All Forum Posts by: Marcus Curtis

Hello Amber! You will love this site- nothing like associating with like-minded people. Iron Sharpens Iron!

One thing I might suggest that will greatly improve the efficiency of your maintenance operation to no longer give tenants the option of scheduling the time repairs are handled. What I do is simply inform tenants at move in and when they submit a request is that we (or a representative) will be in their home within 72 hours to address the request. This way you are no longer faced with the task of scheduling around Ms. Martha's daily Oprah shows.

Email I have found is the most effective way to receive requests unless you have a hefty website that can receive requests. This way also you have a timestamp of the request as well as a detailed documentation for your maintenance technicians and/or vendors. You can then transfer the work orders into a spreadsheet to document when it was received, what area, the person assigned to the repairs and when it has been closed out.

An inexpensive and effective way to track repairs and to determine if the tenant was satisfied is by using Survey Monkey. Once you are informed the request has been completed you can forward the survey link to the tenant and gather their input.

Hope this helps some!

What is the portfolio mix of this 100+ units? SF or MF?

There is allot that goes into Property Management that many people do not take into consideration. Not only are you putting your personal brand behind the property but you are also faced with the actual work itself; managing the physical asset, managing personnel, managing funds and accounts as well as overseeing and managing leasing activities and tenant services. All are equally important and will require a diverse team to effectively undertake the management.

Unless you are either fully equipped to handle these tasks or are able to form a team between now and then I would highly recommend Hiring the Management out. There are many management companies out there but many of them are simply treading water in regards to profitability.

You might just find that you and your partner are better off focusing on generating more investment leads and funneling them to your turn-key management company and washing your hands of the dirty work. 

If you are interested in what to look for in a management company feel free to message me. I have worked with several management companies and have seen the good, the bad and the ugly.  

As Elizabeth noted, reviews are in the eye of the beholder. Bad news travels fast and sticks around for a long, long time until it is flushed out. One poor review from that tenant that failed to pay their rent and you are now the slumlord of New Haven.

I personally think independent landlords need to begin doing a better job on harnessing the power of the internet for their own personal branding. Consider an inexpensive domain leading prospective residents to a free WordPress site where you can control the reviews, the content and even list your available properties for rent/sale. Using comprehensive keywords and tagging you can ultimately dominate your market as the Go-To Landlord in providing the best living experience for your residents.

A Property Managers job is often multifaceted and I personally would expect them to take responsibility of this and find a solution. Not only is a Property Manager often responsible for managing the physical asset and accounting but also tenant management- which can prove to be the most daunting of all tasks.

If the tenants had tampered with the water meter resulting in a financial burden to your business then it suggests the tenant is responsible for the charges. Unless your PM is simply a "leasing agent" who fills your vacancies they should be stepping up and remedying the situation.

Personally, this seems like a good time to begin your search for a new Property Manager and to cut ties with this individual.

For my area this looks like a very fair, almost too fair price.

I have to be honest with you though. I absolutely hate these cat-walk balconies. They are a pain to maintain. A problem I have run into twice is that there is not proper pitch to the balcony which leads to water working its way towards the exterior cladding of the building where your units are.

If you are looking for more of a long term fix what I found works well is replacing the subfloor by gluing and screwing the sheathing down and rather than putting down carpet I called out my masonry contractor to do an overlay. Thus, allowing for proper pitch and grade as well as making for a surface that will never need to be replaced in the future. A non-slip additive was then put into the seal coat to reduce slip hazard. Worked well but came at a premium which was justified as it would no longer require regular maintenance.

Hopefully your structure is in good shape! Lets see some before and after photos once you pull the trigger.

Tim,

I would recommend Brian Weedman. Brian holds and MBA and was an engineer by trade prior to going fulltime as a real estate manager. He personally owns several SFR in the Lak Harriet/Calhoun area along with some MF in the Uptown area.

Lifecycle Real Estate Services, his Brokerage manages sfr, condo, and mf. I partnered with him for a few short years when I was getting started in property management. Give him a call and let him know I sent you- he will put together a management plan for you and leave you to make the decision. www.BrianWeedman.com 

This post is aged but I would highly recommend Brian Weedman (www.BrianWeedman.com)

I used to partner with Brian and he is honestly the best sfr manager I have ever worked with. This isn't only his day job- he manages his own portfolio of sfr around Calhoun and Lake Harriet including a converted mansion in Uptown off Pillsbury.

He is low pressure too- so no fear of commitment.

Remove the drywall and replace it with cement board. Skim coat, prime and paint.

Additionally, you might look into a curved shower rod. This brings the curtain out to a different angle that seems to help repel water.

Ohh... and try not to use the word "mold" with residents- it is just mildew. ;) Folks freak out when they hear the word mold.

Simple solution- make your property Smoke Free! Look at the furthest out lease end date and that will determine your properties "Quit Date".

Yes, you may cut out a small portion of your prospect pool and face a week or so of vacancy loss. But think about the money you are going to have to re-invest in that pristine unit you have. Not to mention the cost of turnovers from your non-smoking residents having enough of the four chimneys smoking around their homes.

If you are interested in going Smoke Free at your property feel free to message me and I will help walk you through the process. It is a wise financial move for almost zero cost