All Forum Posts by: Lee Haynes

Being a property owner first (49 units) and then a Property Manager, if you came to me with that list, we wouldn't get very far and I'd send you packing.   While some of your questions are great....some are a little far reached and frankly I'd just never work with you (questions 8, 10, 11).   A good property manager is worth their weight in gold.   But you as the owner have to be realistic too and listen to your property manager, they know their market.   Perhaps the home needs repairs to make it attractive to renters, maybe its priced too high for the time of year, etc?   Whatever the case may be - use them wisely.  The question I asked more than any, and the one I hammer home as a property manager now is.......I OWN RENTALS MYSELF!    As a property owner, I know the pain of an unrented unit.   Someone who doesn't have skin in the game does not.    I'd stay away from companies who do not for the most part unless they have a stellar track record and YEARS of experience.  Good PM's are never cheap, and cheap PM's are never good.  

In addition I'd never work under a "rent it in X days or lose it"......there are so many variables that make up how fast a property rents, and many of them are owner related, not PM related, so again - probably not a good clause.    I see what you're trying to do, but you'll scare away the good ones.   You need them more than they need you probably.  

In the past we've ordered parking stickers for the 400-500 tenants each year and handed them out.   There isn't much cost between those and the hard plastic mirror hangers when its all said and done.    I was wondering if anyone has any experience with the pros/cons of doing it each way.

Pros to having mirror hangers:

Tenant can transfer between vehicles if need be, which saves us time/money when changing vehicles

I know many companies give them a hanging decal and if not returned at the end of the tenancy or they lose it, the cost is $100 to replace it.  This could be yet another money revenue source, albeit small - would certainly cover the cost of the units in the first year.

Hangers are 30% more, but I would imagine the life expectancy is greater as they can be reused in following years

Cons:

30% higher cost initially, but I would imagine that would be absorbed quickly when reusing and/or charging tenants for replacements.

Tenants can let friends use them if they don't have a car - but is that really an issues.   Each unit gets 1 parking spot per tenant already.

Any insight would be most appreciated

Thanks!