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matreshka
Our Apt owner may give us a rent reduction to be property mgmt. Have a question for you ladies.
January 31, 2013 at 9:19 AM

So we live in a multi family home.  We moved in a few years ago when the owner was in the apt in the house right next to us.  We get along great.  We are the oldest tenants here.

He ended up having to move and got a prop mgmt co. to oversee things.  They have not been doing their job.  The owner and I talked over the phone about DH and I taking care of things here for a rent reduction.  He is coming over tonight to talk specifics.

My question for all of you are: How much of a rent reduction would be worth it and what should we expect to be doing?  I am fine with calling plumbers and such but I can't do much to fix problems on my own.  I don't want to chase anyone down for rent, but I don't think with the people who live here now that's a problem.

Should we just stay out of this and respectfully decline or is this a good opportunity?

Replies

  • kimberlync
    January 31, 2013 at 10:00 AM

    If you aren't comfortable getting "tough", it's probably best to respectfully decline. No matter how wonderful the tenants are, there is always one somewhere who either wants to constantly complain, constantly finds things in their apartment that needs to be fixed, or never knows how to pay rent on time, and won't give you a notice if they're going to be late on rent. My sister-in-law is a property manager, has been for 5 years now, and while she does love her job, there are days when she's ready to pull her hair out! The fire alarm goes off at 2am and guess who gets called to come sit with the fire dept...the sprinklers act up, guess who gets called...somebody's toilet runs over. I'm not sure how your owner would run things, but generally as a property manager you are basically the "boss" of the property. Yes, you run things by the owner, but for the most part, you are the one the tenants come to with issues. Also, if your property doesn't have a regular maintenance person, your DH will more than likely be expected to be the general handyman. Anything major, yes you would call a professional, but little things, like a leaky faucet, your DH will probably be expected to do on his own.

    I would definitely ask the owner tonight just what is expected of you if you take the position. Me personally, I would do it, but I have pretty tough skin. Chasing people down for rent, getting tough on them when they didn't pay or were causing problems in the apartment, that would be no problem for me. As far as how much of a reduction, that one's a little tough. If you aren't getting any pay at all for the position I would honestly ask for free rent. If he's going to pay you I would probably ask for at least 30%, depending on how much responsibility he is giving you to take care of. If you are basically running the place yourself I would go up to 50%. It also depends on what you currently pay for rent. If your rent is already pretty cheap he probably won't approve that big of a reduction.


  • JakeandEmmasMom
    January 31, 2013 at 10:18 AM

     I have a friend who used to do this.  They got their rent totally free, and with the larger complexes they would get a salary on top of free rent.  They were responsible for maintenence (calling a plumber, etc.) and cleaning the apartment after a tennant moved.  They were also responsible for keeping the outside looking nice: keeping flowers planted, mowing, sweeping the sidewalk, etc.  She said that with the smaller places it was the sort of thing that would go in spurts.  They might go a week without talking to any of the tennants, but then one day they would have to deal with everyone for one reason or another.

    Depending on the reduction amount, I would totally do it.

  • JakeandEmmasMom
    January 31, 2013 at 10:20 AM

     In terms of how much is reasonable if he would just give you free rent, around here a property management company charges 10% of the rent.  So for you, I would add up the rent amount of every unit and not do it for less than 10% of that amount because that is most likely what he was paying the company that didn't even do anything.

  • JakeandEmmasMom
    January 31, 2013 at 10:21 AM

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.

  • matreshka
    January 31, 2013 at 10:44 AM

    This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

    Quoting JakeandEmmasMom:

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


  • matreshka
    January 31, 2013 at 10:48 AM

    Y'know, for free rent I could do a lot of this and be tough.  I guess it all comes down t what he wants us to do vs. what he is willing to offer as compensation.  If he wants us to be full time working for him then we should be compensated for full time work.

    Quoting kimberlync:

    If you aren't comfortable getting "tough", it's probably best to respectfully decline. No matter how wonderful the tenants are, there is always one somewhere who either wants to constantly complain, constantly finds things in their apartment that needs to be fixed, or never knows how to pay rent on time, and won't give you a notice if they're going to be late on rent. My sister-in-law is a property manager, has been for 5 years now, and while she does love her job, there are days when she's ready to pull her hair out! The fire alarm goes off at 2am and guess who gets called to come sit with the fire dept...the sprinklers act up, guess who gets called...somebody's toilet runs over. I'm not sure how your owner would run things, but generally as a property manager you are basically the "boss" of the property. Yes, you run things by the owner, but for the most part, you are the one the tenants come to with issues. Also, if your property doesn't have a regular maintenance person, your DH will more than likely be expected to be the general handyman. Anything major, yes you would call a professional, but little things, like a leaky faucet, your DH will probably be expected to do on his own.

    I would definitely ask the owner tonight just what is expected of you if you take the position. Me personally, I would do it, but I have pretty tough skin. Chasing people down for rent, getting tough on them when they didn't pay or were causing problems in the apartment, that would be no problem for me. As far as how much of a reduction, that one's a little tough. If you aren't getting any pay at all for the position I would honestly ask for free rent. If he's going to pay you I would probably ask for at least 30%, depending on how much responsibility he is giving you to take care of. If you are basically running the place yourself I would go up to 50%. It also depends on what you currently pay for rent. If your rent is already pretty cheap he probably won't approve that big of a reduction.



  • JakeandEmmasMom
    January 31, 2013 at 10:49 AM

     Oh my goodness!  How awful!  I would be tempted to take the responsibility on if for no other reason than to have some control over who my neighbors are.  SMH.

    Quoting matreshka:

    This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

    Quoting JakeandEmmasMom:

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


     

  • matreshka
    January 31, 2013 at 10:52 AM

    Exactly and the owner was shocked they let him in.  The owner knows we care about the property here and the people who live here. With the sketchy guy it was his GF on the lease and he was a "occupant," soo sketchy.  We called the cops several times because of drugs, fires outside and domestic violence.

    Quoting JakeandEmmasMom:

     Oh my goodness!  How awful!  I would be tempted to take the responsibility on if for no other reason than to have some control over who my neighbors are.  SMH.

    Quoting matreshka:

    This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

    Quoting JakeandEmmasMom:

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


     


  • JakeandEmmasMom
    January 31, 2013 at 10:57 AM

     I would think that having a manager who really cares about the property would be worth paying a premium to him.  You get what you pay for.  I would list out everything you figure you would be doing and how much time per week you figure that would take on average, and try to come up with what you think would be fair.  I would also use words like "protecting your investment" and "caring for your investment" when I talked to him.   It would get him in the frame of mind that what he is paying you is going to be worth it in the big picture.  Hopefully you can get free rent out of it.

    Quoting matreshka:

    Exactly and the owner was shocked they let him in.  The owner knows we care about the property here and the people who live here. With the sketchy guy it was his GF on the lease and he was a "occupant," soo sketchy.  We called the cops several times because of drugs, fires outside and domestic violence.

    Quoting JakeandEmmasMom:

     Oh my goodness!  How awful!  I would be tempted to take the responsibility on if for no other reason than to have some control over who my neighbors are.  SMH.

    Quoting matreshka:

    This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

    Quoting JakeandEmmasMom:

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


     


     

  • matreshka
    January 31, 2013 at 10:58 AM

    "protecting your investment" is great!  Thanks for the tips.  Definitely need to talk to DH as he will be doing most of the handyman work.

    Quoting JakeandEmmasMom:

     I would think that having a manager who really cares about the property would be worth paying a premium to him.  You get what you pay for.  I would list out everything you figure you would be doing and how much time per week you figure that would take on average, and try to come up with what you think would be fair.  I would also use words like "protecting your investment" and "caring for your investment" when I talked to him.   It would get him in the frame of mind that what he is paying you is going to be worth it in the big picture.  Hopefully you can get free rent out of it.

    Quoting matreshka:

    Exactly and the owner was shocked they let him in.  The owner knows we care about the property here and the people who live here. With the sketchy guy it was his GF on the lease and he was a "occupant," soo sketchy.  We called the cops several times because of drugs, fires outside and domestic violence.

    Quoting JakeandEmmasMom:

     Oh my goodness!  How awful!  I would be tempted to take the responsibility on if for no other reason than to have some control over who my neighbors are.  SMH.

    Quoting matreshka:

    This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

    Quoting JakeandEmmasMom:

     Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


     


     


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