All Forum Posts by: Shaun Patterson

The reason it is done like this sometimes is because the Pm company wants to have the property in the best condition to show the tenants. This might be based on the area that the property is in and the tenant class type (AB or C tenant).  For A tenants if they are spending 2.5k+ per month for rent they want to see the place and make sure nothing is wrong. For B to C They are looking for something to move into at a good price and will make request after they move into the property.  I'm not sure why they have such a long time frame for the whole turn around time but that just might be because they may not have the manpower to handle shorter turn over rushes.  It is as @Deanna McCormick stated its mostly paint, carpets, and fixing what ever small cosmetic items that come up. Now once in awhile you will find the trashed apartments I can see that taking a while.  

Hey Todd, 

I would say the software system that you use will definitely help in this department. The software that we use  

it post the listing to the different online websites; you still have to post to the MLS yourself; if they want to apply they can do it online. they pay the application fees online. after its paid one click and the background and credit screening is done. We double check the court records for pending evictions or court cases. if they get approved we send them the elease have them sign it and have them pay the security and first and last through the online portal that we set up. From their the system takes over and sets up date late fees are charged. reminder emails that get sent out to the tenants. They can pay through ach or credit or cash and it updates in our account and online for the tenant automatically. They also send in repair request online or they call in to the phone line and it is updated online the date time and issue that was called on. Emails are sent out and work orders set up.   depending on your budget and how many units you own there are a lot of products that can do it. 

It happens a lot. you will get used to it. after a few switch overs you will get the trend of how to market your units. 

I would say that everyone is correct.

#1 Screening 

#2 move in and move out check list and pictures. 

#3 Ironclad lease that they actually follow. 

#4 NO paperwork or documentation

#5 Not understanding the rental trends in their area (ie saying they will raise rents when the market cant handle the increase)  which increases unneeded vacancy expense. 

I know I added two more but i feel that these are big issues also. 

@Peter Sik  every form of payment has its faults. Checks have the same account and routing number printed in the check it self. That means that someone at the office can take your info down. Or someone can steal your check info from out of the mailbox. Credit cards can be hacked the same way if you are putting them in online or giving them face to face.  I worked in banking for 7 years. You can get hacked and swindled no matter what you do. I think you might be focusing on this to much of it personally bothers you then I would ask the management company for a different way to pay like say certified checks. The only downside is that their has been a lot of fraudulent cashiers check and bad checks going around so  they will wait for funds to clear on their side before anything is done

As said before Echeck is just  a faster more secure way to get funds from tenants and landlords. It works almost like a Ach. I know in our system we don't see the clients information and the funds are taken right out of their account and deposited into ours. If your worried about echeck then every paper check you sent out should be scaring you. It's also the same process with credit card payments the only difference is the merchant processor charges 3%.

We always make our renters buy renters insurance. It may be a headache to get them to set it up but down the line it helps. Our limits right now are 10k/100k if they don't use ours we make sure that all tenants are listed on the policy and we are additional insured.

It does sound interesting, has anyone actually had a claim paid out?

their is some liability in your tenants doing work on the house. I'll play devils advocate and say what if towards the end of the lease they fix the fan and everything looks ok. They move out and a new tenants moves in and because of something you and the old tenant overlooked the fan falls on the new tenant(yes I know it's extreme). Who is at fault who's insurance do you go after? 

@Brian Knapp  When a realtor finds a tenant for you they will request the first months rent as pay for their services. You have to make sure if you use them that you add those cost into your calculations. Little things like that can have you go negative on your calculations.  There are alot of things we look at when evaluating a tenant. We focus more on percentages to total after tax income over just looking at the 3 times the rent.