Recently, I got a call from a Realtor who wanted my service to help sell his townhome as well as that of his brother-in-law.
Initially, that sounds like a no-brainer. I love working with Realtors because I believe they understands the business. So naturally, when he ask me for a CMA, I went ahead and gather the information for him (he is an out-of-state realtor).
It was interesting to note that there are over 87 units in this area for sale. Initially, he thought that some of them were selling their units extremely inexpensive due to issues with their units. I was able to check on the sellers disclosures on some of these units - thanks to the detail agents who made these available to me.
I also note too that some were in foreclosure too as well. After doing further research, I found out that these units (town homes) which are vacation rental properties had many issues with management company.
I was able to speak with one of the agents directly and found out that some of the management companies have ripped of some of these owners. This was the same sentiment with this owner too as well. The management company currently owes him $900.00.
I came across this article with one of these management companies. http://www.theledger.com. In this article, it stated that 'Property Managers Ordered to Pay Up at least $75,000 to three homeowners it once did business with.
This company was in charge of 285 vacation homes in several Central Florida counties in the 10 years it had been in business. The owner were in default on its taxes along with facing the possibility of criminal charges. To date, the owner is no where to be found and investigations continue at this time.
So because of poor management on their part, many owners stand to lose their properties if they are not able to get them sold.
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