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All Forum Posts by: Davartay Miller

Davartay Miller has started 1 posts and replied 235 times.

Do not let this one experience ruin it for you! Remember with every resident comes a different problem. In this situation I would be interested to see the land map. It's worth having this information to better serve you, the resident, and or the future buyer. 

Best of Luck, 

Would love to connect! 

Post: Time frame for property management payments?

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

Can't speak for the industry but only for our company. We typically start paying our owners around the 15th of the month and finish up around the end of the month. @Tyson Hill

Post: Total newbie - Vacation rental in Mexico. Thoughts?

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

Trent, 

My grandmother once taught me: "warning comes before destruction." 

First Rental + Outside United States + Family Involved = 'ERROR'

Best of Luck, 

Post: Property management and rehab

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

Anthony, first welcome to bigger pockets and congratulations on your purchase. Renovating and managing assets can be a difficult task. It's what you do to prepare for such a moment that will help you – in the moment! Finding a team of trusted vendors is step one. Oftentimes, you may find yourself needing vendors who can respond to 9/11 calls in the event you are not in the area, city, and or country. Followed by great software to help you stay in front of most tasks pertaining to the properties. 

Here is a platform (BiggerPockets) to definitely connect with those individuals – if they offer the services you are hopeful for. 

Best of Luck, 

Post: Starting My First Real Estate Deal Journey

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

@Brisean O Cunningham Welcome to BiggerPockets, sir. Keep grinding, keep connecting, keep reading, keep following those that are in the industry that you are hoping to learn from. Not everything, everyone, and every moment will you be able to predict. So you will be wrong about somethings moving market to market. Not every market is the same. Always remember you are connecting with these individuals to bring you value. This means they may be an expect in the areas that you are not. That's obvious right? Not everyone that is in the industry is open minded and willing to learn from others. Remain coachable! No matter where you make it in life – you will always learn from the great team you surround yourself with.

“My best skill was that I was coachable. I was a sponge and aggressive to learn.”

Michael Jordan

Best of Luck, 

Post: Property manager's in Reno?

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

No recommendation. 

Only advice.

Service should be a factor more so than pricing. Do not lose focus on hiring the best candidate by focusing on who's the cheapest. I would hate for you to find out why one manager was cheaper than the other once it's too late. 

Services > Pricing. 

Please do your research! Ask the property manager to show you the numbers! Looking at a sneak peek at the property management services is always a great start. Those numbers could be the following: annual vacancy rate, annual maintenance cost, percentage of residents that renew their first lease, length of resident stay, and number of properties under management. Your property manager should know property management! Not all property managers are going to tell you no. That's right.... be careful and try to avoid the who doesn't care where they manage, what they manage, how they manage, etc. That's why you are wanting to be bagged by a company with a reputation built on integrity. Some property managers are in the stage of finding themselves (and that is okay) but it can result in one just taking on properties to have business. As an investor you should expect an excellent standard of care and customer service packaged with transparency. This does not mean you are looking for the "perfect manager" but most importantly a truthful one. Look if they makes mistakes – let's not forget they are human. But what you want more than anything . . . . is the truth, transparency, and their willingness to say no to things that are not their niche! Reputation and transparency is big in this business.

Here are some property management/turn key questions you might want to ask throughout the interview process:

So ask your questions, get your data, and do your research.

Are you an investor?

Do you own in the exact neighborhoods you are managing?

How many investors do you work with?

Do you own all aspects of the operation? (or do they hire third party companies)

Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

Do you defer maintenance?

How many properties do you manage?

Do you sell properties and if so, do you own the properties you sell?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between residents, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

Do you mark up maintenance costs?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place for owners?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

If you are an investor, What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

Again, these questions have a bit of turnkey flavor to them, but they work very well when interviewing management companies. Make sure you take good notes and remember how you feel talking to the companies.

Best of Luck!

Post: New to investing in Real Estate

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

@Daniel V Ornelas Welcome! Great to have you here. I am not sure which state you are going to invest in but always look into the threads that involve the state/city you and your wife are looking to invest in. 

Best of Luck, 

Post: Your most like/dislike PM in Detroit??

Davartay MillerPosted
  • Architect
  • Memphis, TN
  • Posts 259
  • Votes 143

@Helena Wu

I would agree with @Drew Sygit. Oftentimes owners are focused on exactly what Drew mentioned "the first question they usually ask a PMC is about fees - instead of asking about services." I shared the following post the other day in regards: 

Please do your research! Oftentimes I find that owners are not doing their research, not asking the right questions, and focusing on everything but the right thing. What does any of that mean?

First, get the numbers out of the way! Ask the property manager to show you the numbers! Looking at a sneak peek at the property management services is always a great start. Those numbers could be the following: annual vacancy rate, annual maintenance cost, percentage of residents that renew their first lease, length of resident stay, and number of properties under management.

Secondly, you want your property manager to have a team of experts and local contractors. That team of should be more than capable of conducting thorough assessments of structure, systems, and features of every house. This concept helps draw attention to functionality and consistency. Every resident should feel welcomed into a clean, presentable, and not just some house. That starts with leadership at that company you select to protect your investment.

Finally, reputation is important. Your property manager should know property management! Not all property managers are going to tell you no. That's right.... be careful and try to avoid the who doesn't care where they manage, what they manage, how they manage, etc. That's why you are wanting to be bagged by a company with a reputation built on integrity. As an investor you should expect an excellent standard of care and customer service packaged with transparency. This does not mean you are looking for the "perfect manager" but most importantly a truthful one. Look if they makes mistakes – let's not forget they are human. But what you want more than anything . . . . is the truth, transparency, and their willingness to say no to things that are not their niche! Reputation and transparency is big in this business.

Here are some property management/turn key questions you might want to ask throughout the interview process:

So ask your questions, get your data, and do your research.

Are you an investor?

Do you own in the exact neighborhoods you are managing?

How many investors do you work with?

Do you own all aspects of the operation? (or do they hire third party companies)

Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

Do you defer maintenance?

How many properties do you manage?

Do you sell properties and if so, do you own the properties you sell?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between residents, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

Do you mark up maintenance costs?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place for owners?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

If you are an investor, What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

Again, these questions have a bit of turnkey flavor to them, but they work very well when interviewing management companies. Make sure you take good notes and remember how you feel talking to the companies.

Best of Luck!