All Forum Posts by: Laticia Braxton

Really awesome advice given here.  I would also strongly suggest you make sure you properly vet all people involved (real estate agent, property manager, contractors, etc.).  Unfortunately, there are a lot of investors being taken advantage of in this type of scenario and although you can't guarantee that you won't have problems, not doing your homework may cause you a lot of unnecessary pain in the end. 

Hi Marcy.  I use Buildium and I really like it.  You can get a free trial also. Feel free to PM me with any questions.  Best of luck to you!

Hi Renee.  As a Realtor and owner of a property management company in a suburb of Baltimore, I could recommend a few inspectors to you.  PM me if interested. 

As a property management company owner, I would say as soon as you bring your issues to the manager/owner and they refuse to acknowledge and correct the issues.  if they don't value your business, some other company will.  Just be sure you protect your interests by reading over your management agreement to ensure you aren't hit with any surprises.  Also, interview other companies now, so that you have your Plan B in place ahead of time.

Best of luck to you!

@Chinmay J. when I said "highly undesirable" I certainly meant the maximum allowed by state law but thanks for pointing that out :-)  Sometimes owners don't use the max which certainly is not a deterrent for slow pays.

@Marty Summers, it's my pleasure to help :-)

Hi Robert. I own a property management company and it is customary for a few reasons. Firstly, if your PM is also an agent, your rental listing goes onto the MLS (which gets your property in front of more renters) and the first month's rent then becomes a commission which is typically split between your PM and the agent who brings a tenant.

Secondly, there is work involved with placing the tenant (assuming your PM is a good one).  They need to process the application, verify employment, etc., get the lease signed, collect & deposit the security deposit, inspect the property, etc.  If my owner brings a tenant, I will lower the price but it is not free because there is work involved.  I hope this helps.  

Best of luck to you!

Congrats on the new investment!  Your questions are certainly not stupid.  

You should definitely notify them of the ownership changes in writing. Give them clear instructions on how they are to pay their rent. I am familiar with Cozy and it is an easy way for them to pay so you shouldn't have any problems. Their rent checks should be made payable to your LLC (assuming your business bank account is under that LLC).

You are only the property manager and not the owner (to them).  What you don't want is for them to give you the sob story for not being able to pay rent down the road as the owner.  As the PM, you are simply the messenger and the owner does not tolerate late rent payments :-)  It's always a good practice to have a highly undesirable late fee on your side to "encourage" them to pay on time. 

You should give them a business card with your contact information as the PM.  Be prepared to handle emergency maintenance calls at the worst possible times (holidays, middle of the night, before the sun rises, etc.) 

Also, when you go to meet them for the first time, perform an inspection of both units and document with pictures. Have them sign off on your inspection sheet.  If you have damage to either of the units and have to go to court, you will need to prove they caused the damage.  

Lastly, be sure to put a ticker on your calendar for their lease ending dates.  Make sure they give you proper notice in accordance with their lease.  You need to start marketing for the vacancy immediately upon receiving their notice to vacate to minimize your holding costs.

I hope I've been able to help you some.  Feel free to inbox me with any questions, I'm always willing to help!  Best of luck to you!

As a property manager who has dealt with countless contractors, I would tell you to just simply be your authentic self.  When you see someone you would like to connect with, smile first, introduce yourself, tell them who you are and what you do but more importantly, tell them what you and your company stand for.  What we ultimately want to know is that we can trust you to handle the job professionally.  I have a handful of contractors that I will always use simply because they are who they say they are and they always do what they say they are going to do.  I'm sure you will do just fine at your meet-ups and best of luck to you!

You're more than welcome and yes!  Tim is a great guy and was my saving grace during any snow/ice event at a shopping center I managed in my past career!  Super dependable and friendly guy.  It truly is a small world :-)