John P.'s review of The John Stewart Company

The John Stewart Company

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Complaint Posted 6/29/2011
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Review 6/29/2011
This company is all about one thing, and one thing only for all the properties it "manages" and that is they are there to siphon as much money from the property owners as they possibly can get away with by using dubious and shady accounting practices. Then they cover these up effectively by requiring the property owners to relinquish all monetary and financial control to them which includes writing all the monthly checks to their chosen vendors and paying themselves exorbitant "management fees" for which they do nothing . Govt agencies that hire the John Stewart Company have no clue what they are getting into, and since they all hand over the total financial responsibility for the property and all payments and check writing for all the properties they manage, there are no more valid checks and balances in place to verify what all property owners have to go by as far as where all their money goes to - and that is only "the word of John Stewart Company", and take at face value what they put on the financial spreadsheets and monthly reports. There is no way to tell what is really going on behind those reports because they are in total control of the information that the reports are based on. And they hire their own auditors to do the yearly reports which on the surface looks all above board and legal. And since most Govt agencies and/or property owners are too busy to take a close look at their reporting practices and techniques and just glance over these reports there is not the proper safety mechanism in place to check the veracity of their reports. This means that any employer of the John Stewart Company is reading all their reports in the dark with no verification done with real world checks and balances in place that would prevent any wrong doing on their part. It's just not there, and so "the word of John Stewart" is hardly ever questioned and is taken at face value with no questions of real merit asked. And therefore the money just keeps flowing out that siphon, or siphons right into this dubious companies coffers with barely a glance at how they are managing these properties finances, or any close scrutiny for where the money goes every month. If any of the agencies or entities or property owners that hire the John Stewart Company for property management duties actually took the time to go through their monthly or quarterly financial statement reports with a fine tooth comb and did a thorough examination of the same with the proper scrutiny that all of them should they would be very surprised at how many inconsistencies they would find in the first 5-10 pages of their reports. They wont offer a breakdown of all the supposed fees they charge for every kind of transaction that passes through their offices, which is over and above and on top of the monthly management fees they charge. And all of these so called fees are separate from the monthly charges for their payroll for all the incompetent staff they hire to run the property. "Run it into the ground" is more likely what they are doing by cutting corners on everything except those salaries and benefits they get away with charging even in these difficult and trying economic times. All you would have to do to verify any of the above is to go out to the various property sites they manage and ask the regular tenants or residents that have been on the property for more than a year what their take on this companies management of the property is or has been, and then do one thing with an open and unbiased mindset...and that is Listen to all of what the people say from the gut about the way they are treated or how they are treating the property. Step back and really take in what the people who live under this management companies control have to say, and I assure you that will have an earful to judge for yourself what this companies ratings should be.
 
 
 
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Additional Business Information
Hours   9AM-5PM and by Appointment Phone   (213) 833-1860 Address   888 South Figueroa Street Suite 700
Los Angeles, CA 90017
Website   http://www.jsco.net Email   lhorn@jsco.net
Contact   Lori Horn Other  
 
 
 
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