All Forum Posts by: Duncan Murphy

Hi @Kendra Moore,

I definitely understand the feeling that self-managing can mean a better job done - who knows better what you're looking for/needing from a PM than yourself! 

Disclaimer: I do work for a property management group here in Atlanta BUT I'd love to hear what may be your biggest pain points with a PM vs. self managing. If you wouldn't mind responding here or feel free to touch base with me via direct message - I'm always looking to learn and hear more what investors need!

Thanks,

DM

Hey Michael! 

I'd say the 10% management fee is somewhat industry standard but you can also look for PMs that are offering investor friendly pricing (lesser fees for additional properties onboarded) and/or flat fee pricing. There would be advantages to both depending on their other fees like leasing and renewal fees. The rent rate would then determine the break-even point for your percentage based vs. flat fee pricing. 

To echo Allan I'd say communication, transparency and trust are key to a good PM. Do your homework before you choose and be sure they are no hidden fees or nuances to their fee schedule. The technology and economies of scale that come with a professional manager are a perk but having 'boots on the ground' to meet you or be at your property in a day is priority to me.

Let me know if I can help with any other questions!

Thanks,

DM

Hi Izzi,

I just sent you a DM - let me know if we can connect!

Thanks,

DM

Hey @Beau Ordemann,

I agree with David above. The best time to mitigate your risk is during a stringent screening!

We handle all underwriting in-house and have partnered with a new screening software that validates bank record deposits with applicant's paystubs in addition to our Transunion reporting. Employment verification direct with their employer (require a corporate email address) should give written record of their employment and confirm no change expected considering the pandemic.

It can delay a decision but making sure you have a process in place and check all the boxes before a decision is key.

Thanks,

DM

Hey @Amanda Swanson,

Congrats on the new property! I'd agree with all the comments above with emphasis on being sure that the seller/previous landlord notify the residents and provide you with all pertinent documents. Including the security deposit in closing rather than waiting to receive this after the change in ownership will make for less headaches. From there, having the resident's lease, ledger and contact information on-hand will make the transition much easier. 

A transfer of management letter sent to the residents should include all of your (or your PM's) information for contact, maintenance and payment and a call and/or email thread should smooth anything over. 

Once up and running, it is easier to gain trust and get your vendors inside to give you quotes for the upcoming project. I would suggest being transparent with them on your plans to avoid surprises and possible difficulties with allowing vendors inside. Most all leases should allow for entry with proper notice but it can still become a major coordination if they're not understanding. 

If any tips or tricks with management or 'boots on the ground' are needed please feel free to PM me!

Thanks,

DM

@Kaylee Pratt

Transparency! We call it 'uncomfortable transparency' which translates to always setting proper expectations and operating in the owner's best interest.

Hey @Matthew Hagerty,

I'm a big fan of the Mastermind groups. I'd like to discuss joining! 

Thanks,

DM

Hello All! 

I'm excited to attend this great conference and would love to connect with folks while all the great minds are under one roof. I'm in the property management side of the industry so I'd like to 'talk shop' and see what areas of Nashville are next up to offer deals for investments. Feel free to reach out to me if interested in a cup of coffee or lunch while in town!

Thanks,

DM

Hi @John Craven,

I'll go ahead and welcome you to Nashville even though you aren't here yet! You nailed it by starting with REIN events to get introduced to like-minded folks throughout the Nashville area.

I'm on the property management side of the business and always open to getting out to 'talk shop'. Feel free to reach out once you've made it to town!

Thanks,

DM

This is great news for Nashville - can't wait to attend!