Negotiating a buyout of leasing agreement...really?! : ezLandlordForms

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Denise W

started a topic over 9 years ago

Investors beware....I hired a property management company to manage my rental property which is located about 1.5 hours away. The terms of the contract allow him to manage the property as long as the tenant rents....but he is doing an awful job and refuses to respond to my phone calls. He has offered to buy me out but I have never negotiated a buyout of a tenant before....can someone share their wisdom of experience with me?

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Richard W

said over 9 years ago

If you are the owner of the property they cannot buy you out unless you offer them that option. You can however fire them from their services. They must turn over the keys and everything to do with the property and you may want to have your lawyer ready to go to court. This is a situation where you will definitely have someone draw up legal papers if they do not respond to your initial notices.

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Denise W

said over 9 years ago

Thank you Richard W for your response. This was my initial response as well. Unfortunately, two attorneys have advised me to accept his terms due to his clad tight contract...giving him full rights of the tenant and giving him the ability to make decisions regarding the management of my property. I feel so duked. The property manager has assumed the right to my tenant and refuses to accept my notice and wants me to give him a month's rent to leave. If I do not, he is going to give the tenant a non-renewal notice. I am having a difficult time dealing with this and I am not seeking other avenues to address his unfair practices. I have considered reporting his business to the news to expose his business. The lesson I have learned is to never sign a contract which has not been read by an attorney and find a legal consultant for my business team.

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Nancy A

said over 9 years ago

One time I hired property management company and they weren't doing what they were suppose to do so I waited to the end of our contract and did not renewal the services. I would personally take them to court and dispute the matter. I'm not sure what you signed but you need to be very careful. My parents did business with a investor and he basically took of with a lot of my parents money. this person is a criminal and took advantage of many ppl.

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Nancy A

said over 9 years ago

One last thing. I learned to manage our own properties by doing a lot of research. Sometimes it's best to do it yourself. I learn a lot from doing a lot of research online and had to learn quick because I had to evict someone and did not have any help, very stressful! Also, had to learn what the process was to have the sheriff levy his car for non payment. Do your own research and you will learn a lot.