Richter & Associates Inc
- BBB Rating:
- General Info:
- Richter & Associates, Inc is proud to be affiliated with The National Association of Residential Property Managers, a national family of professional residential property management companies setting new standards in providing quality services to tenants and owners of investment properties. We are extremely proud to say that our company was the very 1st property management company in the United States to achieve the prestigious CRMC (Certified Residential Management Company) designation, and we follow a very strict code of ethics policy. Come meet the people and services of Richter & Associates, Inc of the Greater Detroit, Michigan region. We have over 30 years of experience to help us professionally serve your needs. To learn about becoming a real estate investor and successful landlording, starting your pathway to wealth, check FredRichter.com for classes and seminars.
This business's practices are illegal, as a registered MLS Realtor they are required to list all their properties on the MLS site to make it fair to other business's to show these properties. They do not follow these guidelines and leave their owners with vacant properties while they try to fill them on their own. Stay away from them!! Make sure to find a property management company that will actually work with the owner and not leave them high and dry, by avoiding you and not actually placing your property on the main site used by every Realtor to avoid having to pay their measly $200 commission. They also cannot do basic arithmetic which can actually work in your favor so I guess they partially earned 1 star when it should be zero.
I could not agree more about the below 1 star reviews. This company has serious problems and the compaints are still going on and on...it is 2013!!!!We regret didn't see those before.
We signed our condo with Joe back in 2008. They have a very unfair contract so once you get hooked up, their only concern is their financial gain or " refer to your contract". The owner, Denise is completely ignoring us and allows Joe to make his own decisions versus represent the will of the property owner.
You could argue "we don't understand the contract", but when they have lying employee, sloppy communication and mute/deaf/hartless owner, it is a bigger and deeper problem!
We’ve been losing money every year, the current rate is severely below the market price (30%). We were told just now that we have two broken windows since last October that will leak. They never bother to let us know or follow up on any recommendation for repairs.
Ritcher refuses to provide any documentation on lease nor change request (because they never documment them), they blame everyone not understanding their “contract”.
We strong feel this company is not conducting fair business and request a thorough investigation on their contract and business practices.
We also share this information to warn first time landlords. We never walk away from our mortgage but we get deeply hurt by poor property management company.
Who knew! I am so happy one of my associates referred this company to me! My husband & I are moving out of state and were desperate to find a solution to sell our house. Richter was a perfect fit & in one month leased our house saving us from a possible foreclosure. Their staff is very knowledgeable and we receive a monthly statement with payments directly deposited in our account. If you are in a situation like we were, this is a great alternative.
10/18/2010Provided by Citysearch -
Easy to work with, very professional, went over the contract completely and answered all my questions, they have more services to offer than any other company I interviewed. I disagree with comments previously mentioned about this company, I feel the problem was they did not understand the contract and did not ask the proper questions before signing. Everyone should know to read and understand contracts before they sign them not after. I would highly recommend this company to manage your property.
Worest business experience I ever had in thirty years! Several Breach of Contracts on Richter &amp;amp; Associates part. Tried to resolve breaches by way of several phone calls, five certified letters and going directly to their office over a period of almost four months. THEY IGNORED ALL CONACTS! Ended up in Small Claims Court, which I Won...............they seem to be nice and responsive till after you sign a contract; then there only concern is their financial gain.
As owner of Richter & Associates, Inc. I am responding to this comment because, 1st of all I don't know who you are and would like to understand what "several breach of contracts" were on Richter & Associates, Inc. part, and 2nd of all we try very hard to provide excellent customer service to all of our clients and pride ourselves in doing so for over 35 years. If you feel there was a "breach of contract" could it be that you signed a contract that you did not understand in the first place. Before anyone signs our contract we ask and make sure they understand every part of it, it is good business practice for anyone who is going to be signing a legal contract to understand it before signing. We DO NOT participate in breaching contracts. Furthermore, all companies are in business for financial gain, however, the companies that provide excellent customer service are the ones that remain in business serving the communities they do business in for as long as Richter & Associates, Inc., CRMC has.
My residential property management experience has been very poor.
Didn't act on empty property in a timely matter.
When reviewing property after their leaving; Richter missed important items that were either damaged or in need of maintanence.
Didn't return phone calls.
Didn't pay utility bills that they had sent to them and in which they had my monies to pay!
Richter & Associates, Inc. policy is to start marketing properties for rent as soon as we get notice that the current tenant is vacating, we cannot possibly guarantee a time frame for which a property will lease in. Utility bills are paid by the tenant who is occupying the property, Richter & Associates only pays utility bills if we are directed in writing to do so by the owner of the property to pay utility bills or any other bill for that matter using their money. It is also the policy of this company to return phone calls or emails within 24 hours. When a tenant vacates, we go through the property, note any damage and send a damage claim form as required by law to the tenant; there are sometimes items that are considered normal wear and tear under the Security Deposit Act that we cannot charge a tenant for. If we charge for items that are considered to be in this category and the tenant disputes, we try to settle out of court with the tenant to keep the court costs down for the owner knowing that the Judge will not let us get away with these types of charges. We have been doing this for over 35 years; we know what we can charge for and what we can't.
07/11/2008Provided by Citysearch -
Richter and Associates is bad Business. I used Richter for several years to manage a property in Livonia. Joe treats and refers to tenants as ""low life scu*"", Denise is blind, deaf and mute when it comes to her business and Beth can't seem to do anything except answer the phone. My tenants were disgusted with Richter and their ability to handle any situation and so was I. Several times Richter was unable to handle simple maintenance situations so the burden fell on me (why was I paying them). My tenants contacted Richter several times to inform them the stove was broken. Months (yes plural) later Richter finally contacted me.
I suggest looking into other Property Management companies before deciding on Richter. Keep these things in mind
1. Initial Fee
2. Advertising Costs
3. Maintenance Fee's (Before property is rented)
4. Monthly Percentage to Manage (Usually around 10% of rent)
5. Maintenance service level agreements
6. Cost to discontinue use of service (the small print in my contract cost me $700 just to walk away)