All Forum Posts by: Phil Earley

@Rashad Jones Jennings Property management in Atlanta is a great business to get involved with.  I'd start with attending anything the National Association of Residential Property Managers is conducting.  The Atlanta chapter has lots of very experienced people who love to share their knowledge.  

@Anthony Angotti I'm sure Pittsburgh has a chapter also.  

Congratulations.  @Jorge Magana This may be a completely dumb question but what bank/loan program did you find conventional financing with only $2500 down for an investment property? 

If you will only manage homes you own, I don't think you need to work under a broker nor have a license.   I think more rules/regulations kick in once you get your portfolio above 10 units.  

Check with a real estate attorney but the law above says property manager, not property owner.  

In Georgia, unlicensed "support staff" have limitations.  I'm sure the Michigan Real Estate Commission has a list of what licensed and unlicensed support staff can handle while working for a broker.  In Georgia unlicensed staff can only handle administrative duties.  Basically you can't explain anything, negotiate anything or go out and prospect for new clients.  If someone perceives you to be a licensed agent, you have crossed the line. I'd start with getting licensed for now.  You then can interview multiple brokers who know and understand the rental world.   Brokers who specialize in sales won't be much of a benefit for you.  The sales and rentals worlds are tied together but speak different languages.   

Hi @Yoochul C., If anyone is providing poor service, the other 2 parties shouldn't suffer for it so I completely agree with your concerns.   When a landlord, tenant and management company enter into an agreement for the first time, all 3 are taking a risk that one may not perform well or to their standards.   This is a 3 way street.  

Terminating for "cause" is a legitimate reason for termination and no fees would be due from either party including a tenant who terminates for cause. 

As a property owner looking to hire a management company, we need to hire a company that shares the same definition of service as we do.  If we share the same definition, it will be a great long term relationship.  

"A business absolutely devoted to service will have only one worry about profits.  They will be embarrassingly large"........Henry Ford

@Cody Race- I would leverage your personal rental inventory.  Your company may be new but not your experience.....that sounds like a good tag line:)  

Termination clauses are there to protect all parties.   Every now and then, a landlord wants to terminate because of a need for a sale, they need to move back in, a family member needs help, etc. Not all terminations are because of poor behavior by one of the parties.  These changes in personal life affect the Tenant and Property Manager monetarily.  

I have never had a landlord tell me to remove the termination fees in my lease if a tenant wants to leave early for whatever reason or because the tenant complains about the lack of service a landlord is offering.  The term "slum lord" originated from somewhere so we do get the calls.  

Terminations for breach are to protect the Landlord, Tenant, or Property Manager.  The courts won't allow any one party to take advantage of another so at the end of the day, we are all protected.  

Being reasonable and stepping in someone else's shoes is the key.

@Rick C. those sound reasonable if the agent is bird dogging for me.    

My take is if an agent works for 3 months on a deal and gets it to the closing table,  they need to compensated well so that they know I'll take care of them when another one crosses their desk.   

....we don't sell real estate so I have no skin in the game.  We are here if you need management though:)

The exclusive agreement legally protects all parties and gives the Realtor the authority to represent you as a client.  If there is no client relationship, the realtor is technically the agent of the seller and should only be doing administrative acts on your behalf. There is also a non-exclusive buyer agreement and an agreement to work with buyer as customer only.   All three are agency disclosure for both parties so that there is no misunderstanding of the relationship. 

Whatever the agency is, it needs to be papered in the file for the Georgia Real Estate Commission.   

Ease Rental Solutions.