It was and still is in our contract that we do not hold security deposits We do not make nor are we allowed to make money from security deposits including interest on the accounts, therefore it is not prudent for us to hold the security deposits for several reasonsCurrently, we invoice our customers so they can see exactly what they are being charged and for what purpose However, during Mr [redacted] 's time with us we did conduct business similarly as his current company by means of: collection of the rent, depositing into our special/trust account, then transferring our compensation percentage from the collections, dispersing to owner via owner draw the balance minus the maintenance hold back requirementSecurity deposits were and are still requested to be made payable directly to the owner/client, they are then recorded in the accounting system charged to the tenant and debited to the owner As previously noted to the Revdex.com we tried independently to reach out to Mr [redacted] at the time of his original compliant which was a year after the company was temporarily shut down in an attempt to at least be of assistance, we are still in possession of those text messages to him Mr [redacted] did not respond or cooperate with our request for information The time elapsed since then has resulted in most of those records having been destroyed along with the fact Resident Properties was shuttered with no operations from June to June Therefore we no longer have the ability to assist Mr [redacted] in any search for the missing, misplaced or unaccounted for security depositThe state of Ohio requires those records be held three (3) years and then to be destroyed Mr [redacted] 's timing of requesting information, around August of 2014, over a year past our agreement ended and considering the company was out of business during that time period is very curiousWe do still have several contracts found in storage during our recent move into our new office spaceThose contracts would have been the same iteration as that of Mr [redacted] 's as we have only changed the contracts four times since and that includes our most recent of about days agoThat contract contains in "Article Collection of Rents and Other Incomes" the last sentence in the first paragraph, "All security deposits are to be maintained by Owner in a separate operating/trust account and is the responsibility of Owner to ensure such amounts remain and are not used for any purpose not allowed by law." As stated before in another response, it was and still is my advice to all owners/clients concerning that clause that they put the security deposit money into a separate account not to be commingled and confused with their own funds We offer no settlement to Mr [redacted] what so ever in this matter and we consider it closed due to the original year long delayed request from Mr [redacted] , lack of cooperation from Mr [redacted] at the time of his original request, the overall elapsed time to this date, time past the state requirement for holding such information, unfounded accusations of Mr [redacted] , our history of business practices as noted several times and quoted from a contract of that time period and no contribution of actionable information from the complainant
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
*** ***
Has the company addressed the issues of this dispute? The company has not addressed the issue as they are still in possession of the money depositThey collected the deposit as well as the rent (see comment below) * If not, why? see comment below * Has the company met the agreement they outlined in their response? No they have notI lived in another state and contacted Resident Properties LLC to assist me in managing a property in Cincinnati since I no longer lived theirResident Properties handled all the transactions to have the property rentedTherefore I the property owner could not possibly hold the tenant's deposit as Resident Properties LLC represented me and so signed all the contract documents between the tenant and Resident Properties (RP)So how could I have held the deposit in another state? Is that allowed in the state of Ohio?Today, I have a similar property being managed by a reputable property management companyThey sent me all the contractual documents they have signed with the tenant on my behalfGuess what, they have the deposit and they collect the management and maintenance fee and keep it in that state, city and locale where my property isOne, their signature is on the contract documents and two, they receive the rent and disburse the fees accordingly.How then could Resident Properties note I have the deposit? How would Resident Properties have taken out their fees if they did not handle the rent transactionsRP, *** *** and *** *** *** are fruadsTo only respond to my complaints after years should tell it all and it is my hope that clients like myself first google *** *** and *** *** *** get to see this message and hopefully do not conduct any business with them
Resident Properties was temporarily closed in June of due to ownership health issues Mr*** waited nearly a year after he was notified of the company shutdown to inquire about his tenants security deposit It has always been and continues to be Resident Properties policy to
pass security deposits onto ownership Resident Properties does not hold security deposits for various business reasons and advises owners that they should set up separate accounts for security deposits to avoid commingling their personal funds Mr*** is and was always in possession of the security deposit funds Considering nearly a year had passed before his inquiry into the security deposit many records were in storage and/or contained in online service records by third party business partners making it difficult to produce any records immediately I as the primary property manager for Mr*** did in fact reach out to him requesting several articles to be presented to me so that I could obtain those records or assist Mr*** in locating the funds I first inquired why he thought Resident Properties was in possession of the security deposits and reminded him of the company policy regarding such, that those funds are passed onto ownership being made payable directly to them never passing through the company special bank accounts Mr*** did not respond with any paperwork or communications or a response in general He was further asked to provide a itemized list of damages he was claiming toward the security deposit as is the law in the state of Ohio, he did not produce any evidence of having completed this step at all or within the day time period required by the state of Ohio Mr***'s refusal to communicate, provide requested paperwork or cooperate in any manner resulted in no actionable course. As for the matter of Mr***'s properties being burglarized it was I myself who made the police reports for Mr***'s insurance companies I arranged for the homes to be restored per our contract agreement regarding maintenance Resident Properties does not have in house maintenance as a matter of business ethics concerns It is our belief that property management companies with in house maintenance often generate far more maintenance cost for property owners as a means for the property management company to generate additional income In addition, most property management companies charge between to dollars per hour while sending in house "handymen" to complete those repairs Resident Properties contracts all such work out to certified and properly licensed professional service companies Thus providing professional services for the same cost while avoiding any perceived conflict between Resident Properties and maintenance invoicing Mr*** made no mention to me in anyway at the time his concern that he thought I or anyone in our employ direct or indirectly had anything to do with his homes being burglarized One property did sit empty the entire time it was under our management, of which we charged no fee as our business model is based on commission I did however check on this property according to our contract Mr*** was also aware for many months that his security alarm company was reporting his system was not working correctly He dispatched me several times to investigate the property during one such visit I discovered that our key box had been stolen When I reported this to Mr*** at the time I was at the property he wanted me to inspect the internal home and informed me the neighbor next door had a key to the property It was then I discovered the alarm system unplugged and the copper pipes in the basement area missing As for Mr***'s ascertion that Resident Properties had any part in the properties suffering stolen pipes I highly disagree and would strongly suggest Mr*** refrain from making unproven accusations against myself or Resident Properties as we guard our reputations strongly, especially considering he did not make those accusations at the time but nearly years after the fact We consider all these issues finalized and will have no further comment to be made concerning them *** ***, Owner Resident Properties LLC
It was and still is in our contract that we do not hold security deposits. We do not make nor are we allowed to make money from security deposits including interest on the accounts, therefore it is not prudent for us to hold the security deposits for several reasons. Currently, we invoice our customers so they can see exactly what they are being charged and for what purpose. However, during Mr. [redacted]'s time with us we did conduct business similarly as his current company by means of: 1. collection of the rent, 2. depositing into our special/trust account, 3. then transferring our compensation percentage from the collections, 4. dispersing to owner via owner draw the balance 5. minus the maintenance hold back requirement. Security deposits were and are still requested to be made payable directly to the owner/client, they are then recorded in the accounting system charged to the tenant and debited to the owner.
As previously noted to the Revdex.com we tried independently to reach out to Mr. [redacted] at the time of his original compliant which was a year after the company was temporarily shut down in an attempt to at least be of assistance, we are still in possession of those text messages to him. Mr. [redacted] did not respond or cooperate with our request for information. The time elapsed since then has resulted in most of those records having been destroyed along with the fact Resident Properties was shuttered with no operations from June 2013 to June 2016. Therefore we no longer have the ability to assist Mr. [redacted] in any search for the missing, misplaced or unaccounted for security deposit. The state of Ohio requires those records be held three (3) years and then to be destroyed.
Mr. [redacted]'s timing of requesting information, around August of 2014, over a year past our agreement ended and considering the company was out of business during that time period is very curious. We do still have several contracts found in storage during our recent move into our new office space. Those contracts would have been the same iteration as that of Mr. [redacted]'s as we have only changed the contracts four times since 2009 and that includes our most recent of about 30 days ago. That contract contains in "Article 3.6 Collection of Rents and Other Incomes" the last sentence in the first paragraph, "All security deposits are to be maintained by Owner in a separate operating/trust account and is the responsibility of Owner to ensure such amounts remain and are not used for any purpose not allowed by law." As stated before in another response, it was and still is my advice to all owners/clients concerning that clause that they put the security deposit money into a separate account not to be commingled and confused with their own funds.
We offer no settlement to Mr. [redacted] what so ever in this matter and we consider it closed due to the original year long delayed request from Mr. [redacted], lack of cooperation from Mr. [redacted] at the time of his original request, the overall elapsed time to this date, time past the state requirement for holding such information, unfounded accusations of Mr. [redacted], our history of business practices as noted several times and quoted from a contract of that time period and no contribution of actionable information from the complainant.
It was and still is in our contract that we do not hold security deposits We do not make nor are we allowed to make money from security deposits including interest on the accounts, therefore it is not prudent for us to hold the security deposits for several reasonsCurrently, we invoice our customers so they can see exactly what they are being charged and for what purpose However, during Mr [redacted] 's time with us we did conduct business similarly as his current company by means of: collection of the rent, depositing into our special/trust account, then transferring our compensation percentage from the collections, dispersing to owner via owner draw the balance minus the maintenance hold back requirementSecurity deposits were and are still requested to be made payable directly to the owner/client, they are then recorded in the accounting system charged to the tenant and debited to the owner As previously noted to the Revdex.com we tried independently to reach out to Mr [redacted] at the time of his original compliant which was a year after the company was temporarily shut down in an attempt to at least be of assistance, we are still in possession of those text messages to him Mr [redacted] did not respond or cooperate with our request for information The time elapsed since then has resulted in most of those records having been destroyed along with the fact Resident Properties was shuttered with no operations from June to June Therefore we no longer have the ability to assist Mr [redacted] in any search for the missing, misplaced or unaccounted for security depositThe state of Ohio requires those records be held three (3) years and then to be destroyed Mr [redacted] 's timing of requesting information, around August of 2014, over a year past our agreement ended and considering the company was out of business during that time period is very curiousWe do still have several contracts found in storage during our recent move into our new office spaceThose contracts would have been the same iteration as that of Mr [redacted] 's as we have only changed the contracts four times since and that includes our most recent of about days agoThat contract contains in "Article Collection of Rents and Other Incomes" the last sentence in the first paragraph, "All security deposits are to be maintained by Owner in a separate operating/trust account and is the responsibility of Owner to ensure such amounts remain and are not used for any purpose not allowed by law." As stated before in another response, it was and still is my advice to all owners/clients concerning that clause that they put the security deposit money into a separate account not to be commingled and confused with their own funds We offer no settlement to Mr [redacted] what so ever in this matter and we consider it closed due to the original year long delayed request from Mr [redacted] , lack of cooperation from Mr [redacted] at the time of his original request, the overall elapsed time to this date, time past the state requirement for holding such information, unfounded accusations of Mr [redacted] , our history of business practices as noted several times and quoted from a contract of that time period and no contribution of actionable information from the complainant
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
*** ***
Has the company addressed the issues of this dispute? The company has not addressed the issue as they are still in possession of the money depositThey collected the deposit as well as the rent (see comment below) * If not, why? see comment below * Has the company met the agreement they outlined in their response? No they have notI lived in another state and contacted Resident Properties LLC to assist me in managing a property in Cincinnati since I no longer lived theirResident Properties handled all the transactions to have the property rentedTherefore I the property owner could not possibly hold the tenant's deposit as Resident Properties LLC represented me and so signed all the contract documents between the tenant and Resident Properties (RP)So how could I have held the deposit in another state? Is that allowed in the state of Ohio?Today, I have a similar property being managed by a reputable property management companyThey sent me all the contractual documents they have signed with the tenant on my behalfGuess what, they have the deposit and they collect the management and maintenance fee and keep it in that state, city and locale where my property isOne, their signature is on the contract documents and two, they receive the rent and disburse the fees accordingly.How then could Resident Properties note I have the deposit? How would Resident Properties have taken out their fees if they did not handle the rent transactionsRP, *** *** and *** *** *** are fruadsTo only respond to my complaints after years should tell it all and it is my hope that clients like myself first google *** *** and *** *** *** get to see this message and hopefully do not conduct any business with them
Resident Properties was temporarily closed in June of due to ownership health issues Mr*** waited nearly a year after he was notified of the company shutdown to inquire about his tenants security deposit It has always been and continues to be Resident Properties policy to
pass security deposits onto ownership Resident Properties does not hold security deposits for various business reasons and advises owners that they should set up separate accounts for security deposits to avoid commingling their personal funds Mr*** is and was always in possession of the security deposit funds Considering nearly a year had passed before his inquiry into the security deposit many records were in storage and/or contained in online service records by third party business partners making it difficult to produce any records immediately I as the primary property manager for Mr*** did in fact reach out to him requesting several articles to be presented to me so that I could obtain those records or assist Mr*** in locating the funds I first inquired why he thought Resident Properties was in possession of the security deposits and reminded him of the company policy regarding such, that those funds are passed onto ownership being made payable directly to them never passing through the company special bank accounts Mr*** did not respond with any paperwork or communications or a response in general He was further asked to provide a itemized list of damages he was claiming toward the security deposit as is the law in the state of Ohio, he did not produce any evidence of having completed this step at all or within the day time period required by the state of Ohio Mr***'s refusal to communicate, provide requested paperwork or cooperate in any manner resulted in no actionable course. As for the matter of Mr***'s properties being burglarized it was I myself who made the police reports for Mr***'s insurance companies I arranged for the homes to be restored per our contract agreement regarding maintenance Resident Properties does not have in house maintenance as a matter of business ethics concerns It is our belief that property management companies with in house maintenance often generate far more maintenance cost for property owners as a means for the property management company to generate additional income In addition, most property management companies charge between to dollars per hour while sending in house "handymen" to complete those repairs Resident Properties contracts all such work out to certified and properly licensed professional service companies Thus providing professional services for the same cost while avoiding any perceived conflict between Resident Properties and maintenance invoicing Mr*** made no mention to me in anyway at the time his concern that he thought I or anyone in our employ direct or indirectly had anything to do with his homes being burglarized One property did sit empty the entire time it was under our management, of which we charged no fee as our business model is based on commission I did however check on this property according to our contract Mr*** was also aware for many months that his security alarm company was reporting his system was not working correctly He dispatched me several times to investigate the property during one such visit I discovered that our key box had been stolen When I reported this to Mr*** at the time I was at the property he wanted me to inspect the internal home and informed me the neighbor next door had a key to the property It was then I discovered the alarm system unplugged and the copper pipes in the basement area missing As for Mr***'s ascertion that Resident Properties had any part in the properties suffering stolen pipes I highly disagree and would strongly suggest Mr*** refrain from making unproven accusations against myself or Resident Properties as we guard our reputations strongly, especially considering he did not make those accusations at the time but nearly years after the fact We consider all these issues finalized and will have no further comment to be made concerning them *** ***, Owner Resident Properties LLC
It was and still is in our contract that we do not hold security deposits. We do not make nor are we allowed to make money from security deposits including interest on the accounts, therefore it is not prudent for us to hold the security deposits for several reasons. Currently, we invoice our customers so they can see exactly what they are being charged and for what purpose. However, during Mr. [redacted]'s time with us we did conduct business similarly as his current company by means of: 1. collection of the rent, 2. depositing into our special/trust account, 3. then transferring our compensation percentage from the collections, 4. dispersing to owner via owner draw the balance 5. minus the maintenance hold back requirement. Security deposits were and are still requested to be made payable directly to the owner/client, they are then recorded in the accounting system charged to the tenant and debited to the owner.
As previously noted to the Revdex.com we tried independently to reach out to Mr. [redacted] at the time of his original compliant which was a year after the company was temporarily shut down in an attempt to at least be of assistance, we are still in possession of those text messages to him. Mr. [redacted] did not respond or cooperate with our request for information. The time elapsed since then has resulted in most of those records having been destroyed along with the fact Resident Properties was shuttered with no operations from June 2013 to June 2016. Therefore we no longer have the ability to assist Mr. [redacted] in any search for the missing, misplaced or unaccounted for security deposit. The state of Ohio requires those records be held three (3) years and then to be destroyed.
Mr. [redacted]'s timing of requesting information, around August of 2014, over a year past our agreement ended and considering the company was out of business during that time period is very curious. We do still have several contracts found in storage during our recent move into our new office space. Those contracts would have been the same iteration as that of Mr. [redacted]'s as we have only changed the contracts four times since 2009 and that includes our most recent of about 30 days ago. That contract contains in "Article 3.6 Collection of Rents and Other Incomes" the last sentence in the first paragraph, "All security deposits are to be maintained by Owner in a separate operating/trust account and is the responsibility of Owner to ensure such amounts remain and are not used for any purpose not allowed by law." As stated before in another response, it was and still is my advice to all owners/clients concerning that clause that they put the security deposit money into a separate account not to be commingled and confused with their own funds.
We offer no settlement to Mr. [redacted] what so ever in this matter and we consider it closed due to the original year long delayed request from Mr. [redacted], lack of cooperation from Mr. [redacted] at the time of his original request, the overall elapsed time to this date, time past the state requirement for holding such information, unfounded accusations of Mr. [redacted], our history of business practices as noted several times and quoted from a contract of that time period and no contribution of actionable information from the complainant.