Sensible Property Management Llc
Sensible Property Management Llc – These three issues (to name just a few) generally plague Tampa Bay property management owners like you, on a regular basis.
After all, if you’re like most real estate investors who live out of town (maybe even in another state), you can’t just jump in your car and drive to the property. You must trust the Tampa Bay property manager or tenant to act in good faith. And we both know that this doesn’t always work in your favor.
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My name is David Lowrey, I am a real estate investor and owner of Stress Free Property Management here in Tampa, Florida.
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Over the past 16 years, I have managed over 1,873 homes, apartments, and condominiums in the Tampa Bay area.
Therefore, I have managed all types of rentals, from low-income duplexes to middle-class single-family homes to ultra-luxury executive mansions. Which means I’ve experienced just about every conceivable hassle (in property management) you can throw at someone, and I’ve managed to get the job done successfully. In fact, my first property management company was featured on Inc Magazine’s “Inc 500 List” for America’s 500 Fastest Growing Private Companies, in 2004 and 2005.
After eight years, my business partner, Chris Mercer, and I sold that business to a national company. We decided it was time to relax… but unfortunately, we got really bored. (At least I tried golf, I even bought the clubs and shoes.) So, we started another company: Stress Free Property Management.
And I’m back doing what I love: managing rental properties. I’m sure you’ll agree that it’s quite a strange profession. I think I am part of a dying breed of people who really enjoy managing tenants.
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Obviously, these experiences as a real estate investor and property manager have taught me some extremely valuable lessons. Most of them I will discuss with you in this free report.
So what do you say we dig into the Free Report now, and I’ll show you how to avoid as many of the 7 critical bugs as possible? I will also give you some unconventional solutions for each of them.
Allowing a property to remain vacant for 3, 5, or even 7 months, in the hope that a good tenant will come along.
I see this error all the time. So let me give you my “cardinal rule” for property management:
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IF your property is vacant for more than a month, there is at least one thing WRONG that needs to be fixed, and I have NEVER found an exception. And YES, this is true even in today’s economy.
The first and most common problem is that the rent is too high and has to come down a bit. Right now the rental market is very good. You can ask for higher rents than in the past. However, tenants are still checking to make sure the rental rate is reasonable for similar properties in the neighborhood.
Therefore, it is essential that your rental rate is competitive with similar properties in the surrounding area. Your property manager must give you:
An honest, no B.S. Market Rent Assessment. In other words, how much can you really rent your house for in the next 30 days?
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Without a doubt, in this economy, tenants will negotiate rent. And the reality is that the property owner who is flexible will get the best tenants for the longest time.
Look, I know this is not a popular topic to discuss. After all, who likes to talk about getting less money? However, I prefer that you know this in advance rather than after your property has been vacant for six months, because the rent is too high.
I have routinely seen vacant rental homes for only $50 per month more than the going rate for similar homes in the neighborhood. So it’s extremely important that you get it right.
The second common problem is that something goes wrong inside your rental, after it has been painted and cleaned. For example, we sometimes have unusual paint colors in certain bedrooms. The owner wanted us to rent the house as it is and the paint looked good. The problem is that most people watching don’t like the color scheme. Maybe it just doesn’t match your furniture, who knows, but the reviews are lacking.
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Or sometimes the errors will appear suddenly. Not to be gross, but a few dead cockroaches on the floor will scare anyone. Other times, the roof, toilet, or sink can suddenly start leaking, and anyone who visits begins to wonder what else could be wrong with the house. So they overlook their rental property because they think if the landlord didn’t make these “obvious” repairs, it’s just the tip of the iceberg. In their mind, there are probably a LOT MORE things wrong that they can’t see.
The key is to get feedback from tenants after they view your rental, so you can catch these issues early and fix them. We constantly question tenants who visit one of their properties to find out why they didn’t rent. Based on your feedback, we make any necessary repairs to your rental right away. For example, the rugs may need to be steam cleaned again because some stains have reappeared, or the maid needs to clean the bathroom again because she forgot to wash the tub. You get the idea.
Although this may seem very simple, this is extremely rare in the property management industry. Most property managers do not own rental properties and therefore have not had the painful experience of their rental property being vacant due to one of these issues.
Regardless of the reasons, we’ve learned (the hard way) that over 65% of all renters looking at a typical rental property are instantly put off. They go out because the rent is too high compared to similar properties in the neighborhood, or because one or more things are wrong inside the house, like bugs or leaks. Think about it, haven’t you experienced the same negative first impression when looking for places to rent when you were younger?
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We have learned to carefully and objectively research the real world rental rates of the properties we manage for our clients. We check online and in the newspapers to see what properties are currently available for rent, in a specific neighborhood or zip code.
Our goal is to find 4 or 5 similar properties, so we are comparing apples to apples. If your rental price is $75 above what other similar properties in the neighborhood cost, it will sit vacant…a long time.
Is it a bit more complicated than this? No, not really… However, there are a lot of things within your rental that need to be carefully reviewed so tenants don’t get discouraged.
This checklist was developed from years of trying to figure out why certain houses rent quickly and others don’t.
Michael Rae, Author At Sens Research Foundation
My inspection staff checks everything from making sure closet doors are on properly in the bedrooms, to looking under the sink for water leaks. It is vital that we are thorough, because each of these 67 areas will make a positive or negative impression on tenants.
My operating philosophy is that if my mother is not 100% satisfied with the cleanliness and condition, then the rental is not ready to rent.
However, the average property manager or landlord often only does the bare minimum to get a home ready to rent. This is a mistake and results in the property sitting vacant for months and eventually being rented out to a lesser quality tenant, who is usually late paying rent and not taking care of the house.
The property manager does not respond to callers about renting their property and does not return YOUR calls or emails right away.
Rob Gasca Real Estate Group
Here’s what I mean by that statement: Let’s face it, finding quality, responsive professionals in any service business is an uphill battle. And in today’s economy, your property manager
This is the easiest way to find out if your property manager responds to tenant inquiries: call or email them yourself and see how long it takes for them to respond.
If you CANNOT get the property manager to respond. (Consistently) Neither can a potential new or existing tenant!
Let me put it this way: If more than half the time your phone calls or emails aren’t returned the same day or the next, you’re missing out on a lot of tenants who could have rented your property. Why? Because when a tenant calls, emails or texts for information, they are in the mood, RIGHT NOW, to get some answers and go looking for places to rent!
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If the property manager doesn’t respond right away, half of these people just move on to the next owner on the list. You just potentially lost your next tenant, and your house remains vacant, with cash flowing out of your wallet instead of into it.
And here’s an even scarier thought: If your property manager can’t be counted on to respond to your
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