All Forum Posts by: Laticia Braxton

As someone who's been in the PM business for over 20years, I can tell you that you are not overreacting.  While it's completely true that PM's cannot control the contractor's timeline, they absolutely can respond to their client's questions in a timely manner.  Your PM was either overwhelmed with other issues during that time, uncomfortable with telling you about the delay or simply not concerned about updating you until he/she saw fit.  None of these are acceptable in my opinion because it takes two minutes to send an update.  

Since this was the first hiccup, I would have a conversation and explain how they failed to meet your expectations and review/set your expectations going forward.  Hopefully, they will get it and this will be end up being a teachable moment for them. 

Best of luck to you!

Laticia

The security deposit should be equal to the rent at a minimum, even if their credit is good.  Most tenants expect to pay one.  If you waive the deposit, you may regret it when something gets damaged, either by carelessness or by accident. 

@Destiny Mix, you are leaning in the right direction.  I've found it to be in the landlord's best interest to bill utilities separately, especially when everything is separately metered.  When your tenants are solely responsible for paying for their usage, they will be less likely to leave the lights on and AC running when they leave for the day or go on vacation. 

I would suggest that you also check Zillow and Redfin for current rental listings in your immediate area. Even if your property is unique, you can still use the basics (number of beds, baths, amenities, etc.) as your metrics to evaluate other comps for rent in the area. You can also ask a real estate agent to do a quick check of the MLS for recent rental leases closed in the area, so you know what the actual leased amounts are. Asking rents vs. actual rents can be quite different sometimes.

I also suggest that you try self-managing your first property. I won't tell you that it's a cake walk, especially if you don't have experience in property management, but if you have the time and willingness to do it, it will definitely be a valuable experience in your REI career. Feel free to reach out to me if you have any other questions and best of luck to you!

Laticia

I went through a similar issue a few years ago with a row home I managed in Baltimore County.  The house next door was occupied by less than helpful renters who refused to let us in.  It ended up being an issue with an underground water line and we did have to call the Baltimore City water/sewer division to get the issue resolved.  It took multiple phone calls and several weeks to get them to come out (typical Baltimore City foolishness LOL), but they finally came out and repaired the line.  I would suggest you call them and have them come out to at lease eliminate that possibility.

Very sound advice from @Account Closed! 

Congratulations @Amanda Chandler, you sound like a seasoned PM for sure! Best of luck to you :-)

Laticia

I would suggest starting as a leasing consultant to get your foot in the door.  Show and prove in that department while closely studying the assistant property managers and manager.  Ask a lot of questions and offer to help a lot.  Our industry has a lot of turnover for multiple reasons, so I suspect you will advance quickly as long as you can prove yourself and handle the pressure that comes with the job.  Feel free to reach out with any other questions.

Best of luck to you!

Laticia

I'm so happy to hear it all worked out for you @Gabriel E. Galloza.  

Make it a great day!

Laticia

@John Warren Agreed.  You should offer as many amenities and perks as possible to remain competitive, but it probably won't get prospects to lease your units.  Suggest offering a rent concession (first month free, last month free, etc.)  If they don't like that idea, offer a 13 month lease.  The renter will still see the value.