Property management switch

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Robert GilstrapPro Member
Residential Real Estate Broker · Cartersville, GA · Member since 2015 · 575 posts · 581 votes
8y

@Megan Greathouse you need to read the terms of your management agreement. It sounds like your account is being sold to Renters Warehouse so technically your account will belong to them once the transition occurs so the terms of your agreement will be key in how you terminate. Doesn't matter that the company is no longer doing management, a contract is a contract and generally all contracts are assignable (can be sold) absent express language to the contrary in the agreement itself.

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  • Antoine Martel
    Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    8y

    Megan. Your post isnt showing up.

    1Reply
  • Megan GreathousePro Member
    OP
    Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
    8y

    Whoops... posting really isn't easy from a phone! Let's try this again...

    A property management company that I've been using for almost three years has decided to focus on residential sales, so they're selling off their property management arm to Renters Warehouse. They notified us via email on Feb. 28th that Renters Warehouse would take over management of my property on Mar. 27th.

    I have another company that I've already vetted myself and would rather use, so I'm planning to instead switch to that company. However, when I reached out to my original PM about this, I was told that I'd have to give 60-days written notice. Obviously, I don't want to transition management twice in two months. Any idea whether that notice requirement is even enforceable if they are exiting the property management business? My thought is no... especially since they didn't even give me a full 30-day notice of the management change... but I'm interested to hear from other investors.

    Thanks!

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  • Megan GreathousePro Member
    OP
    Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
    8y

    Thank you for the heads up, @Antoine Martel!

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  • Antoine Martel
    Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    8y
    Originally posted by @Megan Greathouse:

    Thank you for the heads up, @Antoine Martel!

     No problem!

    1Reply
  • Robert GilstrapPro Member
    Residential Real Estate Broker · Cartersville, GA · Member since 2015 · 575 posts · 581 votes
    8y

    @Megan Greathouse you need to read the terms of your management agreement. It sounds like your account is being sold to Renters Warehouse so technically your account will belong to them once the transition occurs so the terms of your agreement will be key in how you terminate. Doesn't matter that the company is no longer doing management, a contract is a contract and generally all contracts are assignable (can be sold) absent express language to the contrary in the agreement itself.

    [email protected]770-480-7301
    4Reply
  • Kim Meredith HamptonBusiness Member
    Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
    8y
    Megan, Why don’t you give the new company a try instead if immediately switching, who knows, you may like their service structure even better
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  • Anuj Anand
    Investor · Chesterfield, MO · Member since 2017 · 20 posts · 5 votes
    8y

    Are you with WC?  I'm so upset they are selling. Who are you thinking of going with? Have you heard anything good/bad about Renters Warehouse? @Megan Greathouse

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  • Megan GreathousePro Member
    OP
    Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
    8y

    @Anuj Anand... yes. I'm bummed about it too. Have you reached out to Renters Warehouse yet? I need to call them.

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  • Anuj Anand
    Investor · Chesterfield, MO · Member since 2017 · 20 posts · 5 votes
    8y

    I haven't yet.  I've heard they are going to open an office in Chesterfield. They will be managing 6 of my properties. I hope they are good. Are you looking to make a move or stay with them. I was looking to buy more properties because WC made it so easy and was so good and managing. I hope i can continue investing. @Megan Greathouse

    1Reply
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