Holy Balls!

[audette]

Is quitting you job an option with the income the additional properties would bring in? Is that something you'd _want_ to do?

[littlemisssunshine]

That is crazy!! How many units is it? Good rentals or ones in bad areas that would be high maintenance? My coNcern is would the owners still use you as a property manager? Owners could see this as their opportunity to change managers, try to do it themselves etc. I'd hate to pay all that and see the clients walk away.

Also, client turnover is pretty high in property managemen. People rent their homes for several years and then move back in, sell them, etc. What is their mix of long term investors and short term clients?


That's so much money! Are you prepared to take on that much work? Do you even want that much work? I pay a referral fee that is equal to 3 months of my fee. It would take you 9 months to make back that money.

I think I would be hesitant to do it if you being successful at getting your own clients and are happy with the rate of growth at your company.

[Balki.Bartokomous]

May 21, 2015 18:42:20 GMT -5 @rennido said:

littlemisssunshine

H is meeting with one of the owners tonight for beers. I'm not 100% sure about how many units...I know some of them will be crap, and we are kind of marketing ourselves to a "higher" clientele currently by only accepting renovated/nicer properties.

H and I talked about maybe working for them for a little bit, while we get situated to take over.

Our other business partner is interested in investing.
H is getting really excited.

I'm terrified with the unknown.

Is there a way to segment out your higher end business from your lower end? Maybe have signs on the higher end places saying who its managed by but not on the lower end? Kind of like how companies will have generic vs. name brand but its the same product.

If they're doing so well with lower end properties, I might reconsider the higher end strategy since it sounds as if it might not be as profitable (though its hard to tell from your post, maybe they just put more time into their side).

I'd totally love to do this, as long as there is reliable backup in case you are sick or go out of town. The one time we had an issue with our rental our backup (my parents) were with us, out of the country, and it was a PITA. But dealing with that was easier than finding a good PM company. We live across the country & are still fairly hands on bc they don't do shit.

If you're going to buy them out, I'd make it contingent on client retention for a reasonable amount of time (at least a year, I'd say).