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Updated almost 8 years ago,
Would Landlords find value in Landlord Consulting?
I have 15 years in real estate in the city of Chicago; 13 as a licensed broker and 2 years as a PM for a developer. I also spent 12 of those years managing our multi-family rental property in Lincoln Park. Between 2012 and 2016 in 4 units I had ZERO days vacant. That streak would have been 2 years longer if I hadn't voluntarily gone vacant to rehab a unit. We were never in litigation with any tenant in 12 years and were assessed minor city fines twice. I also hold a J.D. and LL. M. (master of law) in Commercial Real Estate Law. I spent a semester in the Fair Housing Clinic while working on my LL. M.. (opposition research?). I am still an active broker and do a lot of rental business in the season.
I want to start consulting other landlords and investors on how to best minimize risk and maximize rent. In my business I see A LOT of mistakes that are costing investors A LOT of money. The most common mistake is not making simple improvements and upgrades that would increase the rent. Every day I see ugly paint and light fixtures that prevent a unit from renting resulting in vacancy and lower rents. It drives me crazy! I see a lot of problems with how landlords assess applications and decide on deposits that could cost them a ton of money down the road.
I also think a lot of landlords do not analyze their properties correctly. I can tell help explain the benefits and drawbacks of OPM vs cash etc.
Most of the mistakes I see could be easily avoided if investors were armed with the right knowledge and solutions. My question to the BP community is whether any landlords would pay for solid advice on how to maximize their revenue? If so, how do I reach these potential clients and how much should I charge?
Thanks for your thoughts!
Jenn