Thread: Question about property management

Help with real estate management...or, lack thereof.

I own a rental condo, have had it for 3 years and it's always been rented. No down time on renters.

My previous property management company chose a "different career path" June 1, 2009. I had them for two years and they were great, so I was sad to see them go. Plus, my tenants moved out that month. So, for the first time, my rental has been sitting empty since June 30th.

I have been showing the condo myself, but I own two businesses and it's hard for me to show during my work hours. I've also advertised and interviewed new property management companies.

One property managment company consists of 3 young men (certified for prop. mngmnt here in CO) that were recommended to me through a friend.

I met with them, showed them the condo, they were positive, upbeat..."oh, yeah, we can get this rented asap", but in a soft rental market as it is now...that didn't happen.

Here's my question:

I've never signed a property managment agreement with them. I've asked them and they said "Oh, we'll do that when we get a renter in".

Supposedly (I say that only because I have met this potential renter or have been given her contact info), there is a lady that "wants to move in this weekend" and that they did her application, background check, reference checks and collected the full deposit for the condo and "all are great".

BUT, I haven't seen a thing. And, badly as I want a good, quality tenant, it's my property and

1) I need a signed property managment agreement between myself and this group

2) See her application for rent

3) see the results of her background checks

4) see her references, know that she has steady income

5) See the receipt of the $500 deposit.


I still have ads up on the condo, forwarded one response today to this prop. mngment group to contact and the owner of the prop. management gets back with me and says "I think we need to take down the ads now because she's moving in this weekend".




I told him just what I typed above in what I needed before she or anybody else moves into MY property.


Does all this sound strange to you? What should I be looking for? I have 3-4 property management companies that want to work with me asap......so, what if this owner drags his feet and doesn't produce the documents that I've asked to see?


THANK YOU SO MUCH!!!!