All Forum Posts by: Phillip Austin

@Luis C. Just run it as a separate property. With that said, if you want a better estimate of rent, I highly recommend running a real comparative market analysis by looking at other available, comparable units currently on the market.

@Sigmund VanDamme State Farm also does not allow additional insured.

@Nathan Gesner is correct. It seems most providers are moving away from that and only allowing additional interest which, from my understanding, is really all we need as landlords.

@Tina Lee I agree with @Theresa Harris. You do not need to provide a reason for nonrenewal. However, you do need to make sure you're abiding by any local laws that may or may not require you to provide notices of nonrenewal by a certain date. In Colorado, it has to be at least a 30-day notice. 

"Dear (tenant),

Unfortunately, we will not be offering a lease renewal. This notice serves as your official notice to vacate. Please note you have until _____ to move out.

We have enjoyed having you as a tenant and wish you the best!"

Some states also have legislation governing late fees! So, make sure you're aware and abiding by those laws.

@Hilda Sandoval If you sign up for BiggerPockets' Pro membership, you get access to all state approved forms including lease agreements. Highly recommend!

@Adelola Sokoya I haven't used it personally but here are a couple recent threads from other users:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

@Michael Wade HomeAdvisor is a great platform for finding local reputable vendors. I'd start there! You can also check your local NARPM chapter's website. They have a list of affiliated vendors.

@Jake Silverman RTM stands for remote team member.

@Brad Larsen already gave you a great recommendation in Annequim. I second that referral!

Also, if you're going to be managing that many units, I highly suggest switching from Buildium to AppFolio. The features within AppFolio are much better when managing at scale. Yes, it's more expensive than Buildium but it's well worth it. I've used both!

@William Coet There are professional software companies designed solely to help coordinate property maintenance. Property Meld is a great option!

If you're looking for a smaller more cost effective option, I highly recommend Asana! Asana is a project management software that's extremely simple and effective. They also have a free version!

@Sara M. To determine tenant responsibility and what you can or cannot charge them depends on your lease language. In a standard lease agreement, yes, you should definitely be able to charge for damage.

Best way to handle this is to include every damage above normal wear and tear on their disposition letter. Put a dollar amount to each, send their disposition letter to their forwarding address outlining the charges and include a disclaimer that if the balance isn't paid by x date, the account will be sent to a collections agency making it difficult for them to rent in the future.

@Dan N. As a former regional manager for one of largest nationwide chains, I have an in-depth understanding of not only how the larger PM companies operate but, also, the smaller "mom and pop" and "boutique" brokerages.

After 4 years with Evernest, I chose to break away and go the more "boutique" route mostly because of the quality of service or lack thereof. 

In my experience, the average tenure of the staff is extremely important when it comes to quality of service and overall client experience. When interviewing, make sure you ask them how long their staff members have been working there! Often times, the larger national companies are growing at such a fast rate they cannot keep up with the staffing demands. This puts extreme pressure on the existing staff and results in a high employee turnover rate. It's not uncommon for those property managers to be managing 300-400 properties. Staff members are well beyond their capacity. This is why you cannot get them on the phone! 

Also, another great question that isn't asked often is what is their churn rate. What percentage of clients are terminating their contracts? Larger national PM companies track churn very closely and is one of the most important KPIs. They may not be forthcoming with that info but it's still an important question.

To @Mark Ainley's point about Google ratings, yes, absolutely Google reviews matter. HOWEVER, do not take them at face value. Dig into the reviews and read as many as you can to determine who is leaving most of the reviews. Many reputable PM companies incentivize their employees heavily for those 5 star reviews. Often times, their leasing agents get the vast majority of their reviews. Ie brand new tenants who have just been approved, signed a lease, but haven't truly dealt with the management company at length are leaving 5star reviews.