All Forum Posts by: Andrew Schultz

The thing that makes me uncomfortable about Dwolla is that your funds go in to someone else's "pooled bank account". I know it's probably just paranoia, but it makes me uncomfortable.

Thanks Pat! I'll still wear my sunglasses for you.

Good call, Aaron. I have a PDF I entitled '10 Questions Your MUST ASK Your Property Manager". I send it to everyone for free, if they provide their email address. This also signs them up for my monthly newsletter. If a lead calls me, I ask for their email so I can send the same.

The only other big advice I have would be to treat tenants with respect. Yes, your fiduciary responsibility is to your client, the property owner. However, tenants have needs as well. Be prompt with your responses, fair with maintenance, and firm with the rules established in the lease. Tenants should know that you are available when there is an issue. This helps build long term tenancies, which in turn helps your clients. There's a fine line between being tenant fair and tenant friendly.

I do that as a standard with all my management contracts. I'm not sure that's the unique proposition you are looking for.

Focus In on the Communication more. I manage primarily smaller properties (duplexes to 8-plexes), so I make a point to stop at every property every week. I then send a weekly update email to all clients of all issues impacting their properties, maintenance issues outstanding, new city legislation, etc. all clients also receive a monthly newsletter with their monthly report outlining the positive reasons for investing in our area, as well as a pocket listing that may lead to increases business for them as well as I.

Edit: One more thing. Focus on being one of the strongest members of your investor clients team. Have resources at your disposal to refer them to only the best accountants, bankers, contractors, etc. Make sure everyone on your team is as strong as you are. Make everyone shine. Your clients grow and so will you. I've said it before to others in the business locally. We don't move forward unless everyone moves forward.

Hopefully this all makes sense. Typing from my cell.

It's actually 3.5% +$0.15/transaction if the tenant isn't standing in front of you swiping the card.

https://squareup.com/help/en-us/article/5068-fees-and-pricing-plans

I was just looking at that today.

You should also look in to this article about convenience fees, charging more for paying with a credit card, etc. The answer appears to be no, you can't charge more for paying with a CC, but you CAN charge less for paying cash/check.

http://www.creditcards.com/credit-card-news/credit-card-convenience-fees-cost-surcharges-1280.php

Hope this helps!

The 28th and 29th both work for me.

I see 2 downfalls here:

1) My funds are pooled with everyone elses funds in an account that I can't control and don't have access to.

2) If a tenant makes a deposit on Monday, it won't clear until Thursday, possibly Wednesday. Then for me to move those funds to my bank takes an additional 2-3 days.

Not sure I'll be well enough by the 14th, but that would be the better day for me. The 21st is my girlfriend's birthday and somehow I don't think "Sorry, I have a networking event" would fly.

I use Buildium and I love it. Tenant ledgers, maintenance, billing, support for multiple managers, check printing, accounting, and so much more. It's been great and has expanded as we have expanded.