All Forum Posts by: Peter Lohmann

Sorry to hear about your experience with one of my competitors, @Ram Srinivasan. Unfortunately it sounds very typical. Stories like yours are why I started a PM company in Columbus! The demand is extremely here for quality property management - we're growing like mad right now. Just responded to your private message - let me know when a good time is for you to talk on the phone. I own investment properties in town as well, so I completely understand how frustrating it is to watch cash flow in the wrong direction. We'll get you back on track.

@Tom Yung Thanks for the referral!

Peter

Well, they marketed well enough to get their signs ripped down, for whatever that's worth.

I could also stand naked in the street with a phone number written across my *** in body paint - just because it gets attention doesn't mean it's good (or legal) marketing.

I tried - no answer.

Which one of you is repeatedly posting bandit signs on telephone poles all over our Columbus neighborhoods? STOP. It's illegal to post signs in the public right of way. Not only that, but it makes the neighborhoods in which I live, work and invest look trashy. This is the second time in a month I've had to take several down in front of my office (King Lincoln) AND near my home (Olde Town East).

Find another way to reach your customers.

That reminds me - beware of "fully occupied" properties in marginal areas of town. Sellers will often fill them up with anyone who walks through the door in order to make it look full, but it becomes a nightmare if the tenants weren't properly qualified. I would ask to see 12 months of rent roll.

Hey Shaun,

I recommend allocating more like the following:

-15% property management (once you include all the extras, such as leasing fees, it will be more like 15 to 20% since your rent is so low).

-15% for maintenance (this number is irrespective of rents and is more appropriately tied to the sq footage; 15% is a guess).

-5% for capital improvements (capex).

Those last 2 numbers are based on average expenses for Columbus multifamily properties that I've observed over a number of years.

Don't forget there are other (small) expenses such as legal, etc.

-Peter

Hey Shaun - I own a property management company in Columbus and would love to chat if you're interested. We manage roughly 160 units in and near Columbus.

Peter

Hey Tracey - is this property in Columbus?

Yup, that's exactly why we set it up that way - to align our incentives with the property owner's/investor's.

We're in Columbus. Here's our standard fee structure as of 5/2014:

-11% of collected rents (minimum $75/mo)

-One-time startup fee of $375/unit (higher if vacant)

-No leasing fee

-No advertising fee

-No annual fee

-No re-leasing fee

-No admin/portal fees

-We keep late fees

-$100 to evict a tenant already occupying the property when we took over mgmt, NO fee to evict a tenant we placed

-No markup on repairs under $500 or those done by our in-house handyman

-10% markup on improvements or repairs over $500 and managed by us

@Jean Bolger Sounds like you ended up with a great PM at least based on your comments - glad to hear your investment is working out!