All Forum Posts by: Jennifer Hoyer

Agree with @Drew Sygit

@Timothy Wenzel Each management company finds different ways to stay in business. My company has only 3 fees, nothing else whatsoever. 100% of first month's rent leasing fee; 8% management fee; 25% of one month's rent renewal fee. So a part of the fee system is the lease renewal fee and it's significant but we only charge it IF we negotiate a rent increase. For multiyear leases we include graduated rent, so it won't necessarily come into play at all, but it's an incentive to negotiate with tenants who decide later to renew.

The things our clients DON'T pay for...smoke detector certification, coordinating home warranty or other contracted vendor services like pool, lawn, pest, sprinklers, etc, gutter cleaning, chimney sweep, more than one annual inspection, and the list goes on. Some companies charge for every little thing, even putting up a lockbox or per repair coordinated or they have an in-house handyman who charges a set amount for every single visit...I've seen it all. If you're getting good service and your repairs prices are decent, then this is something you could try to negotiate before your next management renewal so you feel more comfortable continuing the relationship.

They are great for individual room control, don't interfere with space since they're on a wall, but you need more of them (likely 2 in each unit). They don't seem to affect rent price one way or the other.  Maintenance is everything. They are not cheaper to maintain.  They will grow moldy if not maintained adequately and the annual maintenance cost is higher than a general A/C clean & check. I manage a home that has 7 minisplits and they were not placed on a regular cleaning schedule so we have to have them deep cleaned now at over $100 each.  Cheaper than replacing them and nowadays there are less invasive ways to clean them using enzyme solutions etc (they don't have to remove them from the wall and take them apart anymore). Hope this helps!

As a professional residential property manager, I would say that any tear in the carpet that doesn't look like normal wear & tear, essentially when it's not in a high traffic spot, is considered damage and can be deducted from the security deposit. The key is how old and depreciated is the carpet. If it's just a few years old, take the original cost divide by sq ft and then again by the sqft area needing repaired or replaced. Some states have a depreciation key but if not, use what seems reasonable. I know of a tenant who's dog peed all over the carpet. The landlord charged replacement damages. It could be disputed, but there's no argument that the carpet was irreparably damaged by the tenant regardless how old it was or if it was going to be replaced. Same goes with appliance dents & scratches. Can charge a cost per inch. Helps if it's in the lease or addendum in case of dispute.

If you need to get it rented fast, a great property manager would list the home for $2100 (below market) and get several quality applicants competing against each other to drive the price up to the max so you don't risk vacancy by starting out too high and gradually reducing to find the sweet spot. So much depends on your intended move out date since you said you're moving out faster than expected. You said "I am worried about the screening process and potential tenants destroying my new home". All Landlords risk tenants damaging the home, but a NICE home attracts NICE tenants so the fact that you've made the home very NICE means you should be able to take your pick of applicants. Also, ask your agent to do prior rental verifications and to run the applicants through Forewarn app. Zillow screening doesn't catch all backgrounds, but Forewarn does and county records do as well. Don't discount your property and don't make the newbie mistake of renting to friends and family. You're not running a charity, you're running a business.

Good to have ONE SIGN set aside for a property on a busy street.  Great FREE advertising!

Piggybacking on what Michael Smythe wrote, ask what the PMC's turnover rate is and do not let them put your home in a newbie's portfolio. New PM's get their experience at the owner's expense and it takes at least 4 years to really get a handle on this business. Ask if their handyman is in-house--which I've seen turn into a "charge up to the owner authorization threshold for every single visit".  Ask if any of the contractors are related to the PMC's employees.  The PMC I left to start my own PMC had at least 2 "preferred contractors" related to key players in the office so high rates and poor service fell on deaf ears. I'm amazed and delighted daily by Lady Landlords FB page and highly recommend joining at least 2 Landlord FB pages as well as these here in BiggerPockets. It's like flash cards for fast learning. Buckle up and enjoy the ride!