Taking Over a DIY Landlord Property with Tenants is a CHALLENGE

Property Manager with Gibson Management Group, Ltd.

One of my FAV farm areas for my direct-mail marketing efforts is a townhouse project built by Ryan Homes near UVa Medical Center.  There is a mix of townhouses with garages and single family homes and the unit size is awesome because they are desirable to multi-generational and/or groups tenants.

I have the single family residence model and the townhouse model which were bought by investor owners and leased back to Ryan for their selling efforts and that I took over when they were rented to their first real renters.

I received an e-mail request from a DIY landlord in the property who moved out a year ago and rented his townhouse.  He needs it professionally managed and he was especially concerned as his 4 residents were wanting to leave 1 month early * in 2 months.

I arranged to see the townhouse, gave the owner my recommendations for some inexpensive upgrades * one was a builder issue that the owner allowed to go too long and that may not be covered by the builder after this late date * and he signed a management agreement with me.

I found replacement residents for mid-June through a local real estate agent, they signed their new lease and I wrote the current residents and gave them their move-out instructions via e-mail and snail-mail today.

NOW! Houston * we have a problem.  The DIY owner does not have a duplicate key to his townhouse.  Since one of his tenant/ roommates has already left, I've asked the remaining residents to give me her key and leave it out for me on Friday and I will pick it up.

In my letter, I provided them with names of a good carpet cleaner and a house cleaning service and advised them that I will be checking the property on June 1st since they are moving May 31st......assuming I have a key.  If I do not, I'll meet my locksmith at the property and he can cut me a new key to the current locks and I'll proceed with getting the unit ready for my new residents.

As the bumper sticker suggests, hope for the BEST and plan for the WORST!


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate General Information
Virginia Albemarle County Charlottesville
Property Management
Online/Offline Marketing and Advertising
Real Estate Trends
homes for rent
cherry hill
rental property management
homes for lease
uva medical center

Spam prevention
Show All Comments
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease


One of our many hats we wear, keeping tracks of keys.  It can get pretty exciting!

All the best, Michelle

May 08, 2012 10:17 AM #1
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

I have so many keys that I don't know what they belong to, these are personal. Honestly it is easier to keep up with work related keys that our own.

May 08, 2012 10:33 AM #2
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA

On of the FIRST things I learned in real estate was to TAG keys - I have small white labels to put on them and then I have BIG YELLOW TAGS with metal rings to put on them.

May 08, 2012 10:39 AM #3
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Good morning Wallace,

You have quoted one of the tried and true mottos that keeps me sane, "hope for the best and plan for the worst"!

May 08, 2012 10:44 PM #4
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I have a few condo farming areas myself. I just got one the other day. The previous tenants trashed the unit. Wow-it is amazing how DIY make money after people trash the house. I am seeing garnished wages for this unit.

May 09, 2012 03:36 AM #5
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA

I LOVE taking newer units * and having more in the same area cuts down on driving (gas) and I can offer options to prospects!

May 10, 2012 08:41 PM #6
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
Well-handled Wallace. We don't take over properties with current residents except in rare circumstance. We prefer to qualify and place ourselves. That is what you did in this case as well. Keys are a whole different joy that you also handled well.
May 11, 2012 12:20 PM #7
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA

Owner has key - just not in the area and does not know which ones they are....I have boxes of key tags in my house, office and cars - I always know what key goes to what property!

May 11, 2012 02:11 PM #8
Todd Mack
Coral Springs, FL
Property Manager Assistant

hope for the BEST and plan for the WORST!..............good advice Wallace!

May 12, 2012 05:22 AM #9
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Wallace S. Gibson, CPM

Ask me a question
Spam prevention

Additional Information