Has anyone heard of or is currently working with TenantAccess? Apparently it is a Limited Property Management company that was started in response to the "Protecting Tenants at Foreclosure Act of 2009". I have been solicited by them to sign up with them and was wondering if anyone had any personal experience with them.
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A co-worker and I were solicited a couple of months ago at TA's onset and waited to get the agreement that needed to be signed. After reading the agreement, and maybe they have made changes by now, we decided that their were too many unknowns to sign off on. They did not state that if we do our job and go out to collect rent and the tenant does not want to pay, that we will still get paid for doing our job. It did not address reimbursement of expenses. We were told that many in many states, TA will be dealing with contractors directly or that they are working it out so that the agents don't have to collect rents. It did state that we needed approval before any work, but did not address the issue of a middle of the night emergency when there is no one to contact for approval. There were other issues as well. We contacted TA and were verbally reassured that all the issues we had were either being addressed or had a solution that was just not written into the contract. Not having it in writting was not acceptable to us. We are responsible for whatever we sign off on. So just read the agreement carefully, many times, and think of all the REO things that occur and expenses we incur and make sure they are addressed in the agreement.
Johnny, what are the fees for all Cost to value ratios, how long it took you to collect and submit all require doc's, References, Proposed business plan to meet TenantAccess objectives and scope of services. Did you had a "Prior experience and industry reputation"
How about your service fee?
There is so much of info...
Please advise an that, I will be collecting all information, but will not be able to collect all :)
Johnny Huang > Vitaliy MikshanskiyAugust 20, 2009 at 6:12pm
All the information should be at the tip of your fingers. You need to know your market, rental, resales, etc. I know my market, therefore was able to answer their RFP and respond to their requests.
As far as fees, use what is common in your area. In my area, I my asking fee was a bit high and they came back with a lower proposal. After looking at the overall potential, I gave it a go ahead. I think this company will do with their business model.
TenantAccess will work as a management co to lease back or lease houses for the banks. Sometimes, there might be a short sale and sometimes an REO listing. TenantAccess cannot guarantee you the listing, that will come from the bank. They were signing on agents who would be interested so that they can have their agents in place when this rolls out. As everyone knows, glitches have to be worked out. TenantAcces is a legitimate company and I spoke with the CEO of Field Asset Services at REOMAC conference back in April, Dale McPherson, he told me then what was in the works and I was very excited about this as I had tried 3 years ago to get the mortgage co I worked for at the time to do this. Dale McPherson was my boss at Lomas Mtg and CALMCO and he is honest, upfront and totally trustworthy, his company FAS will handle the maintenance, re-key, etc for TenantAccess. I have spoken with Corey at TenantAccess and was very impressed with what they are trying to do. If this gets off the ground you will see more foreclosures being leased, then as the market improves and lease agreements expire, the banks will put these on the market. In essence, this is good for future listings.
The sign up period ended a couple of weeks ago. I have been approved but have received anything yet. The last e-mail i got from them (this week) the Atty's were finishing up all of the details.
Johnny Huang > Larry SmartAugust 3, 2009 at 7:06pm
I'm now officially waiting for the same documents from their attorneys :-)
Replies
How about your service fee?
There is so much of info...
Please advise an that, I will be collecting all information, but will not be able to collect all :)
As far as fees, use what is common in your area. In my area, I my asking fee was a bit high and they came back with a lower proposal. After looking at the overall potential, I gave it a go ahead. I think this company will do with their business model.
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