All Forum Posts by: Kenny Dahill

@Mike Schrier Can you provide any more information: single family or multifamily?  Any special requirements with your manager?  Is it currently managed?

I'll send you a direct message with more information, but we're here to help you find a PM.

@Maggie Karanja Can you share more about your property and/or requirements?  Is it multifamily or single family?  

I'll send you a private message with more information.

@Mouhamad Rahal Congrats on your deal!  Multifamily can vary significantly, 2+ units.  How many units are we talking about?  Any specific or special tasks that you need: manage contractors for renovations, section 8, onsite, etc.

All important information to consider when searching for property managers.

@Anita Nij Property managers can have their specialties.  What type of property and any special needs?

I'll send you more info in case you need support soliciting bids.

@Sharon Hsu If you have concerns, first make sure to explain your concerns to the manager.  Personal preference, but I believe people should be given the opportunity to correct themselves.  Set your expectations and hold to them, but make sure they are clear!  Somebody mentioned on another thread and I loved their examples: "promptly" is general, "within 24 hours" is specific.

If that's not your style, then consider hiring a new manager.  For a C/D neighborhood, paying somebody higher rates might be worth it as long as they can collect the rents.  I would have more concern about the 3-4 response time than the rates.

@Kiersten Vogt Some of that will be experience and learning the different areas. Not to generalize too much, but each income class has been known to be a certain level of difficulty. Even tbe quality of property makes a difference Lower income can be challenging because they are paycheck to paycheck, might not have technology to pay online, or if it's a bad area might attract bad people. There are also those who simply want to pay and be left alone. I've heard numerous stories about these tenants doing all their own repairs and actually improving the house! Higher income can be challenging because they are needy. Sure it's higher rents but don't expect them to do anything on their own. They'll pay on time but call you for everything, and often understand the components of their lease very well. Middle income is often the easiest. They make enough money that you're not concerned about paycheck-to-paycheck. There's plenty of them so you'll get a lot of applications. They'll do minor repairs or willing to live with its conditions because they know they're short term or it's just part of the deal. These are generalizations. There are classy renters in every income class, there are terrible renters in every class. You will start to learn how much effort each class or area takes and calculate your expected time. Also knowing the condition of the house is important, a new build or renovation is less likely to have issues and more likely to get a better tenant. An old run down property is likely to fall apart and attract less quality tenants.

@Conrad Metzenberg Craigslist was an example.  I'm saying put up your own Zillow, Truila, Craigslist listing that directly go to your email.  Forward those to your PM or even reply to the applicant and copy/re-direct to the PM.  Then you'll really know if they're doing their job, after all you've teed up the applicants.

It might be passive aggressive, but it will get you the results you desire!  Protect yourself and your asset, a few minutes per day, until it's leased, to direct emails and coordinate with applicants is worth missing a month of rent.

Challenge accepted!

@Jackie Mesa Congrats on starting your property management company.  Leads are obviously important, could be costly though.  We're here to help with leads if you need (ugh, no pun intended).

@Conrad Metzenberg I know Swanny posts his own units on Criagslist 3x per day to keep it up top!  It's your money, take that extra step to assure your unit gets leased if that's what it takes.  The PM will only lose out on $100 if it sits for a month, you'll be out hundreds or hundreds.