Over my many years in property management, I have diverged from the management philosophy of other property managers on many issues * INCLUDING * tenant generated income.

Many property managers see "tenant lock-out" as a proffit center for their business.

I know other property managers who ONLY provide 1 key to the rented property and charge $150 for the tenant to meet them at their office to get a duplicate key if they get locked out.

I do not organize my fee income that way.

I have dial combination key boxes on all of my properties for emergency use and for access when residents are unavailable.

I've had residents return from a long flight only to realize that their house keys are in their LOST LUGGAGE.

I just received an e-mail this AM from a tenant who went to take out his trash and locked himself out of his house.

Fortunately, both residents had their cel phones and when they contacted me via e-mail, I provided the combination to the key box at their property.

 

....NOW, when they can't pay their rent on time, I'm right there with a $50 per tenant late fee and a $100 per tenant notice fee for a first class stamp on a pay or quit notice.

 

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans


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58 Comments on I'm sorry * that is not in my Property Management Philosophy

20 Most Recent Comments Displayed Show All

MAY
24
2012
Hit Router

I assist another agent who is a property manager. I know that I don't want to be the property manager. At least I can divorce myself from things when I am not at work. He is on call ALL the time..... I am too for sales and my own rental listings. I just don't manage. Count me in too for having the utmost respect for those in our industry with the stamina.
7:23am • #41
196,237 Points Outside Blog

Excellent tips that can be adapted and used elsewhere. Thanks for your post. 
7:58am • #42
154,337 Points Outside Blog

LOVE the lockbox idea for emergency, etc. use!

THANKS!!
8:11am • #43

Very clever with the keybox on the property. Way to step outside the box! Kudos!

 
8:23am • #44
202,516 Points 11 Featured Posts Outside Blog Attended Rain Camp

Love your philosophy. This is one of my pet peeves as well. Now if I have a tennant that is a hapitual key looser I will draw the line and impose a key charge.
8:45am • #45
397,391 Points 5 Featured Posts Outside Blog Attended Rain Camp

Thanks for the post.  Your reply to the first commentator was worth looking into regarding the prop management on AR.  Thanks.
8:54am • #46
1,023,623 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

There is confusion as to whether they are LOCKboxes or KEYboxes * I use KEYboxes that are physically attached to a 4x4 or wood trim at the property - hidden under a deck or around the corner where it is not visible......residents rarely know they are there unless I tell them!

 
9:29am • #47
466,370 Points 50 Featured Posts Called Shot Master

Wallace, you've got it covered! Property management is a whole different world from where I live. Thanks for your post today, 
11:37am • #48

This is a great idea, Wallace.  I manage a small number of properties currently, so I am able to take care of such emergencies personally (or send my husband  - who happens to be a State Licenced General & Roofing Contractor; Mold Remediator and IICRC Certified Water Damage Restoration/Odor Control/Applied Structural Dryer, as well as a CPM -- for more urgent requests) but I can see where your solution would make life easier for both manager and tenant! :)  

Thanks for sharing!
4:02pm • #49
141,233 Points Attended Rain Camp

Dear Wallace,

What a genius idea! Some of your other comments show that you have learned a lot from experience. Great suggestions.
6:34pm • #50
MAY
25
498,855 Points 13 Featured Posts Outside Blog Called Shot Master

Hi Wallace, I agree that is not very professional.  And I doubt it makes for happy tenants.
8:53am • #51
590,615 Points 62 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Great idea about the combo box. I do think I'd change the combination after each use though. 
10:00am • #52
129,345 Points

Be nice to tenants could sometimes go far.........

 

 

 

 

 

 

 
1:02pm • #53
1,024,215 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Wallace I think you have some real integrity.  $150.00 for a missing key is pretty tough.  Have you thought about setting the locks up so you have to lock them with the key on leaving if you want to lock it, so you are forced to take your key.
7:55pm • #54
MAY
26
158,328 Points Outside Blog

Interesting ideas. I am not sure our rental market is strong enough to allow these kinds of charges. We are very lucky to find a good, credit worthy tenant. We  are estatic when we find one who actually has a checking account.
10:14am • #55
JUN
23
107,586 Points 13 Featured Posts

Currently managing 98 homes and growing like a weed.  Hadn't had any trouble with this until last week when two tenants locked themselves out.  Both had to do it on a weekend evening.  Inconvenient for everyone involved.

Love the idea.  Think we'll utliize it.

9:59am • #56
1,023,623 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Chris - I can install and remove them without chipping my French manicure....having Sanzo CODE them * all to the same 3 letter code * is the trick - install on a 4x4 * under deck or on the side of a garage shoulder high. 

I have to thank Steve Urie * MPM * who I learned this from at a NARPM class 15+ years ago! 
10:05am • #57
AUG
10
998,092 Points 4 Featured Posts

Managers ae making lots of money by passing these charges on to the tenants unbeknowst to the landlords while losing some tenants in the process.
8:12pm • #58
AUG
28
116,202 Points Outside Blog

I agree with you Wallace, It the tenants home! I think we should try and help them as much as Possable-

WE all have been lock-Out- it not a great feeling- and then add 150.00 on top-That a bad review-

(LOL)

Ricky D Sadler

www.RD-house.com

Seattle,WA 98136

206-728-6063
1:56pm • #59
APR
15
164,040 Points 8 Featured Posts Outside Blog Called Shot Master
Once before you had provided info on where you purchase these key boxes. Could you do so again? With a large portfolio or rental properties the purchase of these boxes could get expensive Thank you.
5:53am • #60

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Wallace S. Gibson CPM *

LandlordWhisperer

Charlottesville, VA

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Gibson Management Group, Ltd.

Office Phone: (434) 825-1933

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