Author Topic: Property Management Question  (Read 1134 times)

PawPrint3520

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Property Management Question
« on: September 06, 2015, 08:59:57 AM »
We are moving into one of our two rental houses. Got the keys from the management company the other day. I had not received the owner draw from the August 1 rent payment. The office person said it could take up to a month to get it. I asked why and she mentioned utilities (we put them into our name immediately) and maintenance issues (it's in pristine condition). My thought is, aren't all those things the tenant's responsibility? Isn't that what the deposit is for? Why would the company retain the owner draw to pay for those things? Any ideas or experience with property managers?

NoNonsenseLandlord

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Re: Property Management Question
« Reply #1 on: September 06, 2015, 10:37:06 PM »
They have a bunch of properties, but it does seem excessive.  The owners payment should have been received like any other payment.  The previous tenants deposit has already been sent out, probably a legal requirement.

They spent your money refunding the previous tenants deposit.  Now they have to earn it from somewhere else to pay you.

patchyfacialhair

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Re: Property Management Question
« Reply #2 on: September 09, 2015, 09:45:24 PM »
They have a bunch of properties, but it does seem excessive.  The owners payment should have been received like any other payment.  The previous tenants deposit has already been sent out, probably a legal requirement.

They spent your money refunding the previous tenants deposit.  Now they have to earn it from somewhere else to pay you.

+1. I'd probably be making sure to send certified letters demanding your last owner's payment be forwarded ASAP. Any charges/fees they deduct from it for 'maintenance' or 'admin BS' should definitely be validated.

Only other thing I can think of is if you signed an agreement with this PM company that says that your last owner's payment will be delayed for XX days for Y and Z reasons, then essentially they're following through on their half of the agreement. Still bad business practice though, IMO.