Home Buying in Orlando>Question Details

Capitalresid…, Home Buyer in Canada, KY

Obligations of the property management company.

Asked by Capitalresidents, Canada, KY Mon Mar 9, 2009

We are considering purchasing a unit in Orlando that is presently rented. As we are located outside on the US, we are required to hire a property manager. Once the property manager has screened and rented to a tenant, if they do not collect the rent, are they required to cover the rent in cases of default. Do we have recourse against the property manager for renting to a questionable tenant? Just curious what the rules are. Thanks

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5
It sounds like your looking for a no risk relationship where the property management company bears all the risk. There is no property management company that does or would provide those kind of terms. You need to make sure that you do your homework before hand and find a reliable property manager that will meet all your needs. If you need help in knowing what to look for use this guide:

http://www.managemyproperty.com/knowledgebase/hiring-a-prope…

Also make sure that you understand the fee structure they offer:

http://www.managemyproperty.com/knowledgebase/property-manag…
0 votes Thank Flag Link Thu Oct 22, 2009
You are not required to hire a property manager; although it is a very good idea if your are not local and/or have little experience with this. Property managers do not cover the rent in case of default. Our job is to follow up with the Tenant and collect the rent and recover a late fee; and if they have to be evicted the court/attorneys fees (approx. $500+) are your responsibility but we help co-ordinate the paperwork and eviction for free. We rarely have any evictions, because we have a thorough application processs.
0 votes Thank Flag Link Fri Aug 28, 2009
I can refer you to a fantastic property management company...they can answer any questions you may have beforehand. Please contact me if interested.

Thanks,

Sarah Maus
Realtor
Dave Brewer Realty, Inc.
321-228-3448
Web Reference: http://www.SarahMaus.com
0 votes Thank Flag Link Mon Mar 9, 2009
Sounds like you're looking for trouble before it's even begun to me! And why are you "required" to hire a property manager? There's no obligation that I'm aware of.
--
Kind regards,

Marcus Burke PhD, GRI
Broker: Orlando Real Estate Pros
Condo Metropolis LLC
Licensed Real Estate Brokerage

Condo Website: http://www.CondoMetropolis.com
Blog: http://www.CondoMetropolis.com/blog

Homes Website: http://www.OrlandoRealEstatePros.com
0 votes Thank Flag Link Mon Mar 9, 2009
A good property manager will give you a suggested tenant screening policy. Once you have agreed to the policy you will bare the responsibility for the acceptance of the tenant.
0 votes Thank Flag Link Mon Mar 9, 2009
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