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Like Condos and Apartments O/O Homes and N/O/O Houses Are Not The Same!

Just because they look alike Condos and apartments are not the same!

Just because they sell the same type of properties residential REALTORS® are not necessarily investment REALTORS®!

Just because your state doesn't require different licensee for different specialities doesn't mean you're qualified because you're licensed!

I just read some well intentioned property management advice that couldn't have been much worse with out suggesting illegal activities. I was going to go through the five high sounding points, but that would mean identifying the poster.

The tough property manger may sound good, but more often than not he cost the landlord money, lots of money! "Absolute power corrupts absolutely" it is never so true as it is with some god like property mangers. It's just another case of an agent/manager with six months experience many times over.

All of us are in the people business, our actions have to be in the best interest of our fiduciary, our client, not our personal ego. Personally, I will not, nor will I let my clients be taken advantage of by a tenant! Nor will I suffer the expense of eviction, rehabing, and replacing a tenant to feed some demagog's ego. If you would not want a property manager to be your landlord, don't depend on them to protect your interest as a landlord.

Bill

William J Archambault Jr

The Real Estate Investment Institute

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

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From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Posted by William J Archambault Jr on 11/30/2008 06:47 PM

Comments (4)

property management, eviction, tenant, experience, stupidity, reii, william j archambault jr, the real estate investment institute

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4 Comments on Like Condos and Apartments O/O Homes and N/O/O Houses Are Not The Same!

NOV

2008

Oh Bill -you've done it now. "Just because your state doesn't require different licensee for different specialities doesn't mean you're qualified because you're licensed!"

Ken,

I've done it before!

Consider the following from a document you're familiar with:

"Standard of Practice 1-11

REALTORS^® who are employed to maintain or manage a client's property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95) ...

Article 11

... REALTORS^® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/95)"

I didn't name the person or office both so as not to embarrass them or send readers to them. I'm sure this agent thinks make that believes they gave good advice.

What should I have done, ignore it?

Bill

Bill,

Thats why I respect you, Following your conscience may not always be the most popular thing to do but it is always the right thing to do.

Hugh

Thanks Hugh!

I always try to do the right thing!

Bill

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