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Replies (8)
- sunnyview
- Contributions:25139
If your property manager is not following the contract in paying you the rent, you need to find another manager. Most management companies cut the owner a check mid month to make sure that the accounting is done and that the rent check has cleared the bank.
- Call The Sisters, "Call The Sisters"
- Contributions:373
As Sunnyview said - the delay could be due to making sure the checks cleared. That's a sound business practice.
It would not be stealing unless they never paid you. Check to see what your management agreement stated as to when they would mail you a check.
It would not be stealing unless they never paid you. Check to see what your management agreement stated as to when they would mail you a check.
- Bruce Cadden
- Contributions:156
Fire them. Period. There is a contractual and a fiduciary resposibility to handle funds in a certain manor. Sunnyview is correct, checks should always be cut mid-month. It should be even quicker if the funds are handled electronically.
- Robert Blair, "screentrips"
- Contributions:9
Well, before you fire, be sure you understand the contractual agreement you made with the property manager. If you don't have an agreement, then go ahead and find a property manager that does (most do, and would be foolish not to). If you do have a contract, then it probably says when the payments are supposed to be made to you. If it just says something like, "monthly" or "each month," then when you signed the agreement, you gave them permission to keep the money for a whole month. If you want it sooner, then ask if they will agree to that and sign a new agreement. If they won't, then find another property manager who will (most will, and would be foolish not to), but don't expect anyone to send you payment any earlier than one or two weeks after rents are collected. If they did, then you run the risk of receiving a check which may not be honored, because the funds haven't cleared, yet. That is not a happy place for anyone to be in.
- S. Chris Webb, "PHX AZ RE BROKER"
- Contributions:411
Are the renters two to three weeks late also? The Property Manager can not be expected to pay you rent that has not yet been collected. Check your contract and see if renter late fees are addressed.
If they are indeed withholding sums owed to you for longer than the contract states, they are in breach of contract, not stealing. If they do so, you have every right to get a new Property Manager.
Have you reviewed the contract and discussed your issues with the Property Manager? Doing so may solve your dilemma.
If they are indeed withholding sums owed to you for longer than the contract states, they are in breach of contract, not stealing. If they do so, you have every right to get a new Property Manager.
Have you reviewed the contract and discussed your issues with the Property Manager? Doing so may solve your dilemma.
- Ephraim Vivar, "El Paso Real Estate"
- Contributions:27
Ive heard even worse case scenarios. Telling landlord that the home was vacant when it was not.
Ask for a copy of the paid check. See when the rent was paid to PM. Then call the lending institution and ask how long does a check usually take to clear the bank..... THEN and only then talk to your PM. Ask for better results. Give him one chance then after that FIRE HIM!
Yup...call around. Most property managers in the area would be happy to do a take over and earn your business.
Call around.. Find a new one right here on Zillow.
Ask for a copy of the paid check. See when the rent was paid to PM. Then call the lending institution and ask how long does a check usually take to clear the bank..... THEN and only then talk to your PM. Ask for better results. Give him one chance then after that FIRE HIM!
Yup...call around. Most property managers in the area would be happy to do a take over and earn your business.
Call around.. Find a new one right here on Zillow.
- Jason Webb, "jasonwebb"
- Contributions:65
A property manager may also required by federal law to withhold 30% of all gross rent collected for taxes for foreign investors.
- Adrian Diaz-Sieckel, "emh3"
- Contributions:11
First stop would be to review any written agreement you have for terms of breach or cancellation. Speak to whomever represents this firm to resolve this in as quick and amiable a manner as possible.
If the issue goes beyond this you would want to contact the local licensing authority for property managers/realtors in your state.
Simultaneously, I would advise you begin reviewing and interviewing potential new managers for your property(s) giving special attention to make sure your specific needs are met in a way that allows the management company to represent your interests without conflict.
Hope that was helpful.
Sincerely,
Adrian
If the issue goes beyond this you would want to contact the local licensing authority for property managers/realtors in your state.
Simultaneously, I would advise you begin reviewing and interviewing potential new managers for your property(s) giving special attention to make sure your specific needs are met in a way that allows the management company to represent your interests without conflict.
Hope that was helpful.
Sincerely,
Adrian
property managers who will not do there job - what is the answer???
what can a property investor do when a property manager will not pay the rent they collected. they are always 2-3 weeks late - what can i do? is there a authority that i can go and see? can i go to the police, isnt this stealing? any advise would be appreciated. i am an overseas investor.
thanking you in advance....
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