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Is your Boise Property Manager Selling?

Our 3 part series about the history, current trends, and the future of residential property management received the most views and comments than any other.  A good share of questions came from rental owners.  Some wanted to share their experience while others wanted advice on how to protect themselves from a company that is or maybe planning to sell.

I can think of a lot of issues property owners should perhaps be more concerned about, but when it comes to selling, it would appear that many property owners are feeling betrayed.  You asked for some flags and below are the few that I believe will help identify a property management company focused on growth and perhaps future sale value.

  1. Pressure to sign the management agreement immediately
  2. The answer is “yes” even before you have provided information about the rental or your expectations
  3. Getting your business is the goal
  4. Low entry fees with many add-on auxiliary fees
  5. Evasive answers
  6. Extraordinary claims and guarantees
  7. Marketing is heavily geared towards securing new clients and more properties

Some asked us “How can I protect myself if our property manager sells”.  I have no real experience with this, but if you are that concerned, then I recommend you consult an attorney.  An attorney may have a clause to add to the management agreement that requires the property manager to disclose the sale of the company and/or changes of the principal owners.  The only other suggestions I can think of, is not to hesitate to question your property manager about any sudden changes in practices, like software programs.

Tony Drost, President, First Rate Property Management, Inc.

Tony Drost, President
First Rate Property Management, Inc.
Boise, Idaho
Contact me for more information about the Investment Real Estate and Property Rental markets in Boise and Idaho.

Tony Drost
Property Management

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