All Forum Posts by: Greg Virgin

 Update: I just spoke with the insurance adjuster who is with USAA. He said that he has never reimbursed a property manager for their time. Has anyone received reimbursement from the insurance company or are you paid from your client/owner?

Kim, Nathan, Richard, and Michael,

Thank you all for the responses  and time. The information is very helpful and I will be sure to add a provision in my management agreement. I am planning to invoice the insurance company for my time for this matter to see if they will reimburse. 

Have a great Thursday! 

GV

Kim,

Thank you for the quick and informative answer! I assume 10-20% oversight fee is a percentage of the cost of claim/restoration?

I manage a residential single family property for an owner. Last week a very large tree fell on the home causing significant damage to the structure and forcing the tenant to be relocated temporarily while the insurance claim is processed an the property is restored. As a manager, I have spent many additional hours coordinating things like tree removal, mitigation, restoration, and coordinating with insurance adjusters. My property management agreement doesn't currently include any provision about disaster management and compensation for additional time and resources dedicated to resolving large problems like this. 

My questions:

Is management of disasters something billable to insurance companies as a part of a claim? 

Do other property managers have recommendations on provisions that can be included within a management agreement to ensure disaster / major unplanned occurrence that consume time and resources are billable? If so, what is a typical fee or fee structure?

Hey Travis,

The lot is zoned R5 and is just off Zorn on Riverwood. The lot is on a significant slope but that isn't different than many of the lots in that neighborhood. 

Certainly interested in your thoughts. 

Thank you.

GV

A partner recently purchased a lot near the central business district. The lot was purchased slightly below market value. I am trying to evaluate whether we should list the lot for sale in hopes of attaining a quick win or if we should evaluate whether or not we should commission a home to be constructed on the lot. 

A couple of key considerations:

-The real estate market is red hot and listings are selling at a premium currently in our market.

-I am a real estate broker but I am not a builder. My key concern is whether I will be able to commission a builder to build a home and still have margin remaining after the builder is compensated. 

-I see an opportunity to partner with a builder and bring them into the deal but I am not sure if a builder would agree to build a spec home so we can all get a return on our investment. 

I appreciate any insight or considerations you may have.