Property Manager selling business

Started by PatR • 5 replies • 1286 views

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PatR (Florida)
Posts: 139

Posted:

We got some inside info that our property manager is selling his business. Since he is a one man operation, we are in a bad spot. We are looking for a new manager now.

Does anyone know a site our place where this business might be listed "for sale"?

This is in Florida.

Thanks
Pat

BruceF1 (Connecticut)
Posts: 2,535

Posted:

What does your contract with the property manager say about assignment? Some contracts have a clause that says the contract can be assigned, which means the property manager may have the right to assign your contract to whoever purchases his business.

PatR (Florida)
Posts: 139

Posted:

I will find out

Thanks

GlenL (Ohio)
Posts: 5,491

Posted:

Pat look in the classified section of your local newspapers under the heading "Businesses for Sale" particularly if you live in a city with a paper geared towards business. If there is a trade website geared towards Property Management or real estate it could be listed there. While you have to take anything s/he says about it with a grain of salt, pull them aside and ask them: "I understand your business is up for sale. How will that affect us?"

Studies show that 5 out of 4 people have problems with fractions

RobertR1 (South Carolina)
Posts: 5,164

Posted:

To all,
I certainly have no problem with what has been posted.
However a comment to Pat seems in order.
Pat I detect a feeling of dispair and loss over this turn of events, and would it be safe to assuime that a lot of your owners feel that way. If they do, they should let it serve as a wake upcall and do a little Management inventory on the Regimes side. If it truly is a desparate situation, make sure the next one you hire never puts you in this position again. If your hired management is not going to work with you through a change in his business, you are probably well rid of him. How big a place are we talking about? Was the management hired just to keep the owners from having responsibility and also to "let someone else do it?" A serious error, that is why you have a board to monitor what has happened in the past and anticipate what is coming in the future. If you are a really large association, you will need professional transition paid help. If small, plan on burning some night oil to get up to speed and do it now, not when this guy walks away. It is true you are in a tight spot, but it also appears you all have to shoulder the blame from finding yourselve in a tough spot. You notice this manager is looking out for his business, well, you all are a business also, look out for it.

PatR (Florida)
Posts: 139

Posted:

Robert:

You are correct in some respects. We had a large property management company, and were not happy, so we went with a small co, thinking we would get better service, only to find out that he took on more then he could chew. We are fairly large, and could not self-manage. I did look around to see if his business is listed yet.

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