What should the customer know about your pricing (e.g., discounts, fees)?
We only get paid if you are getting rent and we are only paid from rents collected. Not set fees if you are not collecting rents. It holds us accountable, and motivates us to put the best possible residents into your rental units. Typically, on smaller rentals, we collect 10% of collected rents as our monthly fee. We offer scaleable discounts for higher unit counts up to 6% of collected rents. We charge one-month-rent for leasing up an apartment with a one-year guarantee to get you a new resident at our own expense should they move out within one year and break the rental agreement. We are firm but fair with residents and are a no nonsense property management firm.
What is your typical process for working with a new customer?
Our process is simple. Our relationship begins with the landlord, but due diligence on the property first determines whether or not this is going to be the right fit for our company. Once we get the address, before we even visit the property in question, we will go to the City Hall to due a complete check on that property. Have all past work permits been properly pulled and closed? Are there any outstanding Board of Health issues? Is the property in compliance with 110 inspections from the building department? Is it de-leaded, or are there other health and safety issues and concerns? The bottom line is we will not just take on any property. We only will consider the best inventory, in the best neighborhoods, where we can attract the best residents.
We will then produce a free report for the owner as a diagnostic for the property to check the overall health of the property. We will analyze what is working, and what could be improved upon to enhance the bottom line of the investment property. If the owner likes what they see, we can then start to negotiate a custom service contract specifically for that property.
What education and/or training do you have that relates to your work?
Since 2003 I have been a member of the Northern Worcester County Landlord Association (nwcla.com). I was nominated and elected as the president of that association in 2008 where I am currently responsible for the training and education of over 140 Massachusetts Landlords in the best practices of being fair and ethical landlords. I also hold my Unrestricted Contractor Supervisor License in the state of Massachusetts (CS-107418) and I have the ability to pull permits to perform construction and carpentry in the renovations of many of our apartment rehab projects. In 2014 i was inducted into the Creative Success Alliance Investor Hall of Fame for outstanding performance in the field of smaller to mid-sized apartment buildings and complexes. I am currently a guest speaker sponsoring speaking engagements with several Massachusetts REIAs, Investment Groups, and property owner and landlord associations.
How did you get started doing this type of work?
Over 15 years ago we stumbled into our first rental property through unintended circumstances. Over the next decade we developed systems and strategies to peak optimum performance from our rental properties and developed our operations process that has been phenomenal in giving us great returns on that investment.
We have been so successful that we are now in the position of giving back to other landlords and property owners to show them the path to being a successful landlord. Our systems are already up and running and have been tested in our target markets for over a decade. We thought it would only be a natural fit to share the success of our systems with other property owners who could only benefit from our experience.
What types of customers have you worked with?
Our client base is two-pronged. We work with landlords and property owners to run the best practices in property management in the state of Massachusetts. We want to make sure the property is in top shape with a keen eye on the details. Only by providing the best possible rental can we attract the best possible residents.
Our second client is the resident who has placed the care of their family in our hands to give them a safe, sanitary home to live in. We assure our residents with our long-standing track record and numerous letters of recommendation that we are the best choice for the ongoing care of the property in which they will live. The result is having the best rental inventory in the market, getting the best quality residents living in those rentals, and getting the highest possible rent for our property owners and landlords.
Describe a recent project you are fond of. How long did it take?
Sure, check out our profile videos for the project at 152 Pearl Street. This project was a complete over haul from the studs up. We re-insulated the entire unit, installed new vinyl replacement window, did tons of upgrades, installed on-demand heating and hot water systems, programmable thermostats, and installed all new flooring including 16 inch ceramic tile and gorgeous hardwood laminate floors. This was a huge project that took the better part of a year but the client could not be happier. They bought the four unit building for $85K and now from that one unit alone are collecting $1,200 a month in rent. It is a serious cash cow making them a lot of money. Our core competencies are to create the top rental inventory on the market, attract the best possible residents, and command the highest rental rates. It is a win-win-win for all.
What advice would you give a customer looking to hire a provider in your area of work?
Do a background check on your property manager. Do a search on Google, LinkedIn, Yelp, Yahoo, Bing, Facebook, public data bases, the BBB and anything else that you can think of. After all, you are putting your valuable investment in their hands to run for you to make a profit. Make sure there is a reputable professional in charge of your investment property.
What questions should customers think through before talking to professionals about their project?
One of the first things I would want to know from a property manager is how often are you in housing court and what is your resident turnover rate? Turn over costs property owners money. Housing court costs property owners money too. The best way to avoid both of these costly headaches is to start with a thorough screening process to get the best residents in your property in the first place. See more information on this and other property management topics visit our Belaire Blog from our Facebook page or our Belaire web site.