All Forum Posts by: Dick Rosen

I'd be happy to help you out if you want to contact me directly.

Welcome to PM Julian. I strongly recommend that you join NARPM.org and then find a local chapter to join. I know NARPM is very actice in your market and they can be a wealth of knowledge and connections for you.

Client presentations... I've only done a few and honestly I'm terrible at it. Majority of my clients are out of state and I rarely if ever even see them. Some I have never even met other than phone and email conversations. But I'm not saying you shouldn't brush up on a good presentation because that's where you'll find a lot of clients, DIY landlords right in your backyard.

 If a tenant asks, they will call our leasing agent and she will show them the comps that I used to come up with the new rate. The new rate is always higher than the new rate given to the tenant because, we increase 3-8% not to exceed market rate and most of the time market rate has gone up more than 3-8% but we don't raise more than 8% because a turn over costs more than what the gain would be.

You don't have to give any reasoning for it and we never do. We send a letter offering the tenant a new lease term with a new rate. We expect it to be signed and returned 30 days prior to lease expiration or they must give us notice to vacate 30 days prior to lease expiration or if they do nothing they will become MTM tenants with a xx% MTM rent premium. This is all explained in the letter which we send out 60 days prior to lease expiration.

Be very careful, you could be getting into a fair housing issue

A single family home with a mother-n-law shack in the backyard only requires one policy. I'd get more quotes, try affiliate.nreig dot com/legacy. They work only with investors and investment properties.

Debit Card, credit means you can't afford it.

NREIG.com they have insured all of my flips and or rentals for several years. https://affiliate.nreig.com/le...

You can use certified mail which most courts will presume delivered after 5 days. Personally I mail it first class and email it. The letter should be an official notice stating your intentions or non-intentions in this case.

Percentage is the best incentive, stay away from flat fees. Percentage of rent gives me the incentive to keep it rented and keep the rent as high as possible. Flat fees on the other hand, promote nothing, the manager collects his flat fee whether its rented or not and they get the same flat fee if the rent is $1000 or $1500 so why raise the rent.

Bonuses can be given but very difficult for the PM to incorporate into a PMA and keep his business consistent with all clients.