How to automate 24/7 emergency coverage for Rentals?

Question

I am interested in gaining different perspectives on how to hire an office manager and handyman so I can focus more of my time on finding properties.

Peter Tverdov · Answer

Just hire a PM company

Nathan Gesner · Answer

Just find a PM job. It will take you years to build a business that produces a strong income, and there will be a lot of work and growing pains along the way. Get a job with an existing company so you earn a solid paycheck immediately and can start learning their policies and procedures immediately. Within a year you'll know the majority of what they do and can build your own business and step out.

James Morrissey · Answer

@Nathan Gesner, thanks for your response! Currently, I have two SFH. Very doable independently but want to start putting good systems in place. The property management route I am eyeing and wanted to see if others had different ideas.

Bill B. · Answer

You CAN do it yourself for 1 or 2. Some say you should, so you know what’s involved and appreciate the work the PM is doing for you. But you’re not doing it to save money. One bad tenant screening or fair housing violation and doing it yourself will cost more than a PM.

I would bet 90% of self managers (in the US, not necessarily on here where we have a more dedicated/educated group) don’t have written screening requirements or sometimes vary from them (fair housing violation). Or they don’t know how many days notice to increase rent or non-renew. Does the security deposit have to be in a separate account? Does it have to pay interest? Do they specify who pays which utilities, or maintains the landscaping, snow removal. How many days before you can charge a late fee, how much can you charge. Etc etc etc. They live their life not knowing they are easy pickings for any professional tenant who has probably rented more units than the landlord.

Drew Sygit · Answer

@James Morrissey with only two rentals, the best systems to put in place are internal ones, not external.

Create Standard Operating Pocedures for:

Marketing vacant properties-MoveOut Evaluation-Scope of Work (SOW) Video & Repair List-Bid process-SOW Compeletion Video-Market Rent Analysis-Ad writing-Pics-Publish adHandling Showings-Who takes calls-Documenting results-Scheduling showings-Confirming showing appointments (minimize no-shows)-Showing feedbackProcessing applicationsApproving applicationsMoveIn Process

and many more...

Nathan Gesner · Answer

Why not hire an existing property manager with the experience, staff, policies and procedures, market knowledge, etc?

Tell me how many rentals you have and I'll crunch the numbers.

How to automate 24/7 emergency coverage for Rentals?

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