Several Texas real estate investors say they are out thousands of dollars, accusing a property manager of alleged property management fraud.
Now, the Texas Real Estate Commission has been left to investigate the woman’s alleged actions.
The state already has revoked the woman’s real estate license and has issued 68 citations and fined her $122,000.
A North Texas television station located 26 property owners who allege the woman collected the rent from their properties but that she didn’t pass on the money. In fact, property owners say they are out at least $350,000, according to complaints filed with the commission and court records.
Numerous property owners hired the woman to manage their properties in North Texas, including in places such as Keller and Lewisville. She billed herself as a one-stop property management firm, able to find tenants, arrange and manage repairs and collect the monthly rent on behalf of the owners of rental properties.
About two years ago, she stopped passing the rent money on to the owners, who said she always had an excuse. Eventually, she stopped taking their calls, and she refused to talk to the television station, referring all questions to her attorney.
One property owner said he is owed more than $45,000 she collected in rent and security deposits. “Frustrating doesn’t even cover how much this has bothered me,” he told the television station.
Several of the property owners have pursued legal action against the woman.
Anytime you invest in property – either as your first home or a rental property – you want to know who you are dealing with. The Texas Real Estate Commission’s website offers extensive information about real estate agents’ licenses and education, as well as information about disciplinary action.
A real estate attorney also can assist you in dealing with problems with real estate contracts and agents not fulfilling their end of your deal.