All Forum Posts by: Peter Tverdov
Peter Tverdov has started 34 posts and replied 1656 times.
Post: Criminal background checks
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
New Jersey has something similar. You need to do a criminal background search last to not be discriminatory in NJ. Our property management company had to seek guidance on that to make sure we were doing things correctly.
Please remember L/T laws differ by state guys! To keep it simple the blue states usually afford tenants the most protections so IL and NJ are no stranger to things like this, whereas Oklahoma and Wyoming might be.
Post: How to get more PM customers
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Nathan Gesner:
Quote from @Cody Journell:
I am in a small community and know most of the agents personally, so I have only marketed verbally. I'm in the process of launching a new website and creating printed materials. I am going to start visiting the larger offices, leaving materials, answering questions, etc. I know of at least six offices that have started offering property management and I need to educate other agents that there's a difference between what I do and what the amateurs do.
How have you gotten most of your clients this year and last? This year has been very interesting for us as it's been almost entirely Google. We started doing free REI seminars this year, postcards are always consistent and SEO a little referral as well but its hit or miss and people forget about you after a week or two unless they follow our socials to stay top of mind.
Post: How to get more PM customers
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Corey Conklin:
I would focus on creating a business that provides the best service for your clients. The end game is for you to be the only client. That being said, this would ensure that you have a great service in place to manage your assets once you have hit that milestone.
I would use low pricing as an opportunity to try and get clients in the door. All while striving to provide better service than any other PM in your area. If you do that you'll have plenty of leads hit your door step and it will give you a great opportunity to dial in your PM business operations.
Don't necessarily worry about the profit of the PM company, remember your end game isn't to be a profitable PM company, but a profitable real estate developer/investor who has built a great PM company to maximize returns on your own investments. If you sacrifice short term profitability on your PM company for the long term benefit of building the PM company that will manage your future portfolio it should pay off.
No offense but do not follow this advice. Low pricing and don''t worry about profit? That's not the right strategy.
The truth of it is finding GOOD PM client is hard. The low price clients who have roach motels never want to fix anything...you don't want that. They will suck up so much time and resources and burn you out and/or your staff.
Focus on quality. That's what we are constantly striving for. Good clients who trust us and treat us right, good properties. I did a NARPM podcast earlier this year about that actually. We grade our entire portfolio each year A,B,C and F. Grade the owners, the property and how much time they take.
I have to say we have less and less Fs each year and this year we actually shrunk 20% in door count but revenue is the same. So we brought in more QUALITY and either got fired or fired the crap clients and we feel very efficient.
Post: 5 Tips To Create A Real Wholesaling Business And Not a Chop Shop
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
They should be reported to the real estate commission in your state every single time because they are ripping equity from people while pretending to be a fiduciary. Go get your license and sell real estate or buy the property yourself if they really need the cash offer (some do I get that).
Post: Door count is a terrible metric. Please stop using it.
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Russell Brazil:
Met a guy at BPCon one year who was bragging a bit about his door count. He had about 100. He asked me how many doors I had. It was probably in the 15 range or something like that. He said, don't worry you'll get to where I am some day.
I asked him what his average value per door was and what that added up to in assets under management. It was $50k and $5,000,000. He asked me the same. Mine was $750k per door at about $11 million AUM. His smugness disappeared really quickly.
Basically this. I know people with hundreds of units but they're not the actual owner, they're a GP and when you break down the actual equity they have its similar to people with a dozen homes. Quality over quantity.
Post: Getting out of a Management Agreement w/ Horrible Client
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Sorry to hear you're going through that. For some reason people treat PMs like slaves sometimes. I don't understand it. We have been churning out a lot of bad clients the last 18 months. None that we lost I have been upset over. This business is hard enough, if you're not rowing in the same direction just cut bait and move on.
Also learn to do a better job of screening them. Its not impressive me to have a bunch of doors that are slums with bad owners. Quality over quantity. Focus on revenue per door, not door count.
Post: Why Landlords and Investors Should Use a NARPM Member Property Manager
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Calvin Thomas:
It's fine for training and networking, but, you will most likely not receive many clients from it. Potential clients do not know of NARPM; and their site is geared towards building membership, not necessarily referring potential clients to it's members. I've been developing and managing our buildings since the late 70s. I've only heard about NARPM here on BP; which isn't saying a lot.
NARPM is geared towards residential PM not apartment buildings. That's IREM.
Post: looking for real estate brokers that teach their agents to be investors themselves
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
If you were in New Jersey we would probably be a fit haha. We have a lot of investor focused agents at our brokerage and I personally do free seminars 4 times a year about real estate investing.
Most brokerages don't teach this stuff and I think 3% of realtors are real estate investors.
Post: Use a Lease Extension or New Lease Contract?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
I could never get our property management company to do a lease extension addendum because we are constantly improving our lease every 1-2 years. Plus some attorneys will argue the extension is not valid or if you are doing an extension to a lease that is weak to begin with it just doesn't help.
Our policy is a new lease every renewal. We do hundreds of lease renewals a year this way and it works well.
Post: Advise/Tips for Opening RE Brokerage
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Man...it's a lot of work. I opened up one 3 years ago. I own a boutique brokerage. Thought I would just huge commission and get agents flocking to me. Wrong!
It's very competitive to recruit realtors, you have to train everyone, you have to create your culture, processes, a ton of stuff. I enjoy it but it's not for everyone.