 Long Distance Management (by Marie [CA]) Jun 16, 2008 1:33 PM
 Long Distance Management (by Natalie [CA]) Jun 16, 2008 1:47 PM
Long Distance Management (by Natalie [CA]) Jun 16, 2008 1:57 PM
Long Distance Management (by Marie [CA]) Jun 16, 2008 2:31 PM
Long Distance Management (by Natalie [CA]) Jun 16, 2008 3:01 PM
Long Distance Management (by Terry [CA]) Jun 16, 2008 3:14 PM
Long Distance Management (by Wallace CPM [VA]) Jun 16, 2008 3:22 PM
Long Distance Management (by Martin [MO]) Jun 16, 2008 8:01 PM
Long Distance Management (by Chris [CA]) Jun 16, 2008 11:31 PM
Long Distance Management (by Marie [CA]) Jun 17, 2008 9:58 AM
Long Distance Management (by Marie [CA]) Posted on: Jun 16, 2008 1:33 PM
Message:
State Specific Question About: ARIZONA (AZ)
We are long distance landlords to a rental in Arizona. We have had a PM company for four years now, and want to look into managing it ourselves. Has anyone done this and are there any suggestions? The PM company has never done very much for us - the biggest part of their job is over when the tennant signs the lease. We have had months of vacancy in the past. From what I understand, sometimes they don't even go show the property but give the prospective tennant the combo to the lock. I was very upset when I heard about this. The biggest problem we will have is obviously in showing it at a moment's notice (but they have that problem, too apparently). We have thought about scheduling special showings and an Open House when we are out there. Any ideas? If this doesn't work out, we will go ahead and hire another PM company. We want to motivate someone to stay in our rental for longer than a year, we have had no luck with that in four years.
--71.84.xx.x |
Long Distance Management (by Natalie [CA]) Posted on: Jun 16, 2008 1:47 PM
Message:
We have been managing a couple of rentals that are 3 hours away ourselves for a while.
The biggest issue as you said is finding tenants and we manage to find Realtors/PMs who would lease up for us.
When we have a tenant in place, the rest is not that complicated. If the tenant is late, you can hire someone to serve 3 day notice. If tenant calls with repairs we have few people we can call that will go out and dignose the problem and fix it. We do it because we are comfortable with the situation.
These properties we can drive to if needed, if we had to fly I would hire a PM to manage it. --71.198.xx.xx |
Long Distance Management (by Natalie [CA]) Posted on: Jun 16, 2008 1:57 PM
Message:
I would also have to add, that for a PM to give a prospective tenant a combo to a lockbox instead of going there themselves is an indication of bad PM.
Whether you decide to go with another PM or manage it yourself and have someone lease up for you make sure to keep a tight control of what is going on. Make sure they report to you at least once a week about the progress. You really have to stay in control of the situation. --71.198.xx.xx |
Long Distance Management (by Marie [CA]) Posted on: Jun 16, 2008 2:31 PM
Message:
Natalie,
If this is typical of PM's, then I might as well get a lockbox and give out the combo myself.
I would love it if I could get a PM who would report once a week - what a dream! It's been hard to even get my emails answered lately, or phone calls returned. --71.84.xx.x |
Long Distance Management (by Natalie [CA]) Posted on: Jun 16, 2008 3:01 PM
Message:
No it is definitely not typical. All our PMs go out to the property to show.
Have you talked to other PMs? You could actually put it in the contract that they need to give you progress once a week.
Interview several and pick the one that will agree to give you progress on the regular basis as well other things that are important to you. --71.198.xx.xx |
Long Distance Management (by Terry [CA]) Posted on: Jun 16, 2008 3:14 PM
Message:
Remember that in AZ you MUST file a notice of who your agent of service is that lives in AZ if you do not. Might be best to have/keep a PM...just maybe a different one.
I think long distance landlording is very difficult either way and not something I would want to venture into. --207.200.xxx.xxx |
Long Distance Management (by Wallace CPM [VA]) Posted on: Jun 16, 2008 3:22 PM
Message:
I rarely show property - most are previewed on my website, application received and 60% of the time they are rented sight-unseen. People don't have time to come into town, spend a couple of days looking at rental homes - they preview online, select 3 or 4, drive by and maybe view 1 or 2.
I don't do "lease only" because I can not guarantee the condition of the property if it is not in my system and there is not enough money for 30+ interior pictures and floor plans in one-half of one month's rent.
You are better off to maintain your own website or CL account, and give keybox combination to prospects who have provided you with complete applications. --67.142.xxx.xx |
Long Distance Management (by Martin [MO]) Posted on: Jun 16, 2008 8:01 PM
Message:
As others have said, the PM should be showing the property, not just giving the combo. That is no way to "sell" a rental. Get a new PM. --64.151.xx.xxx |
Long Distance Management (by Chris [CA]) Posted on: Jun 16, 2008 11:31 PM
Message:
Reward them somehow. You do not want to travel only to find "another no call / no show" disappointment.
Get another PM and do not hesitate to offer some financial incentive. --91.89.xxx.xxx |
Long Distance Management (by Marie [CA]) Posted on: Jun 17, 2008 9:58 AM
Message:
They already have a financial investment in getting it rented since they get a leasing fee equal to one-half of the month's rent, in addition to the fact that they don't get paid if it's not rented. I have thought of hiring a SAHM to show it for us and offering a financial incentive for that. Any "think outside the box" ideas are welcome. --71.84.xx.x |
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