Before you hire a property manager, check their license.
If you need the services of a Realtor or property manager, you should always be sure to check their license. Otherwise, you could find yourself stuck in a difficult and expensive situation, which is exactly what happened with one of my clients recently.
This client hired us to manage one of his properties, but another company was managing the other ones he owned. He’d been with them for eight years, so he figured he’d just stick with them instead of switching everything over. Well, he called me about a month ago and let me know he wasn’t receiving trust accounting reports or rent from his other property manager; he wasn’t comfortable with this, so he wanted to switch to us.
I tried multiple times to contact his previous manager, but I never heard anything back. I finally checked the Nevada Real Estate Division website to look up licensing. As it turns out, their license was revoked a year ago because they were refusing to turn over trust accounting. Now that this person isn’t licensed, though, the division doesn’t have the authority to audit his files, which meant they weren’t able to contact my client.
When the now-unlicensed manager finally got in touch with me, his excuses behind his behavior didn’t quite add up. His accounts were hacked, the money was stolen from his office safe, etc. By the end of it, around $4,000 worth of security deposits disappeared, and it’s the owner (my client) who’s on the hook for it.
I can’t stress it enough: Look up a person’s licensing before you sign a contract and check again periodically. It’s a simple process that can save you a lot of headaches in the long run. If you have any other questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.