Property Management
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Property Management (by Kathy CA/AR [AR]) Jan 25, 2008 2:12 PM
       Property Management (by bobbiej [CA]) Jan 25, 2008 3:59 PM
       Property Management (by Clara [MI]) Jan 25, 2008 4:44 PM
       Property Management (by Wallace CPM [VA]) Jan 25, 2008 5:17 PM
       Property Management (by Sean [CA]) Jan 25, 2008 5:47 PM
       Property Management (by Mac [AR]) Jan 25, 2008 6:11 PM
       Property Management (by Quackers [AR]) Jan 25, 2008 6:20 PM
       Property Management (by Kathy CA/AR [AR]) Jan 25, 2008 8:31 PM
       Property Management (by Quackers [AR]) Jan 25, 2008 8:37 PM
       Property Management (by Kathy CA/AR [AR]) Jan 25, 2008 9:07 PM
       Property Management (by SDlandlord [CA]) Jan 26, 2008 7:49 AM
       Property Management (by Wallace CPM [VA]) Jan 26, 2008 7:55 AM
       Property Management (by GEO. [OK]) Jan 26, 2008 8:31 AM
       Property Management (by SDlandlord [CA]) Jan 26, 2008 10:20 AM
       Property Management (by Kathy CA/AR [AR]) Jan 26, 2008 12:12 PM
       Property Management (by Wallace CPM [VA]) Jan 26, 2008 2:24 PM
       Property Management (by Kathy CA/AR [AR]) Jan 26, 2008 4:48 PM
       Property Management (by Kathy CA/AR [AR]) Jan 26, 2008 4:49 PM


Property Management (by Kathy CA/AR [AR]) Posted on: Jan 25, 2008 2:12 PM
Message:

State Specific Question About: ARKANSAS (AR)

Hi, I have received copies of contracts from a couple of property management agencies. The contracts really suck for the property owner. They basically say that I have to pay them half months rent the first month, and 10% after that. Plus they are in charge of decorating and keeping up the place at my expense but at their discretion (there are limits on cost but the contract states the cost of one item rather than one project). Plus they are going to charge me for bookkeeping. On top of all that, if they do anything wrong, they aren't responsible. Hereís what it says:

WAIVER: Owner agrees to waive all rights of action of any type against Managing Agent for damages caused or allegedly caused by Managing Agent, itís employees, subcontractors, or any other party acting on itís behalf.

To me it sounds like they want to take my money and if they or someone they hire does a crummy job Iím just SOL. Is this normal for property management agencies? I need one, but their contracts would make me feel much less secure. At this point, Iíd like to pay someone to fill the vacancy and continue to manage long distance.

My property is located in Hot Springs AR if anyone could refer me to either a good PM agency, or a service that can find a tenant, Iíd appreciate it. I have called the NARPM and IREM people listed on those web sites, but either they havenít returned my calls, or work for companies that own and manage their own properties. Any advice, besides ďsell itĒ would also be appreciated. I did a search and have read posts related to PM. Thanks.

--69.107.xx.xx




Property Management (by bobbiej [CA]) Posted on: Jan 25, 2008 3:59 PM
Message:

Keep trying. I have found some property mgmt. people are not very good. I only give them 30 days and see how things go with renting a place.

One owner said she had real good tenants for me. Their nephews were really nice.

Turns out she was going to take care of foster children, they had terrible credit, etc. Same day someone else approved them --64.142.xx.xxx




Property Management (by Clara [MI]) Posted on: Jan 25, 2008 4:44 PM
Message:

Mac is in Hot Springs, and she is a Realtor. She works out of Meyers Realty, which is also in Hot Springs.

If her company couldn't handle your property, perhaps she could find someone who could. --4.165.xx.xx




Property Management (by Wallace CPM [VA]) Posted on: Jan 25, 2008 5:17 PM
Message:

The clause you have problem with is COMMON and any NARPM and IREM member will have it in their contract. Any PM worth dealing with will NOT remove it.

You are looking for a flunky - not a professional property manager which is why you object to their contract wording...I ONLY work for owners whose property I can control as far as decoration, etc. to keep it competitive and attractive to prospective residents.

If they are not returning your calls, you are telling them too much in your message. --67.142.xxx.xx




Property Management (by Sean [CA]) Posted on: Jan 25, 2008 5:47 PM
Message:

have to agree with Wallace.. Complete control.

While what we do is different (I only work with one investment group) I must have control completely, including decoration.

They thought it odd at first. However, I was able to take a run down 1/3 empty 48 unit community and make it 4 star, 100% occupied by qualified tenants and have a standing waiting list in under 4 months.. Why? Because I had COMPLETE control.

While many owners have good ideas and intentions, many also lack the training and dedication that a true property manager has.. While I will intently listen to suggestions and ideas from my investment group, if I know they are off base, I need the flexibility to do it MY way, because I KNOW what works and what doesn't.

A professional in any other field will expect the same control over what s/he is charged with.

Sean

--76.20.xx.xx




Property Management (by Mac [AR]) Posted on: Jan 25, 2008 6:11 PM
Message:

Kathy - call me on the office # - I have the phones tonight. --205.188.xxx.xxx




Property Management (by Quackers [AR]) Posted on: Jan 25, 2008 6:20 PM
Message:

As a side note, this is the only reason I've ever thought about getting a RE license: to open my own property management company. I know of one... that's right... one PM I would trust with my places. But she is overloaded and will not take on new properties.

On the other hand, I drive by house after house that is empty and I see the same bad PM companies not doing their job. I KNOW I can do a better job.

But do I really want the frustration of dealing with idiot property investors? Not really... --69.155.xxx.xx




Property Management (by Kathy CA/AR [AR]) Posted on: Jan 25, 2008 8:31 PM
Message:

Thanks for your responses. Thanks Mac. I am new and uneducated at LLing. I know what I'm doing can be frustrating and difficult but I've learned a lot and I'm looking forward to learning more and more from the people here and from my experiences. So far I've been enjoying it. I guess I've got the bug and hope to be able to invest in more property sometime soon. --69.107.xx.xx




Property Management (by Quackers [AR]) Posted on: Jan 25, 2008 8:37 PM
Message:

Kathy, I just re-read my response... I did not mean that YOU were an idiot! I was just thinking about some of the slumlords in Little Rock that I've dealt with.

Mea cupla, my bad typing! --69.155.xxx.xx




Property Management (by Kathy CA/AR [AR]) Posted on: Jan 25, 2008 9:07 PM
Message:

Quackers, That's OK. I decided that you didn't mean me, but everone else (LOL)!

--69.107.xx.xx




Property Management (by SDlandlord [CA]) Posted on: Jan 26, 2008 7:49 AM
Message:

Wallace/Sean: The control thing I understand (however never personally would put up with)...but you offer NO comment about the WAIVER. How, in any way is this justifiable? These guys look like crooks.

WAIVER: Owner agrees to waive all rights of action of any type against Managing Agent for damages caused or allegedly caused by Managing Agent, itís employees, subcontractors, or any other party acting on itís behalf.

--71.130.xxx.xxx




Property Management (by Wallace CPM [VA]) Posted on: Jan 26, 2008 7:55 AM
Message:

This is in my management agreement and is taken w4w from Professional Publishing mgmt agreement form.

I also have an arbitration clause and wording that if property owner/client files a complaint against me with licensing/Realtor, etc., and the complaint is unfounded, they pay my attorney fees.

A. Indemnify and hold AGENT harmless from any and all costs, expenses, attorney fees, and damages from, or arising out of, the management of the property by AGENT, or the performance, non-performance, or exercise of any of the duties, obligations, powers, or authorities granted in this Agreement, except where the damage is legally due to the negligent or intentional misconduct of the AGENT.

--205.188.xxx.xxx




Property Management (by GEO. [OK]) Posted on: Jan 26, 2008 8:31 AM
Message:

If I managed properties for other investors I would put the same indemnity clause in my contract. Investors who don't want to be landlords can be as pesky as a PITA tenant. But I think shopping for a good PM is just as important as shopping for a good doctor. You're depending on them to do a professional job that will benefit you. --98.162.xxx.xx




Property Management (by SDlandlord [CA]) Posted on: Jan 26, 2008 10:20 AM
Message:

Wallace: There is a SIGNIFICANT difference between the waiver cited by the original poster and the one you use.

"...except where the damage is legally due to the negligent or intentional misconduct of the AGENT."

Absent that wording, the assessment of "crooks" is supported.

--71.130.xxx.xxx




Property Management (by Kathy CA/AR [AR]) Posted on: Jan 26, 2008 12:12 PM
Message:

SDlandlord,

Thank you. That is what I thought too. I can't imagine a lawyer would advise anyone to sign any contract with that waiver. As I posted it, that is the entire paragraph. It did not have "except" in it like Wallace's does, at least I didn't find one and I read through all 4 1/2 pages twice. I like Wallace's better. --69.107.xx.xx




Property Management (by Wallace CPM [VA]) Posted on: Jan 26, 2008 2:24 PM
Message:

I have attorney clients who sign my agreements. --67.142.xxx.xx




Property Management (by Kathy CA/AR [AR]) Posted on: Jan 26, 2008 4:48 PM
Message:

Wallace, Your agreement is reasonable. The one I have read and quoted does not appear to be. If the agreement I received had your clause in it, I wouldn't be questioning it. --69.107.xx.xx




Property Management (by Kathy CA/AR [AR]) Posted on: Jan 26, 2008 4:49 PM
Message:

Wallace, In fact I am grateful that you posted your clause. It shows that the contract I didn't sign is lacking, so thank you. --69.107.xx.xx





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