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All Forum Posts by: Conrad Metzenberg

Conrad Metzenberg has started 11 posts and replied 77 times.

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

@Dave G., Sage advice.  I have a few lined up; just need to have my vetting talks with them.  Might as well get those out of the way.

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

So here is the big question folks; How long from listing this property for rent, in the San Antonio market, do I give these guys to get a tenant in before I get a new PM?

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34
Originally posted by @Nathan Gesner:

I'm a property manager and I bend over backwards to get a new listing on the market quickly. I want to put my best foot forward and prove that I'm worth the effort.

I doubt your PM is violating the contract but you've hired a dud. You can't force a St. Bernard to perform like a Cheetah. I recommend you start looking for a new property manager that sets higher expectations and then meets them.

You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!

4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!

 Hi Nathan,

Great advise!  Lots of what you are saying I did as part of my due diligence process.  David Greene's Long distance investing book goes over many of the talking points that you just mentioned.  The NARPM bit I did not know about and as far as I can tell the organization i'm using is not registered.  The hard part is I really liked working with their acquisition agent who helped me buy the property and rehab it.  I was thinking if talks fail with the marketing agent, perhaps leverage my relationship with the acquisition agent to get the marketing agent to up their game; The acquisition agent wont want to lose my repeat business. 

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34
Originally posted by @Rick Pozos:

I hate having these talks also. Especially when it was my fault. I expect people to do things in an efficient and expedient manner because it is what I would do. NOT always the case. I try to ask all the questions up front. If they dont do things the way I do or would like them done, next.

I would CALL them, not email, not text. Call them and talk with them and let them know your concerns. It may take a little while to get better photos(I have a great photographer), but let them know what you expect. Or at least ask what is their usual way of doing things. That way you know they will not respond for a day or two.

Gool Luck

 Rick I think you're absolutely right. Even a mild reprimand should be done face to face if possible or over the phone if face to face isn't possible.  Only a small fraction of human communication is the words themselves, you just loose too much with written word sometimes.  That's a problem for me as I'm not in phone reception half the year due to work, so I have to rely on email.

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

I think I'm going to have to have a talk with them.  I've always been a big believer in setting expectations upfront; it's the simplest form of leadership.  I suppose I failed to do this in this case and now must have a corrective discussion.  I hate having these kinds of talks.

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34
Originally posted by @JD Martin:

Have you used them before or is this your first property with them? If the former, how does this compare to what they've done for you on the other homes? If the latter, do you have a contract and did you ever discuss expectations on both sides of the table?

 This is my first property in this market. I do have a contract.  I guess I could have been clearer with my expectations, but I don't feel that I should need to say "I expect prompt responses and good photos."

Post: Not feeling like my property manager is trying very hard.

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

So my property manager listed my San Antonio SFT rental on Monday. The pictures she posted were so-so. The Zillow add doesn’t even show the kitchen which we just put granite counters in. They haven’t listed the place on their own website yet. I’m begging to get concerned. I don’t really feel like they are making renting my property out a priority. They are slow to respond to my emails; a day to a day in a half. I’ve asked twice for them to upload photos to a drive for me to look at the property as I’m an OOS investor and can’t go there and take them myself.

Anyways, Am I expecting too much in the 5 days or are my concerns legitimate and do I need to have a come to Jesus talk with my property manager?

Post: Do people ever learn? (Memphis market observation).

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34
Originally posted by @Dean Letfus:

@Vincent Chen, the best solution in my experience is to find a competent Property Manager and get them to advise on location. They are the ones who are in the neighbourhoods everyday.

 Well all, thank you for this very humbling thread. As a relatively new OOS investor this is a great reality check. As an OOS investor I have to rely heavily on my team on the ground. My property manager’s local expertise is critical in keeping me out of bad deals. Sellers want to sell, after that they have no skin in the game. I recently used my property manager as my agent to close a deal in San Antonio. I liked this strategy because if I ended up in a bad area it would just be my headache, it’d be there’s too. The place will be put on the market in a few weeks for prospective renters to look at. I’ll withhold my defense or endorsement of OOS investing until I get the place rented. Then we’ll see if it was a shrewd business decision or blind euphoria. 

Post: Investment Strategy based on CNBC Top State For Business : TEXAS

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

Well I just bought a property near live oak.  Hopefully to be the first of many.  I love the optimism in this thread. 

Post: San Antonio Home Inspectors

Conrad MetzenbergPosted
  • Rental Property Investor
  • Santa Barbara, CA
  • Posts 78
  • Votes 34

Guaranteed Inspection Services.  He'll be inspecting my property today.  That's who my PM recommended using.