As most property managers experience over time, it is EASIER to deal with one owner for several rental properties * less set up time, coordination and communication * so we routinely give reduced rates/fees for owners with multiple properties.
Several years ago, I made the MAJOR mistake of offering that discount for the FIRST property instead of their THIRD. The property came in late in the rental season and while it met my MAJOR criteria for taking a property for management * 4BR w/Garage * it was in a less than desirable school district, on an unattractive lot and was in fair condition after many years of owner management.
The owners were moving out of the area and had TWO other desirable rental homes that they were going to provide to me as their current tenants vacated. I gave them the fee reduction for their FIRST PROPERTY.
I got the home rented at a lower rent and then the residents renewed at an increase for the second year. Last year I re-rented the property at a slightly higher rent and they renewed at MARKET rent for 2010 and 2011.
Meanwhile, I had the exterior pressure washed and it looks like it was freshly painted. I had the carpet professionally cleaned before MY first tenant and long-standing stains disappeared and have not returned so they have not had to replace it. I had cheap vinyl mini-blinds replaced with the newer, longer-lasting ones AND I have had the HVAC system serviced semi-annually for the last three years.
The owner's employer is transferring her back to the area and they have provided me with my 60 day cancellation letter and moving BACK to their unsold personal residence that they could not rent for tax reasons! They will be GETTING higher-paying residents through June, 2011 and a property in MUCH better condition than it was when they gave it to me.
I have GAINED a REMINDER of a long-standing property management practice of providing the REDUCED mgmt fee for the 3rd or 4th property * not the FIRST one that the multi-unit owner gives you!
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