I think they deserve 0 stars and would select that if it were an option. I am upset that I have to rate them at 1 star as I think that is higher than they deserve.
For starters, my agent placed a client into my commercial space for a 3 year lease and she only performed a credit check and a background check. When I asked for my vetting package, she emailed me two documents. The first one was an application with no financial information on it. The second was a copy of the filing of his LLC. I thought they did more vetting than this and believe they should have performed a more detailed background check as part of their services. I was expecting an asset/liability form or bank statements, anything having to do with vetting the financials of the client. I feel that from the documentation provided to me, Olde Town at best made a poor effort to determine the background and financial wherewithal of the commercial client. I think that when placing a commercial tenant the financials of the potential tenant is the utmost importance. I paid an over $5,000 in fees to Olde Town for placing this tenant into my commercial space. In my opinion, I feel that getting an asset and liability form, bank statements or any financials from the tenant is proper. Thankfully, the tenant left by mutual agreement after 10 months, which minimized my loss of income/damages to an amount that I estimate is $19,500. I requested Olde Town offset my estimated losses, however Olde Town declined to do so, which I think reflects poorly on their organization. I would not recommend using Olde Town for any commercial work as I think they poorly handled me.
I think they also failed to provide adequate services on the residential side as I believe they unnecessarily billed me for certain services. For instance, I received a bill from them for over $220 to install 2 GFIS. Rather than call me to discuss or inform me of these expenditures, they just sent me a bill. I called Olde Town and stated there must be a misunderstanding, Olde Town's employee's response was: "Read your leases and your management agreements, JoAnne. Up to $300 expenses without owner approval". I have a portfolio of 11 properties and am doing 5 rehab projects, I feel that this fee is excessive. In my opinion, Olde Town unnecessarily charges fees.
I think Olde Town's management poorly handled my properties. I had to request a copy of my management agreement approximately 13 times before it was provided to me. Management's reply to my request was the following: "The agreements are void at this point and I'm not sure why you would need copies especially when you have entered into new agreements with another broker what is the relevance". Olde Town only provided me the agreements after I threatened to file a complaint with Florida's DBPR. I think Olde Town's withholding of my management agreements was unprofessional.
First, one of my tenants removed 1/3 of the fence stating that he purchased it. No where in the sales contract (that I purchased through Olde Town Brokers) does it state that tenant purchased the fence. Tenant was asked to provide a receipt, which he could not provide. I believed it was appropriate to charge the tenant. Olde Town disagreed and stated "we cannot go after him for the fence because we have no proof one way or the other as to who owned the fencing material". Even if the fence was installed by the tenant, I believe Florida law states that if you make alterations to the property, that the property becomes part of the house. Again, it felt like Olde Town represented the tenant's interests and not my interests.
Second, they rented my unit in the Wellesley, they asked me if I was open to a 7 month lease, and I agreed. When I received the rent, I noticed that they took a full 100% commission as if the tenant rented for 12 months. I think this is improper. When I questioned the commission, I received this response from an agent: "Unfortunately, [the manager] is going to make me pay it out of my pocket and I have no money right now. I just talked with her. I made like no money off of it and I have to reimburse the commission. I am so f**** broke. Can I work out a payment plan with you." She stated I would receive my refund when she sold my Wellesley condo. It never sold, and the agent located a tenant to rent one of my commercial spaces. I requested my refund be applied against the commission for this rental space, and the agent said I will give it back to you on the next one. Approximately a year later, I purchased 4 more residential units, I again asked for my refund. Her response on April 18, 2017 was "I will send you the $700 check". I never received the check. Again I feel as though I have been treated unprofessionally and unfairly by Olde Town and its staff.
I think Olde Town is incompetent and I would not recommend they be used for commercial or residential real estate services. read more