All Forum Posts by: Account Closed

I need assistance putting together a list of secondary revenue streams for a property management company. So far I have

• PM fee (% of rent or flat fee)
• Lease ups
• Maintenance (upcharge)
• Vendor rebate program on items such as appliances
• Pet fee (not sure if this goes to the owner or PM)
• Lawn care (upcharge)
• Cleaning
• Renters Insurance (commission?)
• Appliance and furniture rental (commission?)

My target market is single family homes in desirable subdivisions so adding things such coin laundry, bill boards, etc. would be off the table. Thanks

I have a tenant now that wanted to use his company (LLC). I would only allow his name on the lease. I did agree to add some verbiage to the lease allowing his out of town employees to use the unit and I accept his company check as payment.

@Bill S. , I'm aware there are inexpensive SS appliances and wasn't suggesting all SS appliances were high end or expensive. Just sharing my experience with my SS appliances. I have considered replacing them with inexpensive ones but I may be putting the property on the market so I've held off.

I have a home I built for myself which we outfitted with GE Monogram (SS) appliances. I turned the unit into a rental a few years ago and the biggest stress I have with it is the appliances. They are expensive to repair. When the tenant calls I instantly think Oh $#!^!. I had to replace the glass cooktop once. GE repair would have exceeded the deposit. I was able to order and replace the top on my own for just under $1K. I have replaced the ice maker a couple of times, in fact it needs replacing again. The keypad for the timer and clock is out on the oven, a few hundred bucks to repair so it will stay broken.

SS looks great and I would put it in a high rent unit but be prepared for expensive repairs if they are indeed high end appliances. GE's around $150 just to come out and confirm your products broke. Oh yeah, had the magnetron in my monogram speedcook oven go out. Part was covered by GE but the service call was over $200. I kept the part and looked it up on amazon, $40. I'll be changing the next one.

Done

I don't allow business to be run out of my rentals. It is clearly stated in the lease. If I can detect or someone complains that a business is being run I will give written notice to knock it off and hand deliver to the tenant so they fully understand what they need to do.

Great feature! Thanks

Ditto @Matt M. , lower rent to attract interest and use higher move-in cost, along with other stringent criteria, to weed out the less desirable applicants.

I like @Sam Leon 's idea of a vanishing deductible. Handing a tenant a few hundred dollars of deductible back as a renewal incentive would be enticing.

Great thread. I plan to give my tenants printed deposit forms with the unit address on each one. The deposit forms are attached as an image on my banking site. I only have a few properties so this sounds like a good solution for now. I plan to go with a comprehensive cloud based solution when we start managing property as a business next fall.

Thanks for all the tips. I'm going to land records in the morning to spend some time on the computers. One of the clerks introduced me to the system the other day. There were several people on them, I assume most were doing title work. I'll see if one of them will give me some pointers.