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A property manager (therefore a broker) is providing accounting records, but he is not paying my disbursements (rent less his management fee) according to our contract. I get email, but little money. The amount owed is starting to really add up.
I'm thinking of saying to him, pay up in 10 days, let me out of our contract, or I go to the authorities. Commingling is a licensing offense, conversion I believe is a felony. I can't imagine any other reasons not to pay me.
Every other PM I've had was good about paying. Thoughts out there? Thank you.
Therefore? A broker is not a property manager. Why not have a property manager manage your property? That is what we do year round full time. Well, I manage buildings and am curious about getting into the individual apartment managing biz
Curious, what does he/she charge and what exactly do you get for that?
- Is this NYC?
- How long has this been going on?
- What do you mean "little money"? A fraction of what is owed, or none at all?
You may have a live one here, inonada.
Step aside people, Ino is on it.
how much is the disbursement? couple hundreds or in sub-millions?
Step aside people, Perry Mason is on it.
Under NYS law a property manager must be a real estate licensee/broker with certain exceptions that are not relevant to me, since I'm not within the exceptions. I should have written "(that is, a broker)."
The amount owed well exceeds small claims court, let me put it that way.
Sorry for my misunderstanding. I thought you were among the people who use your broker to also manage your property. I am still not clear if it is an individual or a company you have hired. I am also curious about the other aspects of your arrangement, because as I mentioned I currently own and manage 4-5 story walkup buildings are am thinking to branching to condo management, being that my infrastructure is in place.
Regardless though, you have come here with the issue of "How to get paid".
What have you done so far? Nothing, emailed? phone call? Do you have any formal agreement? I would send him a certified/return receipt requested letter telling him something along the lines of 30 days to pay or our arrangement terminates.
Also send that notice by e-mail.
I wonder if you should be calling an attorney ASAP. Will this person be collecting more rent at the first of the month that will not be passed on to you?