New Business Idea?
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
New Business Idea? (by Amanda [NE]) Apr 20, 2017 6:46 AM
       New Business Idea? (by Jim in O C [CA]) Apr 20, 2017 7:01 AM
       New Business Idea? (by Homer [TX]) Apr 20, 2017 7:03 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 7:07 AM
       New Business Idea? (by LindaJ [NY]) Apr 20, 2017 7:37 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 7:45 AM
       New Business Idea? (by Richard [MI]) Apr 20, 2017 8:11 AM
       New Business Idea? (by Laura [VA]) Apr 20, 2017 8:15 AM
       New Business Idea? (by LisaFL [FL]) Apr 20, 2017 8:46 AM
       New Business Idea? (by Still Learning [NH]) Apr 20, 2017 8:47 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 8:54 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 8:55 AM
       New Business Idea? (by CJ [MO]) Apr 20, 2017 9:20 AM
       New Business Idea? (by AllyM [NJ]) Apr 20, 2017 9:24 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 9:28 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 9:32 AM
       New Business Idea? (by LindaJ [NY]) Apr 20, 2017 10:34 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 10:41 AM
       New Business Idea? (by Amanda [NE]) Apr 20, 2017 10:47 AM
       New Business Idea? (by REMaven [PA]) Apr 20, 2017 11:26 AM
       New Business Idea? (by Beth [WI]) Apr 20, 2017 11:38 AM
       New Business Idea? (by Landlord ofthe Flies [TX]) Apr 20, 2017 11:43 AM
       New Business Idea? (by Steve [TN]) Apr 20, 2017 12:01 PM
       New Business Idea? (by RentsDue [MA]) Apr 20, 2017 12:48 PM
       New Business Idea? (by S i d [MO]) Apr 20, 2017 1:02 PM
       New Business Idea? (by NE [PA]) Apr 20, 2017 4:35 PM
       New Business Idea? (by Barb [MO]) Apr 20, 2017 5:11 PM
       New Business Idea? (by Hollis [MA]) Apr 21, 2017 4:23 AM
       New Business Idea? (by Doogie [KS]) Apr 21, 2017 2:43 PM
       New Business Idea? (by Ray-N-Pa [PA]) Apr 23, 2017 10:52 AM
       New Business Idea? (by Amanda [NE]) Apr 23, 2017 6:21 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 6:46 AM
Message:

Hello,

This is my first time posting on here and I am a new time Broker that is starting my venture into property management. I have a new business idea that I am trying to put into practice and would love to see what other out there think about it and what they would pay for it. Feedback would be great and help me out a lot.

The ideas is called rental sitting. This geared toward smaller landlords who need someone to watch after their rentals while they are out of town/on vacation and don't want to answer calls.

I would be on call for their tenants to contact and organize any services that are needed.

My cost idea: $25 per day for up to 7 days. 7 plus days it would be $18 a day.

This includes me answering all calls. If I need to go be on site for a upcoming issue, it would be a fee of $40 (up to 2 hours).

Please let me know what everyone thinks of this. --216.229.xx.xx




New Business Idea? (by Jim in O C [CA]) Posted on: Apr 20, 2017 7:01 AM
Message:

How would you charge for say 20 + properties? --174.195.xxx.xx




New Business Idea? (by Homer [TX]) Posted on: Apr 20, 2017 7:03 AM
Message:

25 per house per day? That would be 700 a day for me, couldn't do that. If it's all my houses for 25 a day, if I could trust you I would jump on that. --75.141.xxx.xxx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 7:07 AM
Message:

Yes it would be $25 a day for all of your properties. This fee is just to know that someone is on call in case something happens or a maintenance person needs to be contacted.

If I would need to run to one of your properties, it would than be $40 for up to 2 hours of assistance.

Also, considering a lower fee if I need to arrange for a maintenance contractor to be contacted.

My rate would still be the same for 20 plus properties, as of right now. My idea is that once you get to someone that has quite a bit of properties, they probably have a management company already.

Do you think this rate is fair? Too less? Too expensive? --216.229.xx.xx




New Business Idea? (by LindaJ [NY]) Posted on: Apr 20, 2017 7:37 AM
Message:

What is your experience in dealing with tenants calls, dealing with house problems and dealing with contractors? None of it is as easy as it sounds.

Personally, I can easily screen emergency vs non emergency calls myself through voicemail and texting. And I know which of my tenants are competent to tell me what is going on and which tend toward the dramatic. For the most part, my properties are in well enough shape that I don't have calls for months at a time, and when I do, I have contractors that I can easily call to have look at something if I could not be there. Being a landlord on a smaller scale involves a lot of networking and hands on work.

But that doesn't mean there isn't a need for someone else to use such a service. --108.44.xx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 7:45 AM
Message:

I have worked as a leasing/marketing agent in my city for a fairly large management company.

I,also, like I said have my Broker's license and currently manage properties for a owner that has 44 units. --216.229.xx.xx




New Business Idea? (by Richard [MI]) Posted on: Apr 20, 2017 8:11 AM
Message:

Go for it. Let us know how it works out.

I always like new ideas. --66.188.xx.xxx




New Business Idea? (by Laura [VA]) Posted on: Apr 20, 2017 8:15 AM
Message:

Before cell phones, I would have signed up immediately. Now, unless I'm out of the country (which is rarely), I can handle anything that comes up myself in a few minutes. When I leave the country, I give my tenants a list of repair people to call if there is an emergency. No one has ever used the list. --67.172.xxx.xxx




New Business Idea? (by LisaFL [FL]) Posted on: Apr 20, 2017 8:46 AM
Message:

I don't know. Sounds kind of expensive to me. I handle things pretty much the same as LindaJ.

The $25 a day doesn't sound too bad but the extra $40 to go to a property would keep me away.

Most anything can be handled via phone or text. Need an AC service call. I have my provider call and coordinate with tenant. Same with plumbing issues. If tenant can't be there they can leave a key or arrange for someone to be there. Forty dollars to meet a repairman sounds high when it's likely nothing would be needed for the days you're already paying $25 a day for.

The only thing I can see that might require going to a residence would be to pick up unpaid rent. I'd just have the tenant deposit it into my bank account as I'd never want to pay someone $40 to go pick it up. --173.170.xxx.xxx




New Business Idea? (by Still Learning [NH]) Posted on: Apr 20, 2017 8:47 AM
Message:

I would use that. I can handle most issues myself by cell, but when I go out of the country I have paid someone to be "on call" just in case something pops up. Easier for me to walk away with a plan in place. --24.61.xxx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 8:54 AM
Message:

I would not charge $40 for calling a service/maintenance contractor,because like you said, they can just arrange for when the tenant can let them in. This would be included in the $25 a day.

On the other hand, there are some instances when tenants look themselves out or emergencies when someone might need to be there to represent the landlord, these would be instances that would be a $40 charge. Probably/hopefully instances that wouldn't happen too often. --216.229.xx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 8:55 AM
Message:

*correction.

That was supposed to say when a tenant locks themselves out. --216.229.xx.xx




New Business Idea? (by CJ [MO]) Posted on: Apr 20, 2017 9:20 AM
Message:

The property owners still need to know what is going on and make final decision in most cases, so it will be more direct if the tenant to contact the owner.

It will be more helpful for me if someone can help me show the unit twice a week. --97.91.xxx.xxx




New Business Idea? (by AllyM [NJ]) Posted on: Apr 20, 2017 9:24 AM
Message:

Sounds good to me but I always went with any plumber or electrician to watch over the tenants' property. Can't always schedule something that needs immediate attention and tenant's permission to go in and fix an emergency. So you would go to the property with the fixer? So you would have keys for all your clients' properties? This is the real issue.

That's the only thing that can't be handled via a cell phone. To me the above is the valuable service. --73.33.xxx.xxx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 9:28 AM
Message:

Another service I am offering is Leasing service for small landlords.

I would market, show, and sign leases with prospective tenants for landlords vacancies. This way they don't have to leave what they are working on to go show a property.

My fee for this would be the first months rent. I set this fee because I would not ask for compensation for gas or any marketing materials, I would use my own funds to do so.

Would that help you as a landlord CJ? --216.229.xx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 9:32 AM
Message:

Yes, those kind of situations would be included in the service.

And, yes you would have to lend me keys to properties while you were out of town.

I understand that a lot of issues can be handled by a cell phone while out of town, but I some people might not want to be bothered by their cell phone while they are trying to enjoy vacation with their family/friends.

I know growing up my dad had to answer a lot of tenant calls while we were on vacation, which sometimes took him away from the dinner table from us at the time - these are situation I would want to avoid for landlords. --216.229.xx.xx




New Business Idea? (by LindaJ [NY]) Posted on: Apr 20, 2017 10:34 AM
Message:

Landlords know that they can be called from the dinner table. It is part of the job. Of course it is so much easier to not leave the table with cell phones and texting. I consider it part of the business. But others may not. My tenant does not know I am on vacation. But that can also be my excuse for not doing something that can wait.. sorry out of town, will get to it when i get back.

I also have not had good luck using agents to find my tenants. They don't have the vested interest in getting a good tenant like I do. I rely what I see in a tenant, hear from them, the conversation we have while showing, their reactions and behavior. I no longer trust that to someone who does not have any skin in the game long term. But that is me.

Are you bonded? what kind of insurance will you have. I am not likely to turn over keys to someone while I am gone.

Maybe in your area you can find the clients you need, I am always amazed at what some people will pay for. --108.44.xx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 10:41 AM
Message:

So I am a licensed broker so I have my E&O insurance. And I have General liability that would cover any damage to landlords property.

So yes I am covered there. --216.229.xx.xx




New Business Idea? (by Amanda [NE]) Posted on: Apr 20, 2017 10:47 AM
Message:

I can understand where you wouldnt trust an agent to do these types of services for you, from bad experiences.

I am sorry you probably had those experiences.

I wouldn't be doing my job if any of my clients couldn't trust me to make the best decisions for their own business. If I am doing a good job for someone, that is what keeps them coming back to use me, and that is what I want.

All of these services are to get me going in a property management company that I am starting. So I feel as if I do have skin in the game, because these are all potential clients for me, that could into long business relationships.

My skin in the game is doing my best for my clients so 1. I can get paid but 2. so they keep coming back and recommending me to others.

I appreciate your feedback. --216.229.xx.xx




New Business Idea? (by REMaven [PA]) Posted on: Apr 20, 2017 11:26 AM
Message:

I think they are all great ideas!

Something else you might want to offer to smaller landlords is a sort of referral network for your contacts. Most people have the heating covered, but don't have an electrician or handyman, etc. Figure out a way to monetize that for yourself - maybe negotiate a referral fee with the contractor, or provide referrals to landlords for a flat fee up to X referrals per year. --100.11.xxx.xxx




New Business Idea? (by Beth [WI]) Posted on: Apr 20, 2017 11:38 AM
Message:

I think it would interest some landlords. Probably not the majority of landlords, however.

Sometimes it is nice to get away from all responsibilities for a few days. --66.87.xxx.xxx




New Business Idea? (by Landlord ofthe Flies [TX]) Posted on: Apr 20, 2017 11:43 AM
Message:

Another idea. Squatter squatters. If a squatter moves into a landlord's property, you have a team that moves in with the squatters, with valid lease that you void after vacated. They move in, eat the squatter's food, take advantage of their furnishings, and annoy them to the point of driving them out. They can't call the cops on these people because your team has a lease and your team can claim the squatters are guests.

You could charge $500 to $1000 for that service. Hire 5 or more men to move in and take over. --99.125.xxx.xxx




New Business Idea? (by Steve [TN]) Posted on: Apr 20, 2017 12:01 PM
Message:

I love the Squatter Swatter idea! It's not new, however. 'Round here, I can hand Danny Ray and Skillet a case of beer and a C-note to camp out in the rental for day or so. Squatter? What squatter? Just some old furniture and clothes some hobo left behind. Haul that junk out to the curb and put a new lock on... --208.84.xxx.xx




New Business Idea? (by RentsDue [MA]) Posted on: Apr 20, 2017 12:48 PM
Message:

It's a good idea. I would use that service . I still need to talk to the plumber/ electrician/ whatever and have the final say on what is going to happen. However, this would be a good way to handle the initial calls when I'm trying to enjoy a Booze Cruise. $25.00 per unit is fair for someone else to determine what is an emergency and how best to handle it. The $40.00 is worth it to have someone ( other than the plumber) explain to the tenant that them jamming up their garbage disposal is not the same as their claim that " all the plumbing is backed up". --174.199.x.xx




New Business Idea? (by S i d [MO]) Posted on: Apr 20, 2017 1:02 PM
Message:

I think it's a pretty good service, and the pricing is very reasonable for someone with 10+ units.

The $40 for 2 hours assistance seems reasonable too.

Like RentsDue says, sometimes a LL just needs to get away. I CAN handle everything, but do I WANT to handle everything? In mid-March my family went to San Antonio for a week vacation, and there were a few times I would've been happy to have my ringer go silent and still know my tenants were able to communicate any issues. It would've cost me $150 for the 6 days I was out. Not a bad deal at all.

Go for it! --173.19.xx.xxx




New Business Idea? (by NE [PA]) Posted on: Apr 20, 2017 4:35 PM
Message:

I think this website offers something like this already. --50.32.xxx.xxx




New Business Idea? (by Barb [MO]) Posted on: Apr 20, 2017 5:11 PM
Message:

Hard to say. Years ago I would have jumped on the idea.

These days, with Google voice, email and cell, not as much.

This year, I arranged for a new disposer from a cruise ship via text a la GV.

I arranged a new water heater from the beach in St. Martin.

--64.251.xxx.xxx




New Business Idea? (by Hollis [MA]) Posted on: Apr 21, 2017 4:23 AM
Message:

I think its a great service! Hard to believe that some LL's feel that its so expensive that they rather be bothered on vacation. My closest building is 45 min away,..others are as far as 2 hours (works for me) So i do a lot of remote LLing. I trust my plumbers and electricians and handy people to do what is right and reasonable charges. I have another business so I have an office staff person and part of their job is to handle most resident problems and report to me sometime afterward. A trusted handyman also reports back if necessary and the trades people (plumbers , electricians know that he can assess if their service is reasonable and that they know someone is watching. I have had very few problems over the years.

If I didn't have my office person I would definitely use a service like this.BTW tenants are given emergency numbers for fire, police the fact they can reach our office during normal business hours, our handyman/men, for only emergencies. (who agree to be called during off hours )This covers most things and no more than if I was at home.

When I was starting out I felt I had to be connected at all times.

I called in several times a day from Mexico (not easy in those days) Interesting that that short time of the calls, kept my level of stress higher than I ever realized. I did realize it when I left it up to my office people, I reached new levels of relaxation that I had long forgot about (after several days and more each day)

After that I vowed to take REAL vacations.

I understand that some corporations give 2 or more weeks of vacation to their employees but if they agree to connect with the office for x minutes day in case there are any things that might help the company or just to "keep them up yo date " of what is happening there,they may be given another week or two depending how valuable the company thinks they are needed.

It was popular at first but after a while many employees didn't accept it as they never felt they were disconnected enough to their work to relax. --71.192.xxx.xxx




New Business Idea? (by Doogie [KS]) Posted on: Apr 21, 2017 2:43 PM
Message:

I'm torn on the idea. When I go on vacation, I still take calls. There's been a few times I've been out of the country and still handled rental calls. Google Voice over WiFi does the trick just fine. I have another LL buddy that is point of contact in town just in case. We trade off when he is on vacation, I cover his. I just leave his number on my voicemail for emergency, but say to text me and I will get back on delayed response. I check texts a couple times a day and handle any business that needs handling. Buying WiFi is now a business expense if the resort or cruise ship charges for it. :)

I could see the service getting used by some. It's a pretty decent idea. With technology now days, it may not get much usage however. --98.175.xxx.xxx




New Business Idea? (by Ray-N-Pa [PA]) Posted on: Apr 23, 2017 10:52 AM
Message:

Yes NE,

Jeffery has virtual property management already.

I like the idea, but I think it will be hard for you to make this successful. Why wouldn't an investor just partner with another investor from the same investment club or association?

That way they could take turns going on vacation? --24.239.xx.xxx




New Business Idea? (by Amanda [NE]) Posted on: Apr 23, 2017 6:21 PM
Message:

Thank you for everyones input. It helps me a lot. This idea is meant to just help me get my business started.

A little cash here and there will help me get my property management company off the group.

Thank you --75.88.xx.xx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: New Business Idea?
Your Name:
Your State:

Message:
New Business Idea?
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: