Property Management Do's and Don'ts
Hello all! I am excited announce I will be adding a long term rental property management division to the brokerage I'm with Mitchell Dean Realty here in Tampa.
I have been taking note of the things the landlords I know like to have done by their property managers and the things they tend to be frustrated by that some property management companies do or don't do. Some of the big ones I've heard are things like having a great tenant portal for handling maintenance requests and rental applications, quick response times when dealing with tenant follow up, showing face at the property or at least routine drive by checks and a reliable maintenance team to handle property repair and upkeep. Some of the big no no's I've heard have been things like unresponsive maintenance requests (or long lag times in correspondence), long turn over times with vacancies and unprofessional interactions with the tenants.
I am interested in what your management team does that you can't live without and/or what they do that you wish they would change? Any horror stories and blessings from a previous or current manager are also welcomed!
I look forward to hearing your stories and to finding out what is important to you in a property manager!
@Brian Young You need to check out NARPM. National Association of Residential Property Managers. Go to the upcoming conference in OCT. Be prepared to take lots of notes! Good Luck
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Broker Oklahoma (#156017)
- Renters Place
Property management can be tough and time consuming. I'd say I've always had bad experiences when I've asked managers if they can manage our building, they say yes, then we find out they're too busy by taking on our property. Be comfortable saying 'no' to business you can't take on and manage effectively.
Develop a process for each stage of your operation (client/property acquisition, application, move in, tenant management, move out, rent prep, marketing), and stick to it! Exceptions, more often than not will result in regret.
We recently switched to a new property mgmt team for our personal multifamily property in Tampa proper. The best things I like about the new company are:
- -Someone who can respond to my questions via text 7 days a week
- -A clean, easy to use portal where I can view statements and work logs
- -A 12 month guarantee, if the tenant is evicted, the property mgmt company puts replaces the tenant without charging us 1st months rent
- -Allows us to put a MAX threshold hold of $250 for non-emergency repairs. Anything over $250 requires our explicit written approval with at least 2 estimates presented to us from their vendors
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Real Estate Agent
- Kristina Kuba - KW Tampa
- http://www.ClickTampaHomes.com
- [email protected]
Quote from @Kristina Kuba:
We recently switched to a new property mgmt team for our personal multifamily property in Tampa proper. The best things I like about the new company are:
- -Someone who can respond to my questions via text 7 days a week
- -A clean, easy to use portal where I can view statements and work logs
- -A 12 month guarantee, if the tenant is evicted, the property mgmt company puts replaces the tenant without charging us 1st months rent
- -Allows us to put a MAX threshold hold of $250 for non-emergency repairs. Anything over $250 requires our explicit written approval with at least 2 estimates presented to us from their vendors
Do you use warranty company that covers appliances like A/C, plumbing, damage, or directly do the repairs with sub contractors?
Thank you for all the wonderful responses!
@Tracy Streich I will definitely look into this, thank you for the resource!
@Justin Moy Saying 'no' is something I had to perfect with my handyman services company and understand the value in being able to do what I way I will and over deliver whenever possible.
Aloha @Richard F.! This is the stage we are currently at. Being that we already do STR management we have a lot of this in place and are tweaking a few things and adding some others for smooth operation when we roll out the LTR management.
Thank you @Kristina Kuba for those bullet points! I really like the 12 month guarantee, going to talk to my broker about this one for sure! I would love any recommendation on easy to use portals for our clients and tenants! This so far has been the biggest struggle to find.
Hey @Brian Young!
Congrats on adding the new division to your guy's team! I wish you guys all the success in your future endeavors!
From my experience so far being in the PM industry one of the biggest things I have really noticed is how crucial it is to have detailed laid out processes for each type of operation you have going in within your business. Having every process laid out really allows you to open up more room for creativity/innovation from the people who work with you so then they can help you figure what is more efficient, what works best, and how to overall improve.
I hope this helps and if you have any more questions please don't hesitate to reach out!
All the best,
Josh
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Real Estate Agent Pennsylvania (#RS364365 )
- 484-986-5012
- [email protected]
@Joshua Messinger Thank you for the reply! We are having multiple meetings a week to get all of our processes fine tuned.
If you wouldn't mind sharing, I would love to know what client portal you are using?