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Hi I have finished up with my property manager, and am now self managing.
The property management contract has finished, however, the tenant forgot to cancel their automatic rental payments, and the property manager has still received a rental payment after the contract end date, for rent for next two weeks.
Now, I have requested the PM that they forward the rental payment to me, however they have stated that they cannot until the end of the month (where my final statement arrives), and have even stated that they should take out management fees!
Now, I thought this is not on. So I have told the tenant that they need to contact the PM themselves to get their money back, and the rental money should then be paid directly to me (as it should've been done in the first place).
However, the PM has then stated that they cannot refund the money to the tenant since it is held in trust for me.
The way I would have thought, the PM should refund the money to the tenant ASAP, since the property management contract is no longer valid. Also, if the PM forwards it to me, it should be done ASAP (not end of the month), and without managment fees being charged.
Can they do this? Please help.
Hi Pijoko, it is ridiculous that the PM will not refund the money to ANYONE – especially when they no longer have authority to receive the rent, let alone take management fees. You need to write to the PM's manager to authorise the refund of the money to the tenant, and demand that no fees are taken. I have taken over properties from other agents in the past, and the tenant has accidentally paid to the previous managing agent. The agent simply either refunds the tenant, or forwards a cheque IMMEDIATELY to me as the new PM or directly to the owner – no management fees as there was no management involved!
It's PM's like this that make the rest of us look bad
