Tuesday, March 3, 2015
Monday, March 2, 2015
Why Most Single Family Property Managers Suck
Why Most Single Family Property Managers Suck
Common Complaints
Insufficient value provided. Most single family property managers charge 50% to 100% of the first month’s rent for leasing services (to locate a qualified tenant) and 8% of all gross rents for ongoing property management services. Property management services usually include managing tenant move-ins, turnover, contractors, and any/all tenant interaction. They also may charge extra for project management or evictions. Based on my experience, the most critical item is locating a qualified tenant. However, because property managers get paid regardless of the type of tenant that leases the rental home, they generally make more when problems occur. So it’s not necessarily in the property manager’s best interest to locate the best quality tenant, but an okay tenant that might be close, but doesn't quite meet the qualifications. Accepting a less than qualified tenant to rent your property will open you up to all sorts of potential problems like late or missed rents, significant property damage, and possibly eviction proceedings.
Padding contractor charges. Though I’d rather not generalize, I am qualified to say that many property managers pad contractor estimates in order to make extra income when managing investor properties. They may do this because either (1) they are just plain greedy and they can, (2) they don’t feel they’re generating sufficient fees to justify their property management business, or for a variety of other reasons. If you're not getting a bill from their 3rd party vendor you're getting screwed! Remember, these types of property managers make more money off of a BAD tenant than a GOOD tenant. Someone needs to pay for their maintenance managers salary and that person is YOU.
Poor service quality. Slow or completely non-responsive to tenant repair requests. If property management is their main business, property managers will likely be managing over 100 rentals in order to generate sufficient income to make it a viable business. Being responsive to requests and providing a high quality of customer service is quite difficult when you’re managing over 100 different properties and tenants and the income generally isn't great enough to enable the property manager to hire additional personnel.
Poor training. Most of a property managers staff is hired based on some basic skills but mainly because they fit their budget. $10 - $12 per hour is a 'You get what you pay for' scenario. They're not trained well and are regarded as 'minions'. So if you're losing money off of your investment property, this would be the reason.
Getting your rental disbursements late? Ahh, the property managers 'cash flow' dream. Tenant pays rent by the 4th, owner sees a check after the 20th. Unless they deposited this check via a pigeon, there is NO reason for this delay other than cash flow problems or basic laziness.Why is property management of single family rentals such a difficult business? There are several reasons for the poor service quality. It’s usually not their main business. Most are real estate agents or brokers managing single family rentals do so part-time. It’s not their main business because they (1) tend to generating more fees from transactions (representing buyers and/or sellers) or (2) they do not manage enough properties to generate sufficient income to live on. For these reasons, the majority of individuals, usually real estate agents/brokers, who decide to start a property management business usually give up or go bankrupt.
Many of the problems may be alleviated by requiring property managers to be certified and have other credentials before they are allowed to provide property management services. The lack of required education and certifications enables anyone to hang a shingle and begin providing services even though they are not qualified to do so. Requiring additional certifications and educational requirements would help add credibility to the property management field. A real estate license isn't enough nor is a brokers license. Both just qualify you to do business, it doesn't give any type of merit as to knowing what the hell they're doing.If your manager is not producing, kick them to the curb and find someone that will. And find a manager that doesn't charge a termination fee. If you're already tied to a property manager that sucks and you have a hefty termination fee it may just be the best money you ever spent to get rid of them before you really get taken to the cleaners.
Okay so that's the ranting part. Now, ALL PROPERTY MANAGERS DON'T FALL INTO THIS CATEGORY. There are some out there that are well qualified and are good at what they do. The trick is to weed out the bad apples. Ask questions before committing. How many years of experience is always a good start. Credentials should be your second question. And always ask to have direct access with the Broker. An absentee Broker makes for an absentee staff.
Good luck.
(Jon Strishak -2014)
HomeQwest Realty Group has over 40 years successful experience managing various types of properties. Along the way we have worked closely with many professionals building relationships and exchanging knowledge.
Our goal is to give you the ability to more securely maintain an asset or the flexibility to move on to greater potential wealth.
No two properties are the same, call for a quote specific to your property (239) 770-5429
Big Brother is watching
Big Brother is watching
Some things you might not know: Your smart TV is probably watching you watch it. Your office photocopier is recording everything you duplicate. Your smartphone can identify you by the way you walk, the way you hold it, and may also be recording you. The app you downloaded has now siphoned your name, e-mail address and place of residence and reported back to its parent company.
160,000 Facebook accounts are compromised per day, and the company loosens up your privacy settings every time they update the terms of service — not that they’ll tell you.
Google reads your Gmail and sells your personal information to advertisers. Twitter, Facebook and LinkedIn also sell whatever data on you they've got.
Nordstrom and Home Depot track your movements through their stores using Wi-Fi and your cellphone.
Disneyland tracks visitors via sensor-enabled bracelets that they supply; the company records everything the wearer does, says and buys, and then — if that wearer is 13 or over — sells that data to others.
In 2010, the Nielsen company, which measures TV ratings, broke into PatientsLikeMe, an online forum where those suffering from chronic illnesses ranging from cancer to Parkinson’s disease to mood disorders gather. Why? To swipe data to sell to the pharmaceutical industry, among others.
homeqwestrealty@gmail.com | O. 239.770.5429 http://www.homeqwest.com
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Saturday, February 28, 2015
Vice Special Report: Killing Cancer Sneak Peek (HBO)
Vice Special Report: Killing Cancer Sneak Peek (HBO)
Treatment that has revolutionized how we treat cancer and the best action for a cure
Vice goes inside the world’s most cutting-edge cancer research labs to follow the pioneering doctors and researchers who are changing the face of modern-day medicine and meet some of the cancer survivors who have already been saved by this revolutionary medical breakthrough.
Wednesday, February 25, 2015
How to protect a Property Management Firm from sexual harassment of a tenant by handyman or staff member
How to protect a Property Management Firm from sexual harassment of a tenant by a handyman or staff member
The Fair Housing Act prohibits sexual harassment by a property management staff member against a tenant. Staff members who engage in sexual harassment against tenants face civil, and sometimes criminal, penalties.
Appalling as it may sound, I recently spoke with a new female tenant that was inherited from another property management firm. When explaining to her that we will need to schedule a home inspection she informed me that the maintenance technician from the previous property management firm was trying to schedule a home inspection and would send text messages laced with 'come on's" One of them read: "How about I schedule the inspection for 3am? Have the mimosas ready!" Inappropriate is far too nice a word for this type of behavior. There are a number of things a property management firm can and should do to protect themselves and to ensure the safety of others that have to do business with the company.
In order to minimize the potential for being hit with a sexual harassment complaint or potential damages, housing providers should take the following steps:
1. Establish a sexual harassment policy
A. Policy should be to explain what behavior is unacceptable and what the penalties for violations are.
B. Know what sexual harassment is, how it happens, etc.
2. Inform employees of the established policy prohibiting sexual harassment.
A. Post in office and provide copies to all employees.
3. Monitor compliance and respond swiftly when complaints arise.
A. Take action when you hear off-color remarks, if sexually-oriented materials are brought into the workplace or work environment, etc.
B. Review policies with employees at least once a year.
4. Employ a gender-diverse employee base.
A. Have both males and females on staff. This should discourage a good ol’ boy or girl work environment where persons may feel free to make certain statements, etc.
5. Do not have a reputation for permitting sexual jokes, inappropriate comments, innuendos, or touching.
6. Do not permit sexually suggestive visuals or objects to be brought into the housing management/maintenance environment. These may create the potential for a complaint, do not reflect a professional image, and contribute to an offensive, hostile, and intimidating environment. In addition, these items may be used as evidence in a sexual harassment complaint.7. Do not permit employees to refer to persons of the opposite sex as “honey,” “dear,” “sweetheart,” or other similar expressions.
Common sense would suggest that in cases of legitimate sexual harassment the victim would have notified the landlord long before any lawsuit were filed. One of the first questions a judge would ask is, " When was the first time you brought this concern to your landlord's attention?"
If this scenario should ever happen to you, please call the police and file a complaint. There needs to be a zero-tolerance for this behavior and perpetrators need to be STOPPED!
homeqwestrealty@gmail.com | O. 239.770.5429 http://www.homeqwest.com
Description: Cape Coral FL Property Management, Annual Rentals Cape Coral FL, Long Term Rentals Cape Coral FL, Homes for Rent Cape Coral Florida, Cape Coral Florida Rentals, Cape Coral Rentals, Cape Coral
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Wednesday, February 18, 2015
YOU MEAN I CAN’T USE THAT ROOM
YOU MEAN I CAN’T USE THAT ROOM
Your owner tells you that one of the bedrooms, closets, shed, storage area, cabinet, or area of the house is not to be used by the resident. You show the home and forget to mention this to the resident. The resident then moves in and does not have access. You get the phone call. Is the resident entitled to have access? Yes. Unless an area, item or personal property of the owner is specifically excluded in the lease agreement, the entire premises can be used by the resident. Always be aware of this, and always ask the owner prior to renting if they intend that anything is off-limits to the resident, or you will have a lawsuit or a dispute on your hands.by Law Offices Of Heist, Weisse & Wolk P.A
Description: Cape Coral FL Property Management, Annual Rentals Cape Coral FL, Long Term Rentals Cape Coral FL, Homes for Rent Cape Coral Florida, Cape Coral Florida Rentals, Cape Coral Rentals, Cape Coral
Property Management Companies
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