All Forum Posts by: Peter Tverdov
Peter Tverdov has started 34 posts and replied 1656 times.
Post: Maintenance replacements for certain household items
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
We always handle the filters. Tenants won't change them and it will shorten the life expectancy of the unit. Fridge filter they can handle that. Lightbulbs, batteries in smoke detectors is on them and written in the lease.
You can really do whatever you want if it is written in the lease contract but bear in mind they don't own the home and won't care on certain things.
Post: Typical time between tenants
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
As usual I think BP folks are being too harsh on PMs. Your turn time depends on many factors and you have to understand every owner is different which makes it challenging (some want a new bathroom, some only want reglaze of the tub, some cry about painting a unit that hasn't been painted in 8 years others want it all painted etc). If you just need a quick turn, yes a week it should be done most of the time, 10 days at most.
If they told you 3-4k and it ended up being 6k yes you can be mad...but did you ask why before running the forum pissed? Its not your problem but sometimes they're turning multiple at once, they want to get your place up and rent ready and 1-2 extra repairs were required, not communicated...it happens. Yes it's your money but they're not your puppet. They are doing a dirty job that has a high burnout rate with staff because they get dumped on by tenants all day and then IF they do something wrong with your unit after doing everything right for months you now dump on them, keep that all in mind.
Post: What do you think makes a good property manager?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
We try to tell our staff to treat the owners money like it is your money. Don't waste money if we can help it. It's not a hotel, the houses won't be perfect (unless it's new construction or luxury).
Post: Are Real Estate Agents Clueless on how to work with Investors?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
This mindset continues to blow my mind from people. I had someone the other day who brags to me that he only goes to the listing agent...crying to me why I didn't let him know about an off-market deal that closed where I found it for my buyer.
Why on earth would I try to help you when you clearly see little value in me and think we're all the same? I have 200 clients I work with and many who have done deals with me already. I am going to cut all of them in line to give you a potential opportunity? How does that make any sense?
I get an inquiry every other week from someone like OP who just wants off-market stuff, doesn't want any help listing or on the MLS or when they sell their Home Depot grade flip they want 1% listing fee. Then you guys call the realtors dumb lol...maybe you are the dumb one?
Post: I continue to meet Real Estate Agents that are doofuses
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
A lot of realtors give good ones a bad name but I can also tell you I get people who ask me for off-market some of the time and this is how the convo normally goes: I explain, "sure but I can also show you homes, set you up with the MLS and - NO NO Pete, we only want off-market. We are already working with 4 realtors with MLS deals"
Oh, yeah. Sure bud, I'll just let you cut in front of a few hundred clients that I have.
It goes both ways.
Post: New Jersey Tenant Consistently Late on Rent, Missing Rent and Now Unresponsive
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Daljit S.:
Thank you all for you advice! Based on what I'm hearing, I'm going to try to reach out to them one last and final time, they've been unresponsive for a week. If I don't hear back, I will work with an attorney to start the eviction process. They've partially paid rent last month but I have not received anything this month from them and won't accept any partial payments for August.
File anyway. Doesn't matter if they answer you or not. Many people tell us they will pay just to buy time. It will turn into 2 more weeks and you will run back to this forum asking for more advice. File buddy and get an attorney to do it, not you. If you miss one t or don't dot one I in NJ, it's thrown out.
Post: New Jersey Tenant Consistently Late on Rent, Missing Rent and Now Unresponsive
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Daljit S.:
Hello BP,
I'm currently house-hacking a 2-family property in the Hudson County area. I bought the home just over two years ago when interest rates were at an all-time low. When I purchased the house, the second unit was already occupied, and I decided to keep the tenant.
The tenant has been living there for the past 3 years and had not missed a rent payment until a few months ago. Since April of this year, they have consistently been paying rent late in partial payments. They typically communicate that they will be late and do end up paying the full rent plus the late fee by the end of each month.
Unfortunately, we've reached a point this month where they submitted a partial payment at the beginning of the month and have now become unresponsive and have not paid the monthly balance. I've tried reaching out to the tenant multiple times but have not heard a word from them over the past week. They are on a year lease that expires in December.
This is my first property and first time dealing with this issue. Experienced NJ landlords, how would you handle this? Would you recommend getting an attorney? I'd prefer not to go through the eviction process, but their lack of responsiveness leaves me no choice.
Thanks in advance for your help!
Evict, like yesterday. You live in Hudson County which is one of the longest eviction court time lines in NJ. You're looking at 4-5 months if you file NOW. So file. That's what we do as a property management company every time. You have bills to pay, it's sad that they have issues but it's not your concern and your bank damn sure doesn't care.
Post: Constant Work Orders After New Tenants Move In
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Every house is different and every owner is different. It's a delicate balance as a PM. What you would normally repair on one house, another house same repairs the owner flips out and cries you're spending their money.
When we get tenants who get carried away with repair requests (like 1-2 a month is ridiculous IMO) we usually get on the phone with them, level with them and then tell them we can find a replacement in that apartment since they feel its so bad. That usually calms them down, although I have had 1-2 leave over the years (good riddance).
Post: The new NAR rules have actually made buyer agent commissions go up not down
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
I am more stunned that most brokers have given little guidance on this. I have been hammering this to my agents. You do not open a door to someone without a buyers agency agreement signed. My minimum is 2.5% as a buyers agent. As soon as this came out, on the sell side I went from splitting commission to always giving myself 3% so I am making more money this year and can confirm what other people are saying.
I also have it signed on a per house basis and people have no problem with it.
To answer the other guys question I have people who come direct to me the listing agent to show a house, no problem...you need to sign the buyers agency agreement. I am representing the SELLER not you the buyer so I couldn't by law show you the house. Nice try, sign the agreement or no dice. No one objects once I explain it to them and I have yet to do a listing where we offer 0% because that's short sighted IMO.
Post: The new NAR rules have actually made buyer agent commissions go up not down
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Matthew Paul:
There is one agent that didnt get their 2.5% . I am selling my house FSBO ( just finished last weekend with new carpet) . I had an agent lined up to go live with it for the 4th of July weekend . And last week I had a young couple stop by , looked at the house , fell in love with it . Came back with a buyers agent . Next day I had an offer for less , with a 2.5% commission to the agent . I handed it back and said no thanks . I told her its the asking price and I will give a flat fee of $6000. He told me that he doesnt reduce his commission . I told him thats fine ,have a good day , good bye . Next day he came up to the sale price with the same commission , I said no . ( last 4 houses had biding wars and sold over asking ) . The next morning , he handed me a new offer with 1% and 20K over asking . I told him he will have an answer tomorrow . We are under contract .
There are 2 houses under $700K in my zip code , none in my school district .
Every area is different . This is just my example .
Most FSBOs leave money on the table for what they could have sold for. Congrats on likely doing that.