All Forum Posts by: Dana Dunford

@Jeff B. -- Agree that is a good approach (DO NOT DUP and track keys) if you already have that process in place. But if you do not, then rekeying is a good approach for this initial one. And, sometimes your time is more valuable than the cost of getting someone out to the property -- but of course, that's on a case-by-case basis.

@Jason Cunningham

I definitely recommend rekeying the unit. Make sure to get it rekeyed (not new locks) to save

yourself some money. The last thing you want is liability from that tenant: "Someone got into my place and stole a computer. Since you didn't rekey the place, someone else had a key / access to my property."

@Jonathan Johnson -- Disclosure - I used to work at Nest, and here is my unbiased opinion.

Nest is an incredible product for your personal non-rental home. It is beautiful, energy-efficient, sleek, and secure. It will impress your guests and help save on energy. I highly recommend for your primary residence or vacation home.

However, it is very expensive for a rental home. Isn't your rental an investment? I guarantee that the price vs. satisfaction to the current tenants does not pay off for you. And, you're not the one paying the electricity bill. If you want to get them an energy efficient thermostat, then get them a cheaper one. An investment property is very different from your primary place of residence. And, if your place is cash flowing nicely ... that can change any day when the market turns.

If you are a real estate investor, the ROI is never going to pay off on a Nest (unless you have a Class A+ property that goes for $15k per month ... but those are difficult long-term rentals in the first place to make a profit). Just my thoughts.

The recommendation is to reassess rent every time the lease ends (typically 1 year). You want to keep it slightly lower than market rates, to reduce turnovers (very costly for single landlords). 

If the tenants are on month-by-month, I recommend assessing every 4 months, but keep in mind that you shouldn't raise during down seasons (e.g. winter) -- you don't want the tenants moving out and leaving you with a turnover at an inopportune time.

The tenant should be responsible for cable and internet. Your welcome letter (send out a couple of days before the move) should include the service providers in the area, however, you should make them put it in their name. The last thing that you want is for them to call you on Friday night at 6PM ... telling you the internet is out and you need to call the service provider. If it's in your name, you run risks like that (or worse, non-payment back to you).

There shouldn't be any technology constraint here.

However, I am not surprise that Propertyware won't let you do that ... their client is the property managers and it's in their incentive to not allow you to consolidate your portfolio and own any of the data. They want the property manager to control what you have access to view, and therefore, each property manager has a different approach to what they want you to view ... making consolidation difficult when they're giving you different access. Just my observations on the market.

@Shaun Palmer - From the day you list your property, you should have the lease signed within 30 days. Here are some common pitfalls to avoid:

1. Waiting for tenants to come to you - market effectively on multiple websites
2. Pricing too high - you may get someone eventually, but if it is taking longer than 30 days, you most likely are priced too high ... the additional vacancy is most often costing you more than reducing the price slightly
3. Slow application process - you want to get back immediately on the application and background/credit check, so the tenants do not find another place in the meantime
4. Time lag with lease - do not allow tenants to wait more than 48 hours to sign the lease and send in the deposit / first month's rent ... you may risk them never signing it and you want a fast turnover

Hope that helps and best of luck.

@Adam Juodis - They have to be structured for State and local laws, and I would recommend starting with a State-specific lease agreement (don't get a free one online - those are never up-to-date with regulations), and then potentially speaking with a local lawyer (esp. if you're in a rent control city). A couple hundred dollars up front can save you a couple thousand dollars down the road. 

I hope that helps!

The PM should charge labor + materials 

Material = what is put into the house

Labor = cost of their personal time and personal tools (that they keep). 

I've never heard of a property manager charging a landlord for their personal drills and screwdrivers. Quite frankly - I think that is a little bit sketchy. 

@Michael Clevenger Here are my thoughts on open houses.

1. I 100% agree that you should have a showing window, rather than one-off showings. Tenants are way too flaky and it is not worth your valuable time and money to do one-off showings. 
2. I don't love the terminology "open house." I request prospects RVSP first (very quick process) -- that way, I'm not sitting around for 2 hours waiting for someone who is never going to show up. Also, the RSVP helps me form a list of "leads" and then have their contact information to follow up wit them after the showing.
3. The showings are typically 1 to 2 hours on weekends or 1 hour in an evening. If it's a tenant's top choice, they will rearrange their schedule to make that showing work.
4. I send automatic text and email reminders on the showings, which has reduced my no shows by 80% -- anyone who is going to cancel clicks on the [Cancel Showing] button.
5. Balloons and waters -- they don't cost a lot (so not a horrible idea), but rentals are much different than the buy/sell market. This additional touch is probably applicable to A class properties more than anything else. Tenants would prefer reduced rent than perks.

Best of luck with your first open houses.