Consumption and Real Estate
How do i break a contract with a property mgmt company?
Question : How do i break a contract with a property mgmt company?
I’m the owner of the property, the contract is less than 2 months old, there are currently no tenants. Will I still have to pay them a monhly fee?
property mgmt
Best answer:
Answer by bad_zen
Are there any performance clauses in the contract?
If not, here’s an idea for plan b. Short of trying to fight them legally, perhaps the best bluff is to tell them (talk to someone way up their totem pole): “I’m very well connected in the local real estate community. We can do this one of two ways. You let me walk away, no hard feelings. Or, I tell everyone I know that as a property manager, you’re unable to find tenants.”
Good luck!
Write them a letter and tell them you are no longer in need of their services. Send it certified mail so you get a returned receipt.
Typically you only pay from rents collected. Check your contract. The idea of a property manager is that they rent your property collect the rents care for the condition and keep it rented. Their fees are a percentage of the collected rent so if your property is vacant then nothing is due. But check the contract!!
When you check the contract there may be a clause that will not allow you to rent the property with out paying them a fee for a period of time. If that clause is there contact an attny.