All Forum Posts by: Nathan Gesner

At a minimum, tenants remain responsible for rent, utilities, and care of the home until they vacate or are evicted.

In the future, your lease should include a "holdover fee". Mine is 3x the normal rent, prorated daily.

We've been doing the same for years. As you learn your market, you may be able to increase that amount quite a bit. I know some owners that charge a $300 fee up front plus $100 a month for a pet. It all depends on the level of demand.

You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.

The BP documents are available to anyone with a Pro account. It's worth the upgrade.

I have a solid lease that addresses all the issues. If someone resides in an HOA and doesn't have to maintain grass, we strike that clause. If someone lives in a single-family home or apartment without HOA rules, we strike that clause.

I've read through the BP lease and believe it addresses your issue satisfactorily.

Concur. The best he could be is a co-signer or guarantor. Tell them you don't allow that and move on.

You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!

4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!

Guys like @Russell Brazil have decades of experience and have made it through down-turns. They all seem to say the same thing: rentals in the $700 - $900 range never drop and may actually go up in a bad market. The high-priced rentals will drop when the market turns and people can no longer afford the luxurious. The lower-priced rentals will drop when people are laid off or entire industries shut down. The mid-priced homes are rented by the backbone of society. They are generally stable people with families and won't run when the going gets tough.

I allow one pass. Put it in writing that you are offering to waive the late charge one time IF they pay on the 6th. If the do not pay in full by the 6th, the late fee stays.

This is a $2,000 rental and they're already failing on the first month? I would keep an eye on them because it sounds like they may have issues budgeting and are likely to have problems again.

I still wouldn't do it. When I partner with someone, I verbally tell them I will do my best to treat them honestly and fairly. If they have a complaint, tell me and I'll try to work it out. If you are unsatisfied with me and decide to vent publicly, just understand that I intend to defend myself publicly and I typically do so with evidence to back me up.

I'm always cautious of anyone that has all good reviews because I suspect they are purchased or coerced. I prefer seeing some bad reviews and how the business owner responds to them.

Do you have a written policy that states rent will increase when adding new tenants? If not, you could be in for a fight.

If someone wants to add a tenant, I make them apply FIRST. After they are approved, I add them to the lease and make them fully responsible just like the original tenant. I only increase rent if utilities are included because that will increase the bill.