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Property Management

How Do I Rent My House? Advice for New Landlords in Salem, OR

Mendell Gosnell - Wednesday, August 16, 2017



I personally recommend trying to manage your rental property yourself. Yes, I am a property manager, and I make money managing investment homes for others. But, the learning experience is valuable, and you need to know the reality of what it takes to manage a property. This firsthand knowledge will make you a great owner to manage for. You’ll understand the challenges we go through to ensure the success of your rental property.  Read More

Case Study - Re-positioning an Apartment Complex

Mendell Gosnell - Monday, July 03, 2017

Case Study

 

It was late summer when our office received the call about a distressed investor and property that needed to be sold quick.  We needed to set up a time to tour the property and gather any available financial data and see if this was a deal worth pursuing and it meant dropping everything and moving right away.

 

After taking a look at the property we noted numerous items that had been deferred and a laundry list of red flags such as a shady on-site manager and sketchy repairs made throughout the property by the “do-it-yourself” property owner.  These items would no doubt cause a lot of headaches at best and at worst cost a lot to rectify.  Taking all the risks and costs into account and doing a fresh market analysis to determine what the units could rent for we came up with what we thought would be a fair price range to begin the negotiations.  After giving our offices feedback to the investor and potential buyer he had the information he needed to forge ahead in the back and forth negotiations with the other parties involved on the selling side.

 

After some hard-fought negotiating back and forth, the investor reached a purchase price he was happy about and that both parties could agree upon.  There was a lot of groundwork to take care of still not too mention that the owner was moving quickly to sell another property in order to 1031 into this larger property.

 

Jumping ahead to the closing and take-over of the new property, we hit the ground running at full speed.  However, we certainly hit several abrupt speed bumps along the way.  One of the big challenges was dealing with removing the old on-site manager who had turned out to be lying about a great many things.  This was a long drawn out process that ended in court with our company winning and yet the owner was very magnanimous in letting them go without pursuing legal charges...what a drama that was - another story in and of itself.

 

At the time of this writing, it has been a little less than a year that the investor closed on the property and we took over management.  We contracted with several vendors and invested countless office hours and maintenance technician staff hours to fixing deficiencies, rehabbing units, making things safe and improving the overall curb appeal of the property.  

 

At the time of the takeover, the gross expected rents were $29,395.  Currently, the gross expected rents are solidly above $36,000/month.  We are able to manage the property for slightly less than the previous onsite manager was being paid, and have cut out a few redundant expense items and overall improved the bottom line of the asset.  In terms of value add - the property has an increased market value of between $600,000 - $800,000.  It was a LOT of work upfront and required a solid capital investment from the investors, but the return for the risk and hard work has really paid off.


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Maintenance on my rental property in Salem, Oregon

Mendell Gosnell - Monday, June 26, 2017

What to expect with maintenance on my rental property in Salem, Oregon  Read More

What is your biggest asset with your rental property?

Mendell Gosnell - Friday, June 09, 2017

What if you had a great rental property, but no tenants?  Is it still a great capital asset?  This was a very interesting question posed in a trade article for Landlords.  What is your biggest asset in regards to your rental property?  For many landlords or property owners, their answer to this question would be the physical building.  However, how valuable would the property be without tenants?  If a rental property is vacant, then it is what they call in the industry, “an alligator” or a.k.a a “money pit”!  It is important to view residents as the real capital asset.  Read More

Getting to know your management company

Mendell Gosnell - Monday, May 08, 2017

Getting to know your Property Management Company


There are a lot of hard things about managing property.  Besides the most obvious challenges such as dealing with difficult tenants, chasing rent, enforcing rules and keeping up with new laws and an ever changing industry - one of the top challenges is staying connected with our Clients.  As strange as it sounds, we often feel we are doing so much “behind the scenes” that never really gets noticed and we are too busy to take time to brag about how we solved another “headache” and turned another unit and re-rented it at top market rent...well, you get the picture.  And the times we do talk to the owners it is often to bring bad news such as, your roof is leaking and it is going to cost a lot to repair or replace, etc, etc, etc…  I understand it is just part of the reality that is property management.  


Having said all that, I really just wanted to share a little bit of the many things that we have been doing here at Centurion over the recent past in an attempt to help bridge the communication gap and also to show how we are committed to bringing more value to YOU - our valued Clients!


To start with, here is a look at our Company Value Statements:


Core Values

Our Core Values are statements that we designed to measure ourselves by. We hold out these values to ourselves and to our clients to make sure we measure everything we say and print about ourselves.

                        

1.      We commit that our marketing material and the information on our website will accurately represent who we are, what we’ve accomplished and what we do; no exaggerations.

2.      We will hire only the best staff, consistently train them and work at moving them to the best possible position of service to Centurion and our customers.

3.      We will always treat customers, vendors and each other with courtesy, respect and professionalism.

4.      We are committed to change — to keep up with the changing marketplace and changing technology without sacrificing the all-important priority of great customer service.

5.      We are committed to providing our residents with a clean, safe and habitable place to live, regardless of the rent, and put their safety high on our list of priorities.

6.      We will not tolerate unethical behavior by our staff or vendors.

7.      We will follow the laws (and codes of ethics) that regulate our business.

8.      We will believe in (and reward) our staff and create a safe (and healthy) work environment that fosters respect and opportunity for personal and professional growth.

9.      We will constantly strive to protect our owners from the liabilities of owning rental properties.

10.  We will strive to be a leader in the property management industry in Oregon and throughout the nation


Over the last several years we have been investing a significant amount of time, talent and treasure into harnessing technology and developing a better property management operation.  Some of the highlights include investing in the best property management software available on the market and investing in training staff to maximize the technology.  Recently we invested in time and GPS tracking for all of our staff.  This is very helpful to keep tight controls on our maintenance techs in the field and ensuring they are where they are supposed to be and doing what they need to be doing on behalf of our Clients.  We have upgraded our phone system and revamped our phone tree to make it more user friendly.  We have broken out certain numbers so that callers will call directly into the staff member or department that they need to talk to.  We use about a dozen different phone apps and other software items that helps us operate and manage more effectively.  We are using video more and more for initial take-over evaluations and before and after turns when tenants move out.  We are also using video chat like FaceTime to communicate with staff in the field to immediately get additional eyes on a needed repair, a vacant turn or other applicable situation.  Of course, none of this would be possible without the great staff that work here and show up each day energetic to keep charging.  And there is still so much more that I could tell...


Well, all this to say that we are working hard for you - our Valued Clients - day in and day out and appreciate the trust you have in us.  Thank You!!!



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Setting expectations for your tenants

Mendell Gosnell - Tuesday, April 04, 2017

Setting expectations for tenants in your rental property in Salem, OR  Read More

The Value of Property Management

Mendell Gosnell - Thursday, March 23, 2017

What value does a property management company deliver?  Read More

Create "Smart" Goals this year!!!

Mendell Gosnell - Tuesday, February 07, 2017

“S.M.A.R.T. Goals”  Read More

Property Management is tightly regulated

Mendell Gosnell - Wednesday, January 25, 2017

Property Management Industry is Highly Regulated                         Read More

10 Signs You Need To Hire A Property Manager

Mendell Gosnell - Tuesday, December 27, 2016

10 Signs Indicating You Need To Hire A Property Manager  Read More


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