Turnkey Buyers - Need feedback

Micki M.

Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes

11y

@Brie Schmidt This is an interesting idea. Will it be an income producer for you? How will you solicit reviews - will you be writing initial ones and allowing clients of those companies to rate or provide feedback? The challenge with these things is always to get the happy people to post along with the unhappy ones.

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

11y

@Brie Schmidt

Based on the PM I have been getting I think we will get a lot of good feedback and be able to fine tune this into one great site... Just think one site 50 TK companies in 20 markets ... The time saved alone ... Plus having access to top tier providers directly I think would benefit buyers greatly. Nice work Brie

JLH Capital Partners51 Review

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

11y

@Micki M.

I look at it like how car dealers work these days.. The sales men is always reminding the buyer to fill out the rating card etc. I think our TK providers will learn to encourage their buyers to post their experience.. and of course you will have those that will have a gripe. But as much as anything to be able to go to one site and aggregate all these markets and providers in one area is going to really have value to the busy professional .

There are many other things we will add on over time that all correspond to Real Estate.. And RE investing TurnKey

JLH Capital Partners51 Review

@Brie Schmidt @Jay Hinrichs

2 Reply

David Hutson

Rental Property Investor · Bartlett, TN · Member since 2013 · 404 posts · 421 votes

11y

I have been watching the site waiting for it to go live. I'd also like to see a space/section for follow up or to add updated notes after a few months. That's when the investor will begin to determine whether the company really did a great job or painted the home and put the first tenant with cash into the home.

Brie SchmidtBusiness Member

Moderator

OP

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

11y

@Zoran M. - Those are great ideas! Thanks!

@Micki M. - for right now we are not monetizing on it. We do plan on advertising the site to get reviews from all types of TK buyers when the site is ready to launch. But right now we are focused on fine tuning it to make it a site people will want to share their experiences on

Second City Real Estate4.821 Reviews

J Benoit

Residential Real Estate Agent, Investor and Mentor · Birmingham, AL · Member since 2013 · 257 posts · 61 votes

11y

Nice work @Brie Schmidt

How do we get additional TK providers on your site?

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

11y

@David Hutson

David as well as we would like to have a section year 1 report year 2 report etc etc.

As you state the success of turn key is what happens after the first 2 to 3 years. And we feel the buyers will want to know if a company just drops off the map after the sale.. that is for sure a big one.. We hope the site will help the TK company with after care...

JLH Capital Partners51 Review

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

11y

@J Benoit

I will be helping with this reaching out to those I have done business with over the last 15 years.

JLH Capital Partners51 Review

Brie SchmidtBusiness Member

Moderator

OP

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

11y

@J Benoit - The site will be much like yelp where users can add profiles onto the site themselves

Second City Real Estate4.821 Reviews

J Benoit

Residential Real Estate Agent, Investor and Mentor · Birmingham, AL · Member since 2013 · 257 posts · 61 votes

11y

Thanks @Brie Schmidt and @Jay Hinrichs

Robert M.

Investor · Atlanta, GA · Member since 2010 · 64 posts · 9 votes

11y

Sounds like a great idea... Go Brie and Jay!

Brie SchmidtBusiness Member

Moderator

OP

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

11y

Once there is enough reviews it will also display the average rating by category so you can compare what they are strong and weak in

Second City Real Estate4.821 Reviews

Jeff Wallenius

Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes

11y

Great idea! Hopefully these TK companies start competing to rise up "the charts" creating a better product for end buyers. Looking forward to seeing the final product!

Cheers!

Gautam Venkatesan

Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes

11y

@Brie Schmidt - would you consider adding county name in addition to city name for location as the list you provided are huge MSA

Tuan Le

Investor · Houston, TX · Member since 2014 · 142 posts · 32 votes

11y

I've never used a turn-key provider before so this is a great idea! I'm sure it will help a lot of investors. Good luck! I'll be following the progress,

Brie SchmidtBusiness Member

Moderator

OP

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

11y

@Gautam Venkatesan - I can see if we can do that. Once there are actual properties to search the locations will be in a map and can be zoomed in and out by locations. Each property will also be able to be searched by type (SFH, 2-4 Unit, Condo, 5+ units)

Second City Real Estate4.821 Reviews

Omi C.

Investor · Santa Cruz, CA · Member since 2013 · 86 posts · 47 votes

11y

Great idea @Brie Schmidt and @Jay Hinrichs !

Something I'd like to see is "Turnkey Model". It seems like every provider has their own definition of turnkey. The panel you were on at the SF summit opened with this idea which was fascinating to me. I've since worked with @William Robison and his model has the investor buying directly from the seller (instead of the turnkey company), pre rehab. Other providers sell you the property directly post rehab and finding a tenant. If there is enough variance in model in the turnkey market, then this would be a useful way to categorize them.

Good luck on this project! I'm looking forward to seeing the end results. I'm a techie myself, so if you need any help just let me now.

Andy V.

Joliet, IL · Member since 2015 · 88 posts · 7 votes

11y

As somebody just starting out, this seems like a great idea. Having the ability to compare all of these TK companies at once would be extremely helpful.

The only thing I thought about, which was also touched on by @Zoran M. was the average vacancy rate for the areas.

Brie SchmidtBusiness Member

Moderator

OP

Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

11y

@Omi C. - That is a good idea. I was already able to add categories like TK Provider and TK Marketer so I can always add a 3rd... maybe called "TK Partner"?

From my understanding talking with William is that his model (and others I have seen popping up pretty quickly) is that is more of a fix and hold with a partner where the buyer is involved with selecting the property, rehab, and renting of it. Correct?

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Podcast Guest on Show #121

Andrew SyriosPro Member

Moderator

Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes

11y

Originally posted by @Brie Schmidt:

@Jay Hinrichs and I have been working on a website that reviews turnkey providers. It is not totally ready yet but we wanted some feedback from out of state buyers who look for turn key properties.

1 - There is a review section where you can search reviews or write reviews. Currently the reviewer is asked to rate the turnkey provider based off of:

Communication
Rehab Quality
Property Management
Accuracy of Numbers
Overall Experience

Then there is a free form text area to write a description. Is this sufficient? Anything else to add?

2 - They can search a database of TK providers based on location and read / write reviews there. Currently we have Chicago, Atlanta, Austin, Birmingham, Cleveland, Dallas, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Memphis, Milwaukee, Minneapolis, Nashville, Pittsburgh, Philadelphia, San Antonio, St Louis, Detroit, and Phoenix. Am I missing any others?

3 - TK providers will eventually be able to post properties for sale, but in a totally separate section from the reviews. As the TK buyer would you look at current properties for sale? We will have a set template to input numbers (price, rent, tax, insurance, management, capex, repair, utilities, ect) any thoughts or ideas of what else you would need to know when buying a TK property?

Your insight and feedback is helpful! Hopefully the site will be ready soon

This is a very good idea, especially given some of the horror stories I've heard with such operations. I would even say it would be a great feature for BiggerPockets to incorporate into its website. Maybe it would be a good idea to approach Brandon and Josh about it.

Jameson Wildwood

Chapel Hill, NC · Member since 2013 · 53 posts · 18 votes

11y

This would be a FANTASTIC feature on Bigger Pockets. To have vendor/ Turnkey provider and other such RE specific reviews. Maybe you can help build it?

Omi C.

Investor · Santa Cruz, CA · Member since 2013 · 86 posts · 47 votes

11y

TK Partner makes sense. However I do think most people are going to want to lookup how you define each term almost right away.

Yes, Williams model is like you describe. The fact that I can do it entirely remotely, and only have to deal with 1 person for the purchase, rehab, and management is what makes it turnkey (enough) for me.

Cal Ewing

Investor · Calgary, AB · Member since 2014 · 182 posts · 32 votes

11y

I really love this idea. I would imagine that many people who are buying turn-key properties are doing so because they are busy with careers and families etc. This would save a ton of time being able to explore many turn-key options in one convenient website.

Michael Noto

Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes

11y

This website is a very good idea. Think of the time it will save turnkey investors in their research.