By T.W. Shortt, CRB®, CRS®, Broker, REALTY WORLD Knox Realty Group, LLC, Fort Knox Office.
Property management means accepting responsibility for someone else’s investment, money, and home. That responsibility demands professional oversight and full legal compliance.
Our four decades of property-management experience have reinforced the importance of honest advertising, clear agreements, accurate accounting, dependable maintenance, and consistent communication. These are everyday obligations.
A proposed $49.75 million settlement involving Progress Residential, its owner Pretium Partners, the Federal Trade Commission, and four states shows what can happen when those obligations allegedly go unmet.
Progress manages more than 90,000 single-family rental homes across 17 states. The government alleges hidden mandatory fees, deceptive rental pricing, misleading representations about property conditions, improper security-deposit deductions, and restrictions on negative reviews.
The companies neither admit nor deny the allegations, subject to specified exceptions. The proposed settlement requires court approval.
The advertised rent should tell families what they must pay.
The FTC alleges mandatory charges pushed actual monthly costs typically $30 to $330 or more above advertised rent. Families deserve that information before paying application fees or committing a move.
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