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My meeting with the property management company

December 9th, 2015 at 04:09 pm

Hi all

I met with the new property management company face to face to sortof review 'month 1' and make sure we were on the right track. It went SUPER WELL. I feel reassured, informed and more confident in their processes, procedures and professionalism

I also think I am looking at 8-12 weeks of smoothing out tenants (we are likely removing 2) and to get through then backlog of minor repairs that have not been taken care of and then i think it will definitely smooth out and get more regular..and I can COUNT on the $$. Wow..I can already count on a certain amount but with this backlog of repairs and dealing with bad tenants it does not feel smooth

They are already doing things to improve processes at the rentals, working w tenants, doing small things to improve the properties. Cost of 'work done so far' has been reasonable and well done. Makes me feel I am can start to relax a bit with them. they pulled up the online system at the office and showed me how to access some things and how to submit requests myself. I got a little more access and understanding of their system. What is neat now is how I can login and see what rents are in, tenants notes, event history all of that.. all documented, repair orders, costs, when fixed AND they are going to start sending pictures before and after (not the super minor simmple repairs but other repairs or replacements )

We also talked alot about Section 8 and why I got so turned off on it and the issues I was having. mostly excessive repairs (which may have had a lot to do w the property manager). they say they have 45 Section 8 tenants and have no such issues (they did when they were new_)but they have learned the game and have RELATIONSHIPS w Section 8 they also said that certain houses lend themselves more towards Section 8.. not just neighborhood but type of house.. like simpler newer homes.. one storey etc

Anyway talking to them made me feel they could get GOOD Section 8 tenants and control costs and that that was an idea worth looking at again for some homes. THey also have a system of tracking repairs and 'condition of the house' so for example if a Section 8 inspection this year turns up (fix a, b and c) and then next year they have new items to fix.. they refer to those as tenant damage (as applicable) as they were obviously fine in the first inspection. That was one of the most irritating things. having items that I had to fix that were caused by the tenant and not getting reimbursement and excessive unjustified repair costs

they also talked about they DO plan to stay in this for a long time and are bringing their adult kids into it. they do not plan to fold the business anytime soon

I really like how things are systemized and have a process. I toured the new office, met everyone, they doubled their office size..

just all good. feel better and good and looking at a property for $40k and one for $60k..and I am definately listing as a goal for next year selling that big Victorian and moving on to a simpler property but with similar cash flow.

I like learning and I feel sortof surprised, amazed that it is really appearing my 5 year plan is going to work! 29 months to go.

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