Property Management

[TylerUzelman]

Hello all.
Looking for some feedback:
1.) What have property management companies done for you that make them stand out as exceptional companies.
2.) What have they done to turn you off to them?
Please, any and all feedback from people that have used or are currently using PM services would be appreciated. Tell me your stories.
Thanks.

 

[navaz]

For a property management company to be good, I like to see them

1. Treat the property as if it was their own
2. Get the right tenant profile
3. Maximize the profitabilty by reducing turnover, perform preventative maintainance tasks, keep rents at market
4. Providing management reports on a timely basis

To get all of the above is a miracle.

 

[DianneDachyshyn]

All of the above plus I like lots of open, clear communication. I want to know if my ads are working, if the calls are coming in, if and when they show my place, what the results are, what are their impressions of the applicants, etc. I can`t stand having messages go unanswered. When they don`t bother to respond to voice mail and/or email, that is a bad sign in my book. It tells me that perhaps they will treat the tenants the same way.

 

[navaz]

QUOTE (Rascal @ Nov 18 2007, 12:37 AM) All of the above plus I like lots of open, clear communication. I want to know if my ads are working, if the calls are coming in, if and when they show my place, what the results are, what are their impressions of the applicants, etc. I can`t stand having messages go unanswered. When they don`t bother to respond to voice mail and/or email, that is a bad sign in my book. It tells me that perhaps they will treat the tenants the same way.


It is nice to get what you are asking -but then the question should pop up if you look at the property managers point of view - how much can I do for the remuneration I get? I use to manage my own properties and tracked the time it takes - I was glad to give it up -granted that some one else may not do it as well - but I can manage the critical items

 

[TylerUzelman]

That is some good feedback so far. Keep them coming.... Especially out of the ordinary examples, ones that make you really go WOW! The benefit of this exercise is that there are property managers who will read this thread and hopefully impact their businesses to the better, which in turn will benefit us as investors who use their services. So please add your comments!

 

[gwasser]

QUOTE (TylerUzelman @ Nov 18 2007, 09:46 AM) That is some good feedback so far. Keep them coming.... Especially out of the ordinary examples, ones that make you really go WOW! The benefit of this exercise is that there are property managers who will read this thread and hopefully impact their businesses to the better, which in turn will benefit us as investors who use their services. So please add your comments!


I have both good and bad experiences with property management companies.
Currently in Edmonton I use a company named Ayre and Oxford. They work very independant and send me a monthly statement (somewhat confusing in format), a very short report on occupancy and repair/maintenance costs and... a cheque. They manage many properties and are very professional, though somewhat impersonal. If you have questions you need to know the person who works in the department you have questions about.
In the initial months of ownership, rental vacancies were quite high and nearly caused cash calls. Ayre and Oxford fired the resident manager and since then the building has full occupancy (it is a rental pool).

I also had a cute little condo in Erinwoods Calgary with a rental manager because it was too far from my residence to do the work myself (which, by the way I hate doing). This was a very personal and very nice manager who had a smaller outfit but appeared to manage a fair number (20 to 30?) of properties. The man ran into personal problems, including a divorce. In no time I had vacancies and tenants who walked out on one year leases. When I after the so-maniest walk out went over to check the propety myself, I found out that it had been repainted with the ugliest colors and even ceramic tiles were painted over with green latex. It was a mess. I fired the manager and over a period of two months I spend every free evening and weekend to clean up the darn place in order to sell. I succeeded and broke even after 3 year ownership and misery.

 

[DianneDachyshyn]

I would also add that there is some kind of proactive marketing strategy. Throwing a lame ad in the paper and waiting for people to come to you isn`t my idea of a good plan. It would be refreshing to see a PM jump in and market the place as if it were his or her own. Directional signs, huge window and lawn signs, online ads, effective classifieds, etc., all go into renting the place faster and perhaps even drawing a better quality renter. It would be good if the PM had some vision re: rents, but it seems as if most of them undervalue the property because in their mind it helps them rent it faster and easier.

 

[srousseu]

Hi Tyler,

For me the most important thing is communication. I don`t mean I expect to be emailed about my property every week, but when I have a question about my property I would expect a resonse within 3-5 business days. I am currently looking for a new manager in Edmonton because my current manager, while great at sending my reports and money every month, does not respond to my emails, the latest being about what the new rent will be. I am still waiting for a response to my numerous emails and calls and the time for giving the rental increase notice is long past.....I discussed this issue with him in person last summer and was assured it wouldn`t happen again, However,..... it is, and as I`m in Dubai it is hard to just go down and meet him.

All property managers should also be aware of non-resident witholding tax issues relating to the management of properties, as there are now many foreign investors coming to Canada. These rules are not onerous, but must be adhered to.

Are you a manager? If so, would you like to discuss managing my two townhouses in NE Edmonton and Sherwood Park? B)

Regards,
Scott Rousseu
[email protected]

 

[RobCadete]

I just started using my first PM this summer and found them to be fair.

Plus side:
-took care of probelm tennants that I had (I didn`t really understand the laws)
-were able to find me tennants that paid higher rents
-screened my tennants
-`straightened out` my currect tennats (some had gotten to be really comfortable with me...constant late rents)
-keep an eye on property and suggest repairs
-are a lot more knowledgeable with the tennant/ landlord laws than I am

Down side:
-$$$$$
-need lessons on placing ads
-sometimes feel as though I have to keep on top of them like one of my employees. I guess i expected them to take care of everything, and leave me hands free...oh well


Unfortunately, I signed on for a year prior to joining REIN. I probably wouldn`t use one now, unless I had student rentals. It`s only been a few months, so we`ll see how it goes.

 

[DianneDachyshyn]

QUOTE (srousseu @ Nov 20 2007, 09:36 AM) Hi Tyler,

For me the most important thing is communication. I don`t mean I expect to be emailed about my property every week, but when I have a question about my property I would expect a resonse within 3-5 business days. I am currently looking for a new manager in Edmonton because my current manager, while great at sending my reports and money every month, does not respond to my emails, the latest being about what the new rent will be. I am still waiting for a response to my numerous emails and calls and the time for giving the rental increase notice is long past.....I discussed this issue with him in person last summer and was assured it wouldn`t happen again, However,..... it is, and as I`m in Dubai it is hard to just go down and meet him.

All property managers should also be aware of non-resident witholding tax issues relating to the management of properties, as there are now many foreign investors coming to Canada. These rules are not onerous, but must be adhered to.

Are you a manager? If so, would you like to discuss managing my two townhouses in NE Edmonton and Sherwood Park? B)

Regards,
Scott Rousseu
[email protected]

I would have to list communication, or lack of, as the biggest factor, even ahead of marketing. We now know how to market and can ad that to the mix, but when the PM won`t answer messages or contact you, the situation becomes intolorable and unworkable.

 

[seanverret]

Hi all,

After listening to the law`s of attraction stuff on the CD, I decided to figure out my ideal property manager, by first listing some of the bad things and then resulting in a list of what I DO want.

Along with the list you`ve already created I came up with all of the following things I would like to see in a Property Manager:

- Excellent Communications, speedy replies to email/phone
- Good advertisements, (not the 2BDR, D/W, n/p, n/k ads)
- Ability to keep the place occupied
- Ability to find good tenants, performing credit checks and fitting the proper tenant profile that I ask for
- Good rapport with tenants
- Good rapport with current clients
- In Alberta, signing 1 year leases
- Treat the property like it`s their own
- Handling the payment of Utilities, Grass Cutting/Snow Removal
- Treat the property like it`s their own

With this list, it gave me a good understanding of what I do want, and now I can ask the pertinent questions when I interview them.
Sean

 

[StevenRoorda]

One amazing thing our property manager has done for us is how she handled the Tenants From He$$.

When we purchased our first property, there were a number of things we could have done better, one of which was screen the current tenants or ask for the place empty. Expensive Lesson learned.

Anyway, after a number of crazy months (no rent, police visits, stabbing, fights, urinating from the balcony, neighbour complaints, suicide attempt, drugs, prostitution....) we evicted the tenants from all four units and ultimately went on to fix up the place. The Tribunal gave the tenants two months to leave (another two months free rent) during which we hired our current property manager. We asked her to make sure the eviction would go smoothly and do whatever was necessary to make sure the tenants left in accordance with the eviction - we had had enough by this time. She went to meet them; by the end of her visit they had offered to clean the stove (I don`t think they cleaned anything else in the place) and they were asking what else they could do to keep her happy - Unbelievable!!!

I think that people skills are paramount in this business and a property manager that has them is worth their weight in gold. Treating our tenants with respect and honesty has helped us immensely since that time. We have had no real tenant problems since we hired her.

Steve