All Forum Posts by: Kenny Dahill

@Janet S. Tucson!  My old college stomping grounds.  What part of Tucson are you looking for?  College, air force, etc.

I am curious to hear the perspective of property management from accountants point of view.  For those of whose clients use PM.

Do you have any say who the owners use?

What is your involvement with the PM firms?

What do the best do?

What do the worst do?

How can your life be made easier?

What do you tell your clients about property management in general?

Open discussion.  I think investors often forget about how PM can impact their accountants lives.

For those who have used property management in the past, what parts of your Property Management Agreement would you prefer to be changed?  And, how so?

What have you seen that you really liked?

For example, termination clause typcailly makes it difficult for landlord to terminate but super simple for the management firm.

@Trevor McCloskey Welcome to the party!

@Philip C. That probably varies from manager to manager.  I would imagine it depends on the component of the contract you are referring to.  A lot of management firms paid attorneys to write their agreements and might not feel comfortable altering terms.

@Bill Johnson How large of a repair are we talking about?  Large repairs turn into renovations.

From my experience at Burbz and talking to managers, majority of property managers will pass through the vendors cost with no markup.  Please understand that this is for repairs, not renovations.  

If you need somebody there on-site then they will like use their handyman or it's a big enough of a project you should use a contractor.  Handyman will cost you hourly.

@Kumar Paj Both those companies seem to be doing flips moreso than management.  Have them confirm who your specific property manager is and how many units they are managing.  Simply put, flips generate more revenue/profit than managing.  Your property manager should be fully dedicated as their property manager, not double duty with flips.

Marketplace business model is becoming somewhat trendy.  I believe it works like a Master Lease Agreement.  They pay you $1,000 guaranteed and then earn the profits above.  If your place rents for anything above then you are making a business decision to discount yourself for guaranteed rent.  Nothing wrong with this approach but please do your research and become very comfortable with what you are getting into.

This is not to say these companies can provide great quality service, just informing you.

@Francisco Trejo Congrats on the deal!  Anything special required for your property manager: Section 8, renovations, etc.

@Joshua Nobles Regarding repairs, how much of repairs are you referring?  There could be a big difference in business decision depending on the amount you are comfortable repairing.  Minor might be an issue.  Enough major repairs might be better off ran through a contractor.

@Brad Norris Congrats on the 18-unit!  Are you looking for an on-site manager?  Do you prefer they have in-house maintenance?  With that many units, it's important you get multiple bid proposals and really understand how their agreement works.

I'll send you a direct message with more info.