All Forum Posts by: Melanie Thomas

Hi, I would highly recommend that you get involved in your local NARPM (National Association of Residential Property Management) chapter. It is such a great resource to find amazing mentors and means to continuously learn and be active in the industry. They put on amazing conferences and offer classes and designations you can earn to elevate your business. Happy to put you in touch with the correct person if you are interested. Good luck and happy investing!

Hi Raj, I would develop a standard screening criteria that you present to each applicant. They should sign and acknowledge receipt as part of the application process. I would detail that you require an amount to reserve the property. If they back out for any reason this amount is non refundable. I would also consider not holding a home vacant for that long. Another potential item to add into your screening criteria. "Will only hold a property for X days before rent starts being charged" something along those lines. Homes sitting vacant for that long is never good.

A few years back I was in a similar position where someone backed out and demanded all funds back. The lease was executed and security deposit received. I was trying to hold them to the early termination clause in my lease. Tenant lawyered up and my attorney at the time stated that if it went to court since they never actually took possession they had a leg to stand on. He suggested I should work with them (pro-rate deposit for days lost off market) VS potentially ending up in court for such a nominal amount in the grand scheme of things. Hope this help! Good luck!

Quote from @Malkia Ra:

All very good suggestions here.  And I'd like to add (if no one else has), search for reviews on those PMs, from both clients and tenants.  Very telling!

You can eliminate right off the bat just from reviews.

YES, I can't believe I missed this one. One of the MOST important! Have an excellent day! :)

Few quick ones here:

* How is after hours maintenance handled?

* Eviction process? Policy on late rent?

*Maintenance reserves?

*Insurance requirements?

*Scope of service (whats included vs not. Ex HOA dues, tax payments etc)

*Member of professional organization such as IREM or NARPM?

*Marketing plan?

*Average days on market?

*Average days to turn a property after tenant vacates ?

*Video tour provided?

*Owner communication, how often and what form?

*Single POC VS departmental company?

Hello! I am the Vice President of the San Antonio Metropolitan area chapter of NARPM for 2023! I would highly recommend getting in touch with a Property Management firm that is affiliated with NARPM. Those who are are making the extra intentional effort to continuously learn and improve their craft are who you want managing your assets. NARPM does offer the MPM (Master Property Manager) and RMP (Residential Management Professional) designations. The individuals that have these have proven themselves to be at the top of their game and industry leaders. Feel free to reach out if you have any questions, I am always happy to help!

I typically hire a third party to competition shop for me.
Kudos to you for thinking outside the box!

It took me a long time to learn that all business is not good business. Its OK to say no and save your sanity! Have an excellent day!

@Bradley Lewis great question! We typically will adjust the price between 7-10 days with little to no showings/activity. We also consider offering an escalation clause, increasing the agent commission, offering a "free rent" period etc. We never adjust application fees or qualifications. We have a set application price and screening criteria for all homes regardless of price. Could be a potential FH issue. Happy leasing! 

Hello, in my firm we will not list a home until its vacant and 100% ready to go. The homes lease faster and we can accommodate quick move-ins which is usually the case. When we listed before the home was ready previously, the listings often got stale and potential applicants wanted quick move-in. Additionally in only showing vacant and ready, what potential applicants see is what they get. There is no assumption on the applicants side that something was going to be repaired/completed/updated before move in and it was not. We also avoid potentially falsely advertising the date available if the make ready work is unexpectedly delayed for whatever reason. Vacant home showings also allow for self assisted showings if you are OK with that. This method works for us! Good luck and wishes for a quick leasing!

@Rahul Gupta you will always want boots on the ground. I would certainly hire a professional PM company. Your local PM company will be keeping up with local laws and ordinance changes. There are many potential pitfalls in being a landlord that could result in expensive legal issues. Hand it over to a professional and let them do it for you. 

Good luck and happy moving! :)