All Forum Posts by: Adam Bartomeo

All you need is a key box and key labels. We have several hundred keys that we have to inventory and manage. My office manager tracks them on a spread sheet but personally I don't think that is necessary if you have good key box inventory.

Class D always have higher Cap Rates than A and B. You need to understand that there is normally much higher turnover and expenses due to the types of renter that these properties attract.

@Dalton Summers My ex-business partner owns 40 units and still rents a house...

Property managers are expected to do a lot of work for a minimal price. Sending 2 applications to an owner and denying them can be pretty frustrating. We sent 3 different applications, that we would have approved, to an owner and they denied them. Recently, that owner blamed us for it being on the market for 3 months... LOL! It sounds like you are in a similar boat, blaming your PMC when they have gotten multiple applications may be the issue. I do not condone their behavior but it sounds like they are frustrated with you.

An escrow account is nothing special, just a checking or savings account where you put nothing but security deposits and advanced rent.

1. And 2. Showing a property while it’s occupied is almost never positive. It is difficult to schedule a time for the Potential tenant and the current tenant and often is after hours. Current tenants have no motivation to show the property, or to make sure that it’s clean and ready to be shown. Often the unit looks terrible when you’re showing it and is a waste of time.Most owners expect a property manager to work 24 seven but are only willing to pay them six cents to ten cents on the dollar. If you want these types of service, then you should should look at the pay structure to see if it makes sense for all parties.

3. Yes, it is! Most owners are unfamiliar with the laws and the potential liabilities of selecting tenants. This can open up for liability and lawsuits in the future against both the owner and the property manager. The federal fair housing act is extremely sensitive and can be even more sensitive in certain states and cities.

Quote from @Drew Sygit:

@John Paul Palace their bggest challenge is finding competent PMCs to recommend to their clients.

That's what most of the negative feedback here on BP is about them - which is UNFAIR as they're selling a rental property, NOT PMC services.

Recommend you do your own due diligence on PMCs before just going with their recommendation.

Their biggest problem in Cape Coral is the builders that they referred. Several of them have ripped off investors. And, I am talking about LOT of investors for tens of millions. I am personally working with about 15. They have given rent to retirement builders money and will never see it again. Buildings are left mid construction and of taking more than three years to get to “mid-construction”. Now, you’re saying that they’re not recommending good PMC‘s? So, why would anyone use them? Providing bad PMC‘s and builders… What a nightmare!

All new tenants should go through the application process and be charged the application fee. We charge $50 per pet per month rent.

Just because there’s not a move-in inspection doesn’t mean you can’t hold the tenant accountable. In all actuality move in Inspections are a waste of everyone’s time and they are very inefficient. You could use a combination of the move out inspection from the previous tenant and listing photos. Also, the tenants that you are inheriting will not know what information you do or do not have.

Quote from @Pavan K.:

Quote from @Adam Bartomeo:

Why would you ever consider taking a listing down when it’s not renting? You are losing thousands of dollars a month in potential rents and actual expenses. Vacancy is the biggest killer of profitable rentals.You’ll never be able to get it rented if it’s not listed. It is better to lower the price and shift the lease ending date late spring.

 Umm!! Not sure what you meant. The listing is down because it's rented. I have got the security deposit as well .

Please see your post… It says nothing about being rented and asked if you should take down the listing.

Although, we have a similar structure for our PMA’s, we do not treat security deposit as income but more as reimbursement for damages. But, their point is legitimate. The owner is making money so the PM should also make money. As far as the monopoly, why don’t you just self manage?