All Forum Posts by: S Crossland

I do recommend below market increases on renewal. I know keeping rental renewal rates a bit below market reduces turnover, which saves more money for the owner in the long run than higher rents bring in. I put my money where my mouth is too as all property I own are below market.

It's a subjective balancing act though. But since turnover is the most expensive event an owner is exposed to, turnover avoidance, to me, should be a primary objective for every landlord and property manager. 

Steve

check http://austin.narpm.org

I'm a PM (not taking new accounts) and can say that most PMs I know would prefer a lease renewal and turnover avoidance over the leasing fee. Leasing is disruptive and costly. It seems like a high fee to owners, but the PM business would be so much easier, profitable and hassle free if there was never a turnover or leasing commission.

Steve

Check the Austin NARPM (Nat Assc of Res Prop Managers) Chapter website for a roster of property managers. I know both Greg at Recar and Lisa at Merit. Both are good, experienced property managers and are listed on the member roster there. http://austin.narpm.org/

It's short sighted to shop on fees. The real question is, "what is the total cost of using a professional property managers?" You have to add the cost of inexperience and mistakes into the equation. How do you find the most inexperienced and mistake-prone property managers? Look for the ones with the lowest fees.

It's much cheaper to "pay more" for a better property manager who will save you money through competent execution of the myriad duties required, and who knows how to anticipate and prevent problems rather than react to them.

It seems counter-intuitive, but that's how it actually works. You really do get what you pay for.

Good luck,
Steve