All Forum Posts by: Kenny Dahill

Mostly yes.  There are open and closed marketplaces.

• Open: Any vendor has the right to join but there is no exclusivity clause.  For example with my hometown Phoenix, AZ:  100 plumbers might sign up
• Closed: Markets are restricted and provide exclusivity to reduce competition.  Often software companies will act as a leads generator.  Depending on the size of market, they might select 1-5 vendors.  The only way to join is getting the software companies approval.

There are benefits to both, I personally prefer Open competition.  I believe with Open the market will dictate itself: cost and quality.  In Closed marketplaces, the vendor wants to appease the landlord so they appease the software company.  However that neglects cost competition.

Hi @Steven Gersch.  

First off, great post @Brian Olson!

There are several options for PM software outside of the two you referenced; Burbz, Cozy, Turbo Tenant, etc.  Brian hit on some key factors about each.

From my understanding, Hemlane can help optimize the maintenance side of your management.  They even have a maintenance call center but you pay extra for that.  There is a monthly membership fee required.  Having access to their internal marketplace of contractors is great but I would also verify whom their vendor pool consists of in your market.  I'm sure quality varies market-to-market.

Tenant Cloud definitely has the most accounting features if that is what you're looking for.

Not every software has an internal marketplace, we currently don't but fully intend to.  There are always pro's and con's when it comes to the internal marketplace.  Some have open market where any vendor can join and others have closed where they partner with specific.  Depending what your preference is that could be a deciding factor.

Hi @Marie Folsom, welcome to BP!

Tempe is a great market but there is a range of demographics.  All of my rentals are in mid-Tempe (baseline/Rural area) as I prefer to avoid the college scene and get young professionals.

Feel free to reach out if you ever need help or advice!  Best of luck.

@Jamaar Brown: both work.

The difference comes down to your intentions. How you value and exit a MF is different but they both are passive income regardless. Some investors prefer to reposition a distressed asset, which MF could be the right choice. If you're looking for long-term buy & hold then I wouldn't be discouraged about owning SFR instead. It serves the same purpose of getting your money to work 24/7.

Hi @MarieChele Porter, what type of a property do you have and what is the occupancy status?

Anything in particular you are looking for in regards to your PM?

@Anthony Wick, I don't think you have anything to freak out over but keep your eyes on when they pay rent.  If paid a few days past, it won't kill you.

With that said, be prepared to take immediately Late Notice action.  Mail their notices first thing on the 6th morning and don't allow exceptions.  Remember that it is always your discretion to apply late fees or not, but if you don't take the minimum actions to protect yourself then it could cost you more if you go to court.  That's why immediately sending Late Notices and Eviction Notices are important.

Hi @Vernon Trice III,

There are several solutions for what you are looking for.  There are large portfolio PM software and smaller portfolio landlord software.  The large portfolio software will have a lot more bells and whistles but hard to justify the cost for most landlords.  I'll share about the other solutions.

Software:  There are several options for landlords to help self-manage: Burbz, Cozy, Tenant Cloud, TurboTenant, etc. They essentially offer the same key features for rent collection, helping lease your property and then maintenance requests.  Things to consider are which marketing sites they syndicate to, accounting functionality and if they have an attached marketplace for vendors.  Some are free and others have either a monthly membership or per-unit cost.

Grab Bag:  If you choose not to use one of the software companies, often people will use a few other programs to help self-manage.

• Rent Collection: Free apps like Venmo, PayPal or Zelle can get your rent paid electronically.
• Accounting:  Landlords can use QuickBooks or Quicken to track all their costs.
• Maintenance Requests:  A lot use their personal phone and do it the old-school way through call/text
• Listing:  You can create accounts on Zillow and other popular sites to list your rentals, then coordinate all the emails for viewings and applications.

@Shannon Brill,

Unfortunately there isn't much of a solution currently on the market.  All the app/software for landlords are primary 1 user only so you can self-manage and then the commercial software provide the landlord with a portal but it's still more of the reports print. 

If you're able to wait, we will hopefully have that landlord/PM capability in early-Fall so you can handle certain tasks as well if you chose to.

@James Wise hit it on the spot.  I don't think what you asked for is unreasonable as long as you expect there to be a charge associated with the request.

You hire property management because you need the local availability and time.  Refusing to provide any of that is mind numbing.  What happens when the moisture in the room causes mold?  Now it's a safety issue and can be more expensive and stressful to address.  You can't live without a refrigerator.  It could prevent prospective tenants from wanting to live there during vacancies!

I would push back on them, this is why you hired them.  Not for rent collection and emergencies only.  Is it above-and-beyond?  Yes.  Should you pay for their time?  Yes.  That's terrible customer service.

My questions:

• Do they have a handyman on staff or exterior vendors?
• What rates are you paying them compared to the market average?
• How do they handle maintenance?

I would suggest 6 months of reserves and then 1-2% of property value or 8-10% of NOI.