Today we welcomed two new property owners into our Gold Medal Property Management family. While we are always excited to enter into new management agreements, the circumstances which brought these two owners to us was very upsetting and thus the motivation for this message. These two owners both have investment properties in the Ft. Hood area which were being managed by another management company. The stories of mismanagement that we have heard over the last seventy-two hours have been both shocking and disgusting. Luckily, concerned tenants and owners affected by this company’s disgraceful business practices have filed appropriate reports and complaints with both the Better Business Bureau and the Texas Real Estate Commission and the managing Broker of this company has had their real estate license officially suspended. If you or someone you care about are in need of professional property management, here are some critical points you should consider: 1. You should have a clear view into all financial reports regarding your property. This includes receiving your monthly rent payments and a monthly owner statement which clearly identifies all funds coming in and being paid out related to your property. 2. You should receive prompt and courteous responses to any email messages or phone calls. You are their client…it should never be an inconvenience that you have a question. 3. A reputable property management company should be in good standing with the Texas Real Estate Commission (TREC) and the Better Business Bureau. Did you know that you can search the TREC website for free? Go to trec.state.tx.us/newsandpublic/LicenseeLookup to access this feature. 4. You should be notified every time there is a requested or required repair at your property. The property manager should provide you with specific information regarding the vendor used, costs incurred and a copy of the invoice received by that vendor. 5. You should be kept up to date regarding the condition of your property and the performance of your tenants. This should include a copy of the current lease, knowledge of how much security deposit is being held in the managers escrow account and property condition reports as a result of safety checks or other entry into the property. If any of these items above don’t line up, you should consider the next company on your interview list. These are what we consider the most critical aspects of an interview with a property management company. If you are interviewing a company or manager for the first time, be sure to ask about termination fees in their management agreement and any additional administrative costs which may be transferred to the property owner. As always, we welcome all inquiries regarding our professional property management representation at Gold Medal. For more information or to submit an inquiry please visit our website at goldmedalrentals
Posted on: Sat, 02 Nov 2013 21:58:09 +0000