All Forum Posts by: Brandon Eleazer

I see what you're saying Aaron, I appreciate your thoughts. Yes there is definitely no shortage of entertainment in this business. I was thinking it could be educational as well but that may limit the audience to those looking to start their own company, correct?

Marc, I realize the satisfaction and benefits in determining value yourself. That being said, you shouldn't feel bad about bugging your agent. He/she should be an asset to your team and give advice whenever you need them.

Hello All,

What "hot topics" or themes would real estate investors expect from a property management blog? Could sharing a property managers daily experiences be interesting enough to be a blog?

Any thoughts...? Thanks BP

Rob, How does your Uncle collect rent from the tenant? Who currently handles the maintenance? Is there a written lease between your Uncle and the tenant?

The answers to these questions will determine how drastic the change of management will be. Keep in mind that people are resistant to changes. Have a talk with your uncle to familarize yourself with the tenants behavior and personality. 

The first step is to send a notice of new management to introduce yourself and outline important information (Rent procedures, how to submit work orders, etc.).  Your goal should be to clearly communicate your new policies while making the transition as comfortable as possible.

If there isn't a written lease in place then you could have a real estate professional prepare it for you or simply download or purchase a template. 

Be prepared and execute a plan.   Dont make the mistake of assuming that because theres no identifiable issues/problems that you can step in seamlessly without any effort.  Good luck!

Anthony, the HOA should already have an expense amount allocated towards management in their budget. If they have in-house staff to manage the complex or have been utilizing the same vendors for years the cost will be low.

Chris, I believe the best way to "keep tabs" is to communicate regularly. Whether you call/text/email your concerns should be addressed at anytime. In terms of reporting, your PM should provide monthly summary statements for your review and more detailed statements upon request. When there are vacancies ask for feedback from showings and how much traffic is being generated. It's important for you to constantly have a clear picture of the status of your properties. These are minimal actions that should be taking place.

Some out-of-town owners want to know every specific bit of information while others prefer to be notified mostly about major issues.(example: would you want to review each application or allow the PM to filter out the less worthy applicants?)

Ideally you become comfortable with the business practices of the company and you wont suspect them of dishonesty and/or theft.