All Forum Posts by: Kim Meredith Hampton

Guts in the toilet

AC filters

Replace bulbs with LED

Change batteries in smoke detectors

Pressure washing

Clean out aerators on all sinks

Clean out dryer vents

Seals around doors sometimes dry out

Mike

I find most multi family deals in C areas that are in the verge of gentrifying or in tertiary markets like you are looking at! Obviously, we need to focus on who we elect into office and fight for the rights on zoning, even though you get negative feedback for density and ADUs. You will see more of these types of changes coming out of government, we can’t build all A properties at ungodly numbers for dirt and building costs! We also need municipalities look at tax incentives for builders. There is not a one answer fits all 

There is such a things as soundproofing drywall and soundproofing insulation. 

Sara,

You can’t amend the previous lease, but you certainly can add an addendum if you and the tenant agree on a change. Depending on your states statutes and because they are on a month to month, give the proper notification that xxxx change will take affect starting 30,60,90 days from now. 

need to put some sort of cap on utilities in your next leases. If it goes over X, then they pay Y

congrats on the property!

Usually if it’s in one meter, you should include in the rent amount. This is how we are supposed to do that here in Florida, per law. Do you know how much the typical bills have been in the past? You could also call the utility companies to get averages too. You could also put a stipulation in the lease that if the bill goes over xxxx they will be charged an additional fee. People tend to waste a lot when everythings included, so this helps to avoid that problem.

There are also companies out there that can install a meter in lieu of doing a full submeter to ascertain how much usage the unit is using monthly. I use this type of system in a ten unit that I own because the cost to submeter each one was cost prohibitive 

I usually don’t include other items like wifi/internet unless it’s a furnished/short term rental. 

We use Appfolio for our long term, but I think you need a minimum of 100 units now, which is sad. I am sure there are more software that does the same thing and costs less. Its expensive, but we have used this since 2009!

Cut it open and see what’s going on, it may not be much, but if it is, file on your insurance and then they can go after the tenant. 

Not sure if you use a PM, but my software tracks the policies and lets me know automatically if there is a lapse in the renters policy, so that we can try and avoid this type of scenario. Hard to say which way this could go, just keep good notes, records and photos, dates, times etc… maybe this could possibly go under their previous policy?

@John Roberts, This is a corporate style lease, and I would have a real estate attorney and/or pm prepare for you. Also an officer of the corporation must sign. There are a lot of caveats and problems that can arise with so many people in and out all the time that have not been vetted! I know it all sounds great, but it just takes one problem for this to turn into a nightmare. Better to be safe than sorry

Jeremy,

I would imagine that most bonus for the team looks different on each level of the team; PM or Leasing looks different than maintenance.

KPI's could be tied to occupancy, achieving budget, no variances for expenses, leases, renewals, work orders completed, testimonials and google reviews. rent collection, customer service. Bottom line is increasing revenue and decreasing expenses with all the people above contributing into how the property performs. 

Everybody loves money, but company culture also is important. Sometimes events and outings are a good way to reward your team. This can be achieved monthly, quarterly, annually etc...

I have always paid leasing monthly per lease, per renewal and for google reviews.

Managers are given bonuses quarterly for meeting budget, collections, occupancy and other KPIs

Maintenance (split among the team) is usually based on staying in budget, how many work orders received, as to how many completed and google reviews