All Forum Posts by: Iman Miley

Hello Serene, 

Agreed with Kim on it depending on the market in addition to your preference of security. Our property management in Ohio typically charges the first months rent as the security deposit, however we differ from Kim's market in that we don't charge a pet deposit during move in.

It's important for any investor looking for property management to first identify their personal objective of using one and the additional terms of the management agreement that may counter that objective. Each property management has different service levels and some may not be strong in all aspects that come with managing. As mentioned above, not all PM's perform the same and the reception of that performance can vary with each investor's individual needs. 

If your objective is to increase cash flow, you will want to look into their fees and the processes that can lead into those fees occurring. Some PM's offer A La Carte services that lead to unexpected charges if requested, so it is best to go with a PM that has a more simple cost structure if that's what you desire. 

If you have an objective to sustaining the property's condition, you will want to look more at the PM's maintenance ability and reach. Is there a vendor mark up? Do they have both an internal and external team? Are inspections by request only or automatically done?

Understanding that there are owner duties, along with broker duties, and what those entail are also vital prior to signing on with a management company. 

I'm sorry to hear that your prior experience did not live up to expectations and I hope that your new one fulfills your investment needs! 

Hello Mary, 

Sending them a welcome letter to address the new property management and the ways to pay going forward is a great first step. Depending on the lines of their lease, you will want to provide them adequate notice which is typically at least 30 days - if it is 30 days, I would advise to give them at least a 45 days notice out of courtesy. I would recommend giving them the separate notice and keeping the date that you sent them, along with a picture of the notice being posted, in your records. 

Due to recent security frauds and banks not covering losses adequately, apps like Zelle may not currently be the best option. Apps like PayPal, Certified Cashiers Check or Money Order, or even invoicing through apps like quickbooks for them to pay are also great ways to collect. 

Hello Carlos, 

Our company uses Appfolio and find that it's the best software compatible with what we need. From internal or client financial tracking to application screening and maintenance order organization, it has made the process of managing multiple units easier. You are also able to use this software for rent collection purposes and connect it to outside managing hubs to create seamless processes. 

Ultimately, I agree with Jasmine, that it depends on your needs and priorities.  

Hello Renier, 

It looks like your property management may charge even while the property is vacant, however you would have to look further into the management agreement to confirm. Depending on what the tenant placement program entails, charging the minimum while vacant, may cover some tentative marketing expenses that are not included. 

Hello Cesar, 

Looking into a property management can really ease this process for you as some may have agents that can work with what type of investment you are looking for! Each property management services differ, however I have come across investors who find teaming up with a PM can be a great guide to great investment areas as an absentee owner. 

Hello Jacob, 

I agree with Andrew. If you aren't sure about the Cleveland market currently, it is best to take a trip to visit the areas and the prospective properties that grab your interest. If this is not something you can do, I recommend hiring a home inspector that way you can receive pictures of current condition and a list of violations that need to be repaired. 

Property Management's can provide insight on which areas have improved and some may provide this without any obligation from you. It doesn't hurt to give it a try!

 

Hello Chad, 

It would depend on whether there is an active lease for the tenants currently. If there is, you would need to abide by those terms until the end of the lease term to raise the rents. If the tenants are on month to month, you can definitely take the steps to provide them a new lease with the increased rents or impose a M2M fee addendum until they sign a lease with you. 

Hi Jin, 

You'll want to look at the company's structure to see if it meets your needs and expectations. 

If they have a large unit count, do they have departments and systems to assist them with organizing each aspect of property management while tracking your financial flow? 

If they have a small unit count, how do they manage all different aspects of the units with consistency and ensure that yours will not be treated differently? What about their client response time and customer service?

The main way you make sure that the property management is working on behalf of you is to read the management agreement through and through. The Broker's Duties and Owner's Duties should be written clearly for you to determine what is the best choice for you.