PM working hours

[Kir Luong]

Does your PM company work on the weekends and after 5 pm?
I was wondering what they do if there is a request for viewing and it's Friday 4:30 pm? The prospective tenant would have to wait till Monday at 9 am to hear back??? This should kill any lead or interest in viewing. Mostly people don't want to take time off work to do a viewing so would require a viewing after 4:30 pm...not within 9 to 4:30 slot. If this is the company's work time, I would say this is a flawed business model. So do you know of any companies with Flex time? Maybe it's too much of a request...but look at realtors...they are busy all the time and PM's are under the same umbrella of real estate professionals.

thanks,

Kir.

 

[Thomas Beyer]

The PM usually has either onsite managers for larger buildings or leasing agents that cover multiple assets. These leasing agents usually work weekends or evenings too. Ask the PM. The accountants and trade organizing folks of course work a more normal Monday to Friday 9-5 hours.

 

[Kir Luong]

Thanks Thomas for your input as usual!! I was wondering specifically about leasing agents for single dwelling houses...
For instance, LLR leasing agents will only do showings from 9 to 4:30 (monday to friday). Well, most employed people have to work between those hours and I highly doubt they will take half an afternoon off just to do a viewing, which typically last 5 minutes...maybe they will (but it's a definite barrier, I think). So does your PM and leasing agents work non-traditional hours? I'm talking specifically about showings and responding to online leads , and the management and communication from the minute it goes on Kijiji. It's a really intense when it goes on Kijiji...often I can't even manage all the leads(sometimes there are too many request for viewings). Last week, I lined up 6 viewings on 30 minute intervals on Saturday afternoon. So I'm wondering the effectiveness of using leasing agents.

just curious,
Kir.

 

[Thomas Beyer]

I'd expect the leasing agent to work when people want to see suites or homes ie weekends or evenings.

Some lazy behavior is certainly ok in an easy high demand low supply market like 2010-2014 but today it is the reverse so I'd expect different behavior of PM firms. Why not drop Patrick Francey an email with some suggestions as he is a co-owner of LLR. He is an excellent business manger and he would understand that different economic times require different staffing attitudes or PM strategies.

I co-own a PM firm ( www.firesidepropertygroup.com ) but we do not do SFH just stratas, commercial and 20+ unit apartment buildings.

 

[Rickson9]

Does your PM company work on the weekends and after 5 pm?

Yes.

 

[Jeff8323]

At Canada Homes we run our showings from 10am-730pm Monday to Friday and Saturday from 10am-5pm. As per New Brunswick Law we are not allowed to show homes or suites on Sundays if there are tenants occupying the property. In this market you have to be very flexible to everyone schedule if you want to be successful.

Jeff

 

[housingrental]

Kir, Thomas has given good advice above.
Contact your PM, they likely run viewings off of business hours, and if not, see if they are willing to accommodate your request, perhaps for additional fee if you are paying for limited service only.

 

[Kir Luong]

Actually, I wasn't asking for advice..Initially, I was trying to figure out the extent to which lazy PM companies have an effect on rent prices in Edmonton. I see rent going down and SD is basically "free", and as I have vacancies, filling them was not an issue after I adjust the rent to what I see as "market level". Then I hear some friends that have 3 months vacancies, or greater...and everything is so bad...It got me thinking...Could PM servicing actually cause or promote rent reduction based on frustrated landlords that are used to the easy life when filling a space was easy. This has to be a partial explanation . Do you agree? or disagree?

 

[kfort]

Add lazy or generally ineffective property manager can absolutely affect your rent. Just like an incredible property manager can have a positive effect.

 

[SokalskiT]

I self manage my portfolio and right now if I ran my showings 9-5, I would be vacant. Majority of potential tenants are looking in the evening at property and communicating during the day to show. If PM's are not showing in the evening and being flexible people like me who self manage are not sitting vacant. You must accommodate your customer not the other way around. If your PM is not doing that I think it's time to find someone who will. Good Luck

 

[Courtney Hammond]

I totally think that a poor pm can cause vacancies. We recently had a comparable property to a friend. I manage mine and it was filled within 2 weeks of posting for $1300 plus utilities. She has a pm... And it sat vacant for 6 months finally renting for 950. This is in the same neighbourhood with very comparable units.

 

[Kir Luong]

Interesting, it's hard to believe that you can get 1300 versus the 950 for a comparable unit in the same location. This must be an advertising thing as well. But this is a good story you have , now I will test out to see if I can rent a new suite I'm developing and not be in the lowest
quintile.

 

[Courtney Hammond]

I was shocked when she told me. They started at 1200, and the pm insisted it needed to be lowered or sit empty.

I only use personal kijiji to advertise. But I'm quick to respond, personable, and genuine about if my suite fits their needs. So that may have something to do with it.

As pointed out before- the pm does t have as much interest in getting your rental rented as you do. We budget all of our investments to function and produce strong cash flow even with a pm. But self manage for this reason. I'm sure there are great pm out there though!