property management

[DannyTheGreat]

Frank,

What was the clowns job? Hopefully nothing of importance…

[SChinFChin]

Help answer the phone, cashier, and “go-for” to pick stuff up at parts store etc.

He was biligual with Chinese, and speaks Englsih with a thick accent. Got into an argument at a parts store we use because the guy couldn’t understand his English. The shop owner called and ask we don’t send him over anymore.

Asked what said at the store. He insulted the owner saying “do you speak English”?

We have a busy repair shop, and retail tire shop. I fire idiot mechanics immediately due to safety issues. Got rid of 3 of them in a row in 3 months last year.

[aak5454]

@DannyTheGreat

LOL

Mike, that sounds more like a frat house than a business. I had no idea there was any private ambulance companies. RE tends to attract more mature (older) people so I’d imagine you’d have less of that “fun” to worry about.

I agree 150% that most employees are mediocre on a good day. The younger employees I have are about as stupid as I’ve ever seen a human be. They are relegated to menial tasks like putting stamps on 5,000 envelopes, answering the phones, going to get office supplies, etc. But I have 3 who I almost never see.

They are all over the state evaluating properties unsupervised and doing a great job. They send me pictures and descriptions of each room of the property along with a detailed scope of work based on what they saw. By inputting the disrepairs in their tablet PC’s, it automatically tells them how much it will cost to repair based on a lot of previous research. Before they arrive at a house we will have an agent send my office some comps and we determine a max ARV ahead of time. With those 2 numbers, they can then make an offer to the seller on my behalf, on the spot. They are really in the position to screw me over if they wanted so I keep them happy$$$.

Couple of very interesing points brought out which are the following:

1. Goal setting–interestingly, I pay less attention to number of units, but set goals based upon gross rent collected and net income. With recent acquisitions I’ve done, my goal of $250,000 in gross rents per year is well within reach for 2007. As its been said, this is a business…its all about top line revenue and cost control which determines net income.

2. Expandability of a business. I have a full time job so this is my “hobby”. As such my number of hours is limited by how little sleep I need. Of course, I use property mgmt companies, but there is always plenty to do done in paperwork, planning for turnover (i.e. opportunity for major repairs/upgrades) and of course, new property acquisition.