Find New Tenants (by JR [MI]) Aug 15, 2018 4:23 PM
Find New Tenants (by MJ [PA]) Aug 15, 2018 5:39 PM
Find New Tenants (by Vee [OH]) Aug 15, 2018 6:51 PM
Find New Tenants (by Small potatoes [NY]) Aug 15, 2018 7:31 PM
Find New Tenants (by WMH [NC]) Aug 16, 2018 5:07 AM
Find New Tenants (by S i d [MO]) Aug 16, 2018 5:11 AM
Find New Tenants (by AllyM [NJ]) Aug 16, 2018 6:41 AM
Find New Tenants (by plenty [MO]) Aug 16, 2018 7:51 AM
Find New Tenants (by cjo'h [CT]) Aug 17, 2018 2:08 AM
Find New Tenants (by Oregon Woodsmoke [ID]) Aug 18, 2018 8:42 AM
Find New Tenants (by JR [MI]) Aug 18, 2018 9:49 AM
Find New Tenants (by cjo'h [CT]) Aug 18, 2018 2:53 PM
Find New Tenants (by JR [MI]) Aug 19, 2018 5:17 AM
Find New Tenants (by plenty [MO]) Aug 19, 2018 5:25 AM
Find New Tenants (by JR [MI]) Posted on: Aug 15, 2018 4:23 PM Message:
A couple of months ago, I turned my 12 unit apartment bldg. over to a management company after managing it myself for 8 years. I averaged a 92% occupancy rate most of that time and usually filled vacancies within 60 days max., and no more than 10 showings.
The new management company has had about 40 showings in the past 2 months, but still no takers. I was asking $615 with 1 to 1.5 months security depending on individual. They are asking $625 with a 1.5 moths security, and $75 per month admin. fee to be paid upon the begining of each years new lease. I recently gave them the option of collecting the extra halfs months rent over a period of months. They claim that they are having trouble finding qualified tenants. ( 600+ credit score, no record).
Can you suggest what I might do or ask of the pm do to get tenants? The units have been remodeled and show very well.
--68.58.xxx.xxx |
Find New Tenants (by MJ [PA]) Posted on: Aug 15, 2018 5:39 PM Message:
I just took over a building for a friend that was managed by a PM. I had no problem renting out the units and the building is now 100% full. She had the same complaint. They (PMs) are not that devoted to your building and make excuses that the market is bad. Fact is our economy is better than it has ever been and we have the lowest unemployment rate currently. I suggest you do your own leasing which is the most critical part of the whole job. You can get a property manager or just a handyman type person for just managing, collecting rents and dispatching for repairs. --76.125.xxx.xxx |
Find New Tenants (by Vee [OH]) Posted on: Aug 15, 2018 6:51 PM Message:
Raise the rent 150-200bux, you get a whole different client base. --76.188.xxx.xx |
Find New Tenants (by Small potatoes [NY]) Posted on: Aug 15, 2018 7:31 PM Message:
I think the 75 buck fee is a turn off. When I had a (su cky) pm I paid them a flat fee to manage units and then additional for service calls. Raise the rent to cover the fee and keep the tenants out of it. --66.87.xxx.xxx |
Find New Tenants (by WMH [NC]) Posted on: Aug 16, 2018 5:07 AM Message:
Why would a PM charge your TENANTS a fee?
Remember this: the goal of a PM is diametrically opposed to an owners. They make money with turnovers and repairs and service calls, not by staying rented... --50.82.xxx.xx |
Find New Tenants (by S i d [MO]) Posted on: Aug 16, 2018 5:11 AM Message:
My guess is you are not the PM's only client. Like all commission-based sale people, they worker harder when the pay is higher. Might try offering a leasing bonus (+$100 over normal fee?) if they get it filled in the next 10 business days.
If they still can't do it, fire them and take back over yourself. No one will care about filling your properties as much as you do. Mr. LL told us a couple of years ago at the Convention that it is better to have someone working for you that you train and isn't in competition to rent out other people's units.
One more thing, if you want to find out if they really are doing their best, have a friend/family member call as a prospective renter. Give them a list of specs that would include your rental and see how quickly (or if) they get to see one of your units. Kind of a twist on the "secret shopper" that big retailers use to do research into how well their managers and staff are performing. --173.19.x.xxx |
Find New Tenants (by AllyM [NJ]) Posted on: Aug 16, 2018 6:41 AM Message:
It's possible that the agent they are sending is unappealing in some way or behaves badly. Why don't you get a mystery shopper to look at it? That would be someone you know who would report back to you. --73.178.xxx.xx |
Find New Tenants (by plenty [MO]) Posted on: Aug 16, 2018 7:51 AM Message:
Why did you turn over the building to management co?
They are filling their favorite landlord's building.
I assume this $75 is your bill to management co? Not tenants?
Take someone there to no lunch as get the scoop.
How about you fill the units and they take it from there? --99.203.xx.xxx |
Find New Tenants (by cjo'h [CT]) Posted on: Aug 17, 2018 2:08 AM Message:
Why did you give it to a management company,you know you can do a better job and screen better.I'm only a country boy from northern Ireland and can fill s vacancy in aday and a half can I shoot the Blarney,you bet I can...............charlie.....................................try it, even from MI.there must be some Irish in your background.................................. --32.214.xxx.xx |
Find New Tenants (by Oregon Woodsmoke [ID]) Posted on: Aug 18, 2018 8:42 AM Message:
I'd be careful about offering a cash incentive for a quick tenant. I could fill 150 units in 24 hours, but I guarantee you wouldn't be happy with the tenants I put in there. --174.216.x.xxx |
Find New Tenants (by JR [MI]) Posted on: Aug 18, 2018 9:49 AM Message:
Thanks for all of you input. I'm traveling a lot and don't want to be bothered anymore. Maybe I'll have to reconsider. --174.230.xx.xx |
Find New Tenants (by cjo'h [CT]) Posted on: Aug 18, 2018 2:53 PM Message:
JR,you are letting your day job interfere with the rental business,take care of the rental end,then go back to the day job..............charlie................................................. --32.214.xxx.xx |
Find New Tenants (by JR [MI]) Posted on: Aug 19, 2018 5:17 AM Message:
Charlie,
I have no day job. I'm in retirement mode, and simply want to RELAX! I'm just tired of the three T's. --68.58.xxx.xxx |
Find New Tenants (by plenty [MO]) Posted on: Aug 19, 2018 5:25 AM Message:
Be a mystery shopper. Send a friend and record the showing. Or go yourself in a baseball cap. Experience the showing. Find put if they are steering potential tenant to other buildings.
Perhaps you hired the wrong management co. Revisit your reasons for choosing them? Are there other choices? Is the an independent person you could train to do it?
Is this really what you are tired of? Could there be other things that you should give up just think it thru... what say you? --99.203.xx.xxx |
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