Just this week, I've had 5 phone calls from property owners who are considering renting their unsold homes...3 home owners have already left the area and 2 are leaving in a few weeks. During these phone calls, my interview questions are different than those I ask an investor owner.
First I want to know how long they expect to hold the property * I only have 2-year management agreements so if they think they can put a tenant in for 6 or 8 months, that is not long enough for me to take the property for management. Then, I want to know if they have an expectation of a rental rate. If their sales agent quoted an unrealistic rental rate, I'll need to talk them down from that figure which will take time and energy. If they indicate they want to hold the property for 2 to 3 years and ask ME to provide a rental rate, they move to my "prospects" file.
Then I research the property on the local MLS and offer a suggested initial rental rate based on the time of year the property will be marketed (our area has a strong market for new-hires moving into the area wanting smaller homes or town homes. Prospects for larger homes rented before school started).
If the property is vacant and still listed for sale, I may use my MLS lockbox key and preview the property. If the property is still occupied, I'll drive by and check the curb appeal and arrange a time for me to make a management proposal presentation with the owners. Depending on their schedule, I may send this proposal via USPS Priority Mail so hat they can review it first.
If the owner is no longer in the area, I'll send the management proposal and agreement in PDF via e-mail. I do not have this information on my website since I often require greater initial owner deposits depending on the potential for getting residents in quickly.
I always provide a SASE with 2 copies of my management agreement to make it easier for the clients to return the signed management agreement and their initial owner deposit check. If the agreement is returned without the check, I'll notify the owner that I will not gegin my "marketing efforts" until their owner deposit is received.
By determining the owners' expectations up front, I don't waste my or their time if their desires for their property do not fit my management program so that we both enjoy the benefits of our relationship.
Over 40 years of professional property management expertise to serve you.....http://VAHomes4Rent.com
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous