2007
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Michless,

I would call them, give THEM 24 hrs notice, go to the office and grab YOUR keys. Then get a full audit on your account, and call your lawyer. Cancel your contract, (which should require authorization for spending over a set amount, among other things like providing accounting updates). Send a letter to your tenants informing them of "New Management" effective immediately (YOU) Direct all payments to you. Then get referrals for a new company.


John
 

realfortin

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Everything smells of extreme mismanagement. You should have full visibility of everything that is going on with full receipts and information. Get out fast and get legal representation.
 

michless

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Does anyone know a good lawyer in Edmonton?? Thanks to everyone for the replies, I didn`t think I was crazy to believe that there is a mismanagment problem. I guess the other issue is if I do get a lawyer and find out there is a mismanagement problem what could possibly happen? Would it be a waste of money?
 

mikecunning

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Sep 18, 2007
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Yup, been there. Freaking brutal. Try the Better Business Bureau. Also, the Real Estate Council of Alberta is a good place to lodge complaints.

There are a group of us in Red Deer with a similar experience. I think we are writing a book!
 
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