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Hi there,

I am currently in the process of converting a two-story small office complex, into a HMO (House in multiple occupancy) in the UK.

I have never done this before, and am doing a rent to rent type scheme.

What things do I need to take into consideration, and what things should I look out for?

Thank you for your help.

Jamie

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Looking for a reliable, inexpensive online payment system.

I have been having tenants pay me via Facebook messenger and believe it or not there is no fee for either party.

Suggestions?

submitted by /u/rodzilla67
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Hey everyone, I manage 144 tenants(industrial warehouse, no residential thank god) through 7 different quickbook companies. July 9th we had 46 late tenants(usually around ~30 of the usual crowd), I'm guessing due to the holidays but it was enough to piss me off finally and decide to do something about it. I went into the office yesterday and installed a copy of quickbooks 18 I bought and updated all the company files so we can start to accept online payments via CC or ACH. I'd love to update to 2019 since they have online invoice tracking but thats upto our accountant.

I plan to issue a tenant-wide rent raise as we rarely ever increase rent, some places going 10+ years without an increase. The theory behind this is that I will offer a concession to any tenant to keep their current rental rate as long as they fill out a form I'll include for their email address and other info to switch to the new online invoicing I'll set up to email to them every month that they can pay from. This in theory should cut back considerably on the number of pure checks I have to process every month and hopefully make it easier for some late payers that I remind to pay every month to pay upfront. I also hope the incentive for tenants to not pay an extra $xxx or $x,xxx a year by simply switch to the new payment method will convert a large % of them. Any tenants that don't switch in theory will cover the new monthly fee and credit card processing fees from the other tenants so it works out as a wash fee wise.

We are a small operation and work with every single one of our late tenants, but only 1 out of the 46 this month called me to say they were sorry that they sent their payment off late one day. Thats the real breaking point, helping everyone out so much every month and only one person even calls to acknowledge they are late. I'm also going to include a new hardline late rent policy, if you are late the next month after our late date(the 10th) you are getting an automatic 10 day notice to quit, which you can then pay in full two months rent or we will simply evict, I'm tired of spending the time to chase down late rent from the same people every single month. We legalized MMJ here a year ago and rental rates are up because of it, if I have to evict someone then so be it, less stress for me and I can rerent their unit easily within a week for the same price or in most cases even raise rent a $1-2 sqft wise to get to the new market standard.

Just curious if anyone has seen it easier to collect rent and what not with a online payment processor and a stricter late policy in place.

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So I've been in the PM industry for almost 3 years now. 1 year in self storage and 2 years as a STR manager. While these are not traditional PM roles I think I would like to get into Residential for the pay raise. I only make 30k and am on call 24/7 (I don't mind it but I would like to be compensated more for it). I would like to to go straight into an assistant PM role at an apartment. How possible is this if I technically don't have any experience with apartments? Would obtaining my CAM greatly boost my chances of getting a job? What do you think?

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Just realized it’s been 30 full days since my last update. First, two of the seven psychos moved out earlier this month. These were the two shouting I should go work at McDonalds 🙄. I had to do their final inspection so I asked my Super to accompany me. They were a bit more cordial than usual but I don’t trust them so I kept it thorough yet quick and professional. Big mouth Psycho calls himself “aPoLoGiZiNg” to me about his behavior and said he attended the meeting for the spectacle and he was just “goofing”. 🤬 I explain to him the situation was quite serious and certainly didn’t need his goofing, which made things all the more intense. His skeleton like female friend asks if they can reapply in a year or so to move back in. insert confused as all fuck face I simply explained that we always accept apps however the likelihood of them moving back into a unit here is based on income limits and availability. I left the convo after that. I thought they were so unhappy with the property. 🤬🤬🤬 Fast forward to last week when Nasty Psycho and her Henpecked Psycho slaveman barged into my office to check on a complaint they sent in as well as tell me how they don’t want me in their apartment during a town fire inspection. Hostile in nature but not threatening. She always comes with her husband to antagonize me and makes him do it too. Hopefully they’ll leave too. I think once they’re gone the others will back off. This couple truly are the ring leaders and it’s sad. You’d think, in the twilight years of your life, you’d like to spend it happy and peaceful. Not these folks! They’re miserable and want to make everyone around them miserable too. Sad.

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I have used property management software in the past and ran into a lot of issues that required me to spend hours on the phone with support to resolve it. I personally would rather use Microsoft excel or access for now since I only currently manage 8 properties. I am trying to figure out the best way to set up an excel file where it can account for tenants, owners, and the property management company. I would love to hear how you got it to work for you.

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Hi guys I’m a property manager and about a month ago I was doing an ingoing report on a property. Taking photos etc. I turned on the gas stove for a picture for about 20seconds to show that it is in working order for when the new tenant moved in. All of a sudden the smoke alarms started going off and then the whole building smoke alarms started going off. Everyone was in the halls ways like headless chickens. It was pretty bad. I said to a couple residents what I was doing and that may have been the cause of the false alarm. Anyway NSW fire brigade came they assessed and said it was most likely residual chemicals left on the stove top, from previous tenants vacate cleaning, which turned to chemical vapour and set the alarms off. How was I meant to know this would happen. They said they would not bill however strata do dodgy invoices and usually will try to charge even if NSW Fire have not invoiced them (they said this) Low and behold the bill came yesterday to our real estate office it was directed to the landlord, it’s for $1600. The residents on that day had said that the fire alarms go off a lot due to a multitude of things ie bugs caught in them etc apparently this has happened 4 times this year already.

What can I do about this? Is it covered by my bosses insurance or something? It is clearly work related but do I have to pay this? How can this be overcome?

Please help

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So this came up suddenly about a week ago. A longtime family friend wants me to manage their commercial building. Its only one large retail space, about 2000 sqft plus a basement the same size that's pretty much just used for storage.

I actually work right next door to the commercial building to rent, so it would not be hard for me to keep tabs on the place. My questions pertain to what liability and if I can actually legally manage the place.

I have questions like

Do I need a license to do this?

What does someone usually charge for something like? Usually, a percentage of the rental cost is I what I have researched.

Any help would be much appreciated since this kinda just fell on my lap. The place is going to be empty by the end of July so I only have a few weeks to get everything lined up.

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I’m looking into establishing a business, but I still need more research to see if the market is viable. For large rental buildings I’d imagine there are roller shades or drapery installed in the common spaces and/or units. Does your maintenance team have to service these frequently which becomes costly, or are they really just an afterthought?

Appreciate any constructive feedback provided...

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