GatlingSTR Property Mgmt Question

2 Replies

Closed on 2 STR Properties two weeks ago, one self managed rental, one a second home by the seller, so no issues with those...but, just grabbed a third today which is managed by a large property management company in gatlinburg. Property management company requires 90 day notice of cancelling the contract with them, but am I, as the new owner, bound to that contract?

I have read various documents by states on STR Agreements and honoring current reservations, but haven't found much detailing if a change of ownership occurs.

And sorry, couldn’t figure out how to edit headline on my phone, so that’s why it’s a little squirrelly...fat fingers and hit post too soon. 

Your real estate agent should have disclosed this to you before you closed. It is a common practice here for management companies to hold onto their cabins. There are some who have 1 year contracts.

@Matthew Peterson What does the PM contract state? Anything about termination in the event of property sale?

As Ruth pointed out above, if your agent neglected to disclose this to you, they may be liable for any damages.

The question is what damages will you experience and how can you prove them?