Larris Hutton, Property Management Company in Fayetteville, NC (Linchpin Property Management)

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Rainmaker
906,490
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Timely response and action

Oct 22, 2020 10:01 AM
Rainmaker
2,575,640
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Did property managment for decades and it can boil down to some very simple truths:

1. Be available or have a plan in place for emergencies

2. Treat the tenants as you would treat the owners but more so

3. Charge a fee that is above average and then give above average service

4. Keep rents at below market scale so the tenant has skin in the game

5. Make repairs swiftly 

6. Realize that long-term investing has a different dynamic than the flip

Oct 22, 2020 12:05 PM
Rainmaker
1,638,416
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

It is always hard to get thru to them concerning association questions from buyers. In my area, it takes sometimes 3 days for them to get back to me. 

The biggest one for me this year was the association did not know the owner/landlord ratio. By the time I got all my questions answered, no lender will take a loan in that subdivision. Mgmt company didn't really understand what I was talking about & said 'they would inform the board'. Oh yeah right, they will understand it all right.

Oct 22, 2020 10:55 AM
Ambassador
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Anna Banana Kruchten CRS CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Honestly I don't deal with PM much at all.  The few times I did I found the help in the office were not as informed as they should have been and didn't have the correct information.  But that can be remedied by training and teaching them well upfront.

Oct 22, 2020 10:10 AM
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81,278
Cathy Starkweather
La Rosa Realty, LLC. - Celebration, FL

Lack of communication, not completing repairs on time and overcharging for repairs. 

Oct 23, 2020 07:13 AM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

#1 - Delay in completing Condo questionnaires for lenders.

#2 - Not being aware enough what is asked on these questionnaires to have the data/information handy. 

#3 - Get rid of the authoritarian attitude. Overbearing HOAs (property managers) get a reputation and it's actually bad for home values in the community. (I actually own a condo in a complex like this - the 'dreadful HOA' is widely known by my peers.)

#4 - For Pete's sake - keep up with how many owner occupants vs. vacation (part-time owners) vs. rentals vs. owners who own multiple units you have. That's your JOB!

Oct 22, 2020 10:10 PM
Rainer
227,482
Don Baker
Lane Realty - Eatonton, GA

not in my scope of work or wheelhouse

Oct 22, 2020 05:49 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I got nuttin' as I do not deal with property management companies. 
I wish you all the best in your endeavors. 

Oct 22, 2020 02:59 PM
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Not doing check-ins on properties in their care as long as the rent is paid on time.  Just because someone is not late with rent doesn't necessarily mean they aren't breaking the rules (adopting pets that aren't on the lease) or keeping the home up with maintenance issues.

Oct 22, 2020 02:34 PM
Rainmaker
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Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

There as some companies that don't let the referring agent know that the tenants are going to be moving out and possibly buying a home. Also the homeowner they referred will be selling the home.

Oct 22, 2020 11:01 AM
Rainmaker
553,614
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

I had some buyers from another state interested in purchasing a multi million dollar home that they wanted to rent out part of the year. You would think I could get some instant answers about (1) short term rentals (2) rentals during major events in the area when these homes rent out at premium rates (3) upkeep of property generally (4) cleaning fees after a short term rental leaves. It took me a week of digging to find out the following:

Most property management firms will only handle vacant homes for long term rental. Why? Because organizations like Airbnb have taken over the short term market.  So I dug into what Airbnb can do for a luxury home. Never could get someone on the phone to tell.  As it turns out, I believe they charge 13% fee not including the tax.  Then I wanted to know who will handle the cleanup after such a rental.  Well, one company will do management at 20% including finding renters (do they go to Airbnb and roll it in there? never did find out) and another company will "manage" at 6 to 7% but didn't include finding renters. Well that comes to 20%.  I finally got some prices for services such as cleaning and gardening which is subcontracted out by those who charge 20% management fee.  Did I find anyone for high end rentals to corporations during big events in our area like car week?  Nope.  So, even though I don't do rentals myself, it would have been nice if someone had a "menu" of services. Which I am now putting together and will run under my own brokerage umbrella even though I don't do "rentals" as such just so I don't miss out on a multi million dollar sale. 

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Oct 23, 2020 01:32 PM
Rainmaker
6,031,053
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Bad decisions by managers.

Oct 23, 2020 08:45 AM
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105,273
Jerrill Ewing
N & J Lake Properties, LLC - Eatonton, GA
Builder

nothing something I know anything about

Oct 22, 2020 05:51 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

No complaints, life is better when focusing on what people are doing right rather than what they may be failing at.

 

Oct 22, 2020 12:24 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Larris,

We were in commercial real estate!  Property management dealt with office buildings and retail centers.  For us, they were not decision makers.  We dealt with the owners...

My advice is to stop complaining about what others do, let alone be focused on someone's faults or read horror stories.  Create your own island of sanity  and those who are attracted to your style of business, they will come your way...A

Oct 22, 2020 10:20 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had two buyers that contacted property management companies, and in their contract is stated if they decide to sell this property in the future, they MUST use them to sell, not me.

Oct 23, 2020 06:52 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

They do not answer their phone or call me when i need things. 

Oct 23, 2020 05:18 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Lack of communication in repones to inquiries certainly heads the list!

Oct 23, 2020 04:31 AM