[quote=paramount][quote=sdsurfer]
I kind of went about my decision backwards in a way. Most people look at the cash flow first then the tenant…I wanted to go after a property that would attract a great tenant & cash flow. After I found the property I searched for a tenant that reminded me of myself 10 years ago because I do not remember any of my landlords or property managers having to chase me around for the rent. I learned the tenant first approach at an investment meeting with Ward Hannigan and it seemed to make sense although he does it a bit differently.
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I think most conscientiousness investors/landlords take the same (or nearly so) approach.
Anywho, as I had mentioned I received an email stating that my PM company had been sold to another company (a different rpm franchise). So I decided to do some digging, primarily because I want to decide who manages my property not someone else.
So the previous owner tells me that there was an assignment clause in the contract and that reassigning my contract was a provision in contract.
So I went back and read the contract and sure enough, the reassignment clause is there in black and white. Well, almost.
The clause stated that the contract could only be reassigned to another qualified PM company. The word ‘qualified’ could mean different things; so I went to the California Department of Real Estate and as far as I can tell, anyone who manages properties for compensation MUST possess a California RE Brokers license.
Since I had the names of the new owners, and I plugged their names in and wouldn’t you know it…neither has a license (of any type).[/quote]
I think this thread might be dead, but noticed this and wanted to respond.
They might be the owners, but someone over there must have a brokers license. I’m thinking you could reach out and ask who the broker of record is.
Coincidentally, I actually work with quite a few management companies in town and nationwide through a company I’m involved in and I think if you wanted to get out you could probably just let them know. Most of the management companies I know do not want to work with an owner that does not want to work with them for some reason clause or no clause. There are a bunch of companies/individuals I know of that grow management companies with the intention of selling it when they get to a certain number of units.
Feel free to PM me and I’ll give you a couple that I feel like do a good job, but you’d still want to do your own due diligence of course and there is the aspect that I do manage my property…maybe I’m just dumb, but so far so good.
