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New Rental Property Manager

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  • New Rental Property Manager

    Am new to this forum. Have a ? I do not see know if I can start anew, so will add it here, hoping for help. We own a rental home, but had issues w/last Tenants. So got a Property Management company. We found out after one year with them, the owner of the Company has been investigated by State Board of Realtors for mixing monies. We were going to resign with them, then Covid-19 struck. The current Tenants are quite good, even paying rent, as they are both essential employees. Question is - would we be risking a sizeable Security Deposit if we try to quit using the company? We do not even know if they will be reachable by Registered Mail (requiring signature), w/the Covid scare. Have others had issues with Property Managers going bankrupt on them (ie, is this something else we should factor in) because of lost rents? We have about 8 days to decide on quitting with them, and the Tenants are good, but somewhat whiny. They would probably rather have us take over, because we have been hands on still. Home is about 45 miles from ours. We realize we could try a new Company, but not sure if they will want to inspect the home during this epidemic also. Thanks for any input (clearly we are struggling with this decision). Appreciate any help

  • #2
    What does your agreement say? If you had planned not to renew the contract before COVID 19 I'm not sure the difference. Post offices are still open for business, mine has a plexi-partition and everyone is wearing masks. I've never used a property manager but if you are only 45 miles away it might be something you could reasonably handle on your own with local tradesmen. I've had whiny tenants but good paying tenants, in fact have one now, and although annoying I'd much prefer that to someone who isn't as demanding and lets things go. Welcome to the board and good luck.


    • #3
      Why are you capitalizing random nouns like Company and Tenants? More importantly, what do the terms of your contract require?