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Updated about 8 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Indianapolis, IN
29
Votes |
50
Posts

Property Management issue, what should I do?

Account Closed
  • Rental Property Investor
  • Indianapolis, IN
Posted
Hey guys, I need some advice. I have a rental property in Indianapolis with some bad inherited tenants, and a very irresponsible property manager. I am out of state for the next few months. When I purchased the property in August I paid the real estate agent $595 set up fee to be my property manager (he offered and I accepted). On sepetember 1st he was supposed to have the new month to month lease signed and rent paid. I texted him on the 5th and he hadnt done anything! So I had to actually call the tenant and finally by Sept 12th they paid rent and signed the contract. Oct comes and no rent paid. We both try to call tenant and phone disconnected. So I wait and see what the manager will do. Absolutely nothing, I don't even know if the house is vacant or not? So today I get an email from him almost a month later saying that he wants to be released from our 6 month management agreement because he said that it has been more of a hassle then its worth and he is done with real estate. I feel like I am entitled to half of the set up fee in return, since he has done nothing as far as management goes other then drive to the house one time to get the contract signed, (I made up the rental contract so can't even say he did that). I just feel like $595 is a lot of money for a simple task. What do you guys think is fair? Thank you!

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Mindy Jensen
#1 Questions About BiggerPockets & Official Site Announcements Contributor
  • BiggerPockets Money Podcast Host
  • Longmont, CO
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Mindy Jensen
#1 Questions About BiggerPockets & Official Site Announcements Contributor
  • BiggerPockets Money Podcast Host
  • Longmont, CO
ModeratorReplied

@Account Closed , I'd request the ENTIRE amount refunded. They haven't done anything they said they were going to do, and now they are just ditching you. 

Also, I'd go to their broker if they argue even one minute. 

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