Management Company Traps - Caution
Property owners should be very cautious before entering into a management agreement. Specifically, there are some management companies that trap property owners into long term contracts because they make it extremely difficult to provide a notice of termination. For example, some management agreements require that a notice be given within a very narrow period of time or the contract is automatically extended for a one year period of time. Sometimes property owners are given only a 30 day window of opportunity each year to terminate their management contracts. Do not be trapped. Management companies that trap their clients should be avoided.