All Forum Posts by: Robert Gilstrap

Joe,

I've gone from zero to 500+ doors and we've always been departmental or at least a hybrid.  I never understood the logic that a single property manager or portfolio manager can know everything baout maintenance, accounting, leasing , sales, renewals, etc. so we have dedicated leasing staff, dedicated accounting, and dedicated maintenance. The PM's just act as the main point of contact to owners/tenants, they do renewals, take the complaint calls, handle evictions, collect rents, do lease mods, etc.

Works pretty well. Give me a shout if you need specifics.

Donald,

Brad Larsen is one of the best I've ever met. He's in San Antonio. Google Larsen Properties.

Michael,

Not saying it has to be black or white but a well educated and established manager would never allow an owner to co-manage. Too many cooks in the kitchen makes for a bad meal. If you went to a doctor for surgery the doctor doesn't solicit the patient for help and if he does then you might want to find a better doctor!  Managers have a terribly hard job with massive risks and liabilities, involving another party simply increases that risk.  That being said there is nothing wrong with wanting to learn the ropes. I just think that after 27 years of investing myself that if I had spent more time finding and negotiating deals and not worrying about tenants and toilets I would have retired long ago.  

Peter,

So common that I can't imagine a property management agreement exists without that clause. Since the manager doesn't own the property but will absolutely be named in any lawsuit then you should expect to see a hold harmless clause in any mgmt agreement. No manager in their right mind would manage without it. I agree with Phil that the only thing from an owner perspective you would want is exclusionary language that precludes a managers gross negligence or willful misconduct.

Machele,

I don't handle Lawrenceville but I can give you multiple recommendations for good PM's in that area.

Being a professional manager I guess I'm biased but why are you trying to keep some of the work yourself? Anybody who's been in this business for long would run from an owner who wants to "co-manage" a property. 

You hire a professional for multiple reasons: they know more than you do, they can do it cheaper, better and faster than you can, they keep you out of trouble, they have resources and contacts that you don't have and most importantly they free you up to go make money doing another deal while they do the heavy lifting of day to day management.

If you think any of these examples is not true in your circumstance then you have the wrong manager.

Find a good PM and let them do what they do best. A good manager will save you far more $$ than they ever charge.

AHFR killed the rental values in some areas of Atlanta by going low on rents but seems like now they are back in line with market. They don't really impact our business all that much.

I handle most of Atlanta and would be happy to help you. If they aren't in my area I know PM's all over Atlanta.

Yeah I would just sit tight. The house is sold, you're not out any $$ and they certainly realize by now they are screwed because of their mistake.

Ryan,

I am a professional property manager in Atlanta and from what you describe they are at fault. Never heard of security deposits being reduced over time so is that what you are saying they did? 

ALso on the repairs after move out they didn't get your authorization and the terms of your agreement call for it then they hhave breached their agreement. If the house is sold then I would forget about it and ignore them unless / until it went to court in which case you will win it sounds like. Was this PM company a NARPM member?