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Ezlease's Blog

By Ezlease | Real Estate Pro in Long Beach, CA
  • Who Are These Crazy Property Management Companies Run By, Anyway?.... Opening up Property Owners to Lawsuits ????

    Posted Under: Rental Basics in Texas, For Rent in Texas, Rentals in Texas  |  April 6, 2012 7:59 AM  |  914 views  |  No comments
    My first question to you is where did they come from anyway??? With hundreds of calls coming in every month with customers stories being heard over and over again, one thing rings true.... the Property Management Companies hired by apparent absentee owners and investors that have decidedly to entrust their investment and profits and possibly their means to a retirement into the hands of uneducated high graduates with little or no experinece managing property. You might ask why?? My answer is possibly that the VP's of these so-called large management groups are very good sales people, enticing owners of large multi-family units to engage in management agreements. The presentation from corporate is good by these management companies and it pretty much stops here....
    These companies fail to mention they set out in the owners leasing offices untrained individuals that have no background in real estate, property management or even the legal and ethics that should be taught. My personal thoughts are that they would be much better off hiring a real estate agent or broker, someone accountable, trained and educated to manage properties... but, oh  no! The owners of some of the multi-family apartment complexes do not even check to see if the companies are holding a brokers license (which they are supposed to in Texas, anyway) ....
    So, let me just give you an idea about what's going on out here.... These untrained 'leasing agents' at these properties make up the rules as they come along... Many of the managers are too busy and too overwhelmed with the workload until they really have to pay attention to what is going on... the 'leasing agents' are not professional enough to not allow their personal feelings about clients to get in the way.... What happens next??? These people outta high school have access to reporting, in turn throwing negative history on to people's credit... (there was recently a lawsuit with this...I wont tell you what company)
    The leasing agents are to so driven to increase the bottom line in extra fees for THE MANAGEMENT COMPANY (NOT OWNER/INVESTOR !!!), they regularly piss-off their good renters to increase profit margins for themselves by charging excessive utility bills, fines and violations (if they can get away with it... or they're slapped with a lawsuit if the tenant is saavy enough to retain legal counsel).... The owner's property, which the management company DOES NOT OWN is being used as a TOOL for profits in the BEST INTERESTS OF THE MANAGEMENT COMPANY, not the owner/investors in mind.... The owners/investors check on the financials quarterly, the management companies paint a pretty picture, and if they are losing money, the owners gets to hear stories about the BAD economy and such.
    ATTN: OWNERS AND INVESTORS GET MORE INVOLVED AND REQUEST MORE INFORMATION FROM THESE COMPANIES!!
    ! They are eating up your profits, pissing off good tenants with extra fees with threats of ruining their credit, in turn, lowering your retentention rates, and opeing YOU up for LAWSUITS!!! As these tenants get more saavy and have access to the internet and more free resources, A LAWSUIT and HENCE, if WON- EXPOSURE TO LIENS on YOUR property triples and quadruples expotentially!!!
    Get Out there Property Owners, Get Involved, Send in Mystery Shoppers and check out these companies BEFORE THEY walk away with ALL YOUR PROFITS and YOU GO BANKRUPT !!!
 
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