By Catherine Reagor, The Republic | azcentral.com
The many investors who snatched up metro Phoenix homes during the downturn could be making a tidy profit by renting them out. Unless they hired the wrong property manager.
Since July 2013, more than 20 Arizona real estate agents and property managers have lost their licenses, been indicted by the state or told to stop handling properties for other owners. Among the accusations: stealing rent money from owners and tenants, failing to keep accurate records for landlords and operating a management business without a license.
The state’s top real estate regulator is cautioning investors to check out property managers’ licenses and experience before hiring them.
