Please note: our last experience with AAPEX was early in 2003. It is possible that the entire management staff has since been fired and/or replaced, and they may be a swell bunch now. Keeping that in mind, we'll proceed:
I would advise all residential and commercial property owners in the S.F. Bay Area to AVOID this company.
For starters, they are uncommunicative and unresponsive. It is difficult to get someone on the phone who knows anything. It's doubtful they'll remember your name. They'll cash your tenant's rent check on the first of the month and keep your money for three weeks before depositing it into your bank. Complaints are handed over to managers who like to bully and belittle— especially so if the complaining client is a woman.
Second, they will spend your money without consulting you. SPECIFIC EXAMPLE: Tenant knowingly moved into a house with no air conditioning.in July, tenant called AAPEX and asked, "Can we get some screens for the windows?" AAPEX contracted to have custom screens fitted and installed for the windows—at our expense, without consulting us!
We only discovered this because we talked to the tenant on a unrelated matter and they said the window company was coming the next day. We would have been out thousands of dollars without knowing it! AAPEX's esponse?"Hey, the tenant said they wanted screens." Our contract called for them to spend money (up to a pre-set limit) only for emergency repairs. Thank goodness the tenant didn't ask for a in-ground swimming pool too!
Worst of all, AAPEX owns, or is closely affiliated with, a home repair company called A HOME REPAIRS. They will contract only with A to do repair work on your property. This is a blatant conflict of interest, and your complaints about poor work and/or overcharging by A will be ignored. If you refuse to allow A to do the work, AAPEX will terminate your contract AND still attempt to collect their management fee for the remainder of the management-agreement term.
SPECIFIC EXAMPLE: A went out in 2002 and installed a new hot water heater in a modestly sized house at a cost of $1,100. We noted this seemed rather high, but were told, essentially, "Too bad." ONE YEAR LATER, tenant reported a water leak in the garage. A went out and replaced a leaking connector to the same water heater... And charged us almost $300.
We fired them as soon as the contract was up and would have done so sooner if we could.
There are good management companies out there. Don't get mixed up with these clowns unless you need a lot of extra expenses for big tax deductions. If you're actually trying to MAKE money in investment real estate, you need a manager that has YOUR best interest at heart... Not THEIRS.'Nuff said!
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