All Forum Posts by: Wesley Sherow

Sam,

That's actually a good point. On our end we don't operate with as many licenses & formal business contracting structure, as we're a management company. Similarly, our skills don't typically go into deep technical electrical, or entirely re-plumbing a unit. I think the overall resolution I have is to quote my own services prior to seeking bids, and then move to the bid process after refusal. I think the biggest risk is losing good graces with other contractors if they feel they're making bids when the house can undercut, so I think I may make a rule that we won't consider the job after the first refusal. Not sure about thay yet, but certainly considering the transparency all around. 

Wes

One of the most unfortunate part of this industry is the fact that there is very little barrier to entry. Meaning mostly any schmuck with hands can say they're a property manager. In a worst case scenario it's easy to get abused by someone who knows the industry well. 

"Well we need to do this" followed by minimal effort to find other quotes. In fact it boggles my mind that someone would simply say "well it's going to be $3,000" when typically as a manager anything over a typically lower threshold MUST have multiple quotes from reputable general contractors.

Long story short I can't help with your problem as I'm a property manager in New York, however I can empathize :)

I appreciate all of the advice. I think that matter of transparency is the key takeaway. I think I'll set my in-house rates first as a baseline, and then take it to bids after first possible refusal from the property owner. I'll be writing this into my business process now. This way good contractors don't feel like they would be wasting their time, and conversely I can still offer this in-house option first. 

Dan, interestingly enough I'm a tech guy - so clearly it would seem I don't have the background for it - however I have related experience (and a lot of it) doing AirBnBs and short term rentals, which is both a grey area in PM licensing requirements, and considered for past experience in applying to skip realtor licensing and go direct to PM licensing. 

Hey Bigger Pockets People,

I was thinking about this in the morning today. My property management company is located in Albany, NY with about 350-500 apartments fluctuating. I have a few large clients that make up the majority of my portfolio. In many cases, they are purchasing buildings to fix/flip by apartment, raise the value, and refinance. BRRR in a nutshell.

Here's the question. I have a bunch of in-house labor that I can throw between work-order management and renovations. They're skilled enough to do a majority of a renovation job. For now i've just been billing their time hourly plus materials, regardless of work orders or renovation, however I was considering pivoting to a "Quote" system where I charge a pre-determined rate for a reno project, similar to how most other companies do it. 

If I seek multiple quotes for a renovation job, that makes me inherently biased. I've now seen everyone else's cards, know what they're charging and quoting, and if it works I can theoretically come in under the smallest reputable quote. Is this ethical? Is it even okay? I imagine that it can be viewed as a win-win all around for owners & management alike. Has anyone else considered this possible conflict of interest? 

Very Respectfully,
Wes

Chris, happy to help! I'm actually based out of NYC, and my office is in Albany NY. I'm currently expanding my business/sphere to include Albany through Saratoga and the surrounding 30-40 miles therein. Afterword I plan to hopefully set sights for the greater Upstate NY area. Since you're working with new construction I'd venture to say you should have absolutely no problems as long as you're qualifying a click over your standard expectations. Most normal people understand that there's no such thing as rent free, and it comes due eventually. I'll send you a PM and we can connect!

Jason,

I'm a property manager in the Albany area in case you want to connect. I've got connections on a bunch of these categories! 

Wes

Hey Cian,

I see nobody responded to this. I wanted to reach out with a lead, not sure if it'll help. The owner of this property uses it's entire ugly structure to store cool building materials. Here's the info I found online. If you can find the owner's name, he has a lot of stock - might be a good connection if you do a lot of renovation/work with this kind of stuff. 

The Phoenix Of Albany Llc
216 E 125th St, New York Ny 10035
143 Montgomery St, Albany, NY 12207

 Matt, that sounds good! I'm located in NYC, however I operate & my office is in Albany, NY. Let's connect! 

Jerome,

Nice to meet you! I'm an early investor such as yourself, but an established property manager. Sent you over a PM - looking forward to connecting. I operate in the Capital Region mostly, however am working on expanding my network and reach! Currently I manage over 350 apartments. 

Wes