Property Management Stats
Landlord Goals for 2012
We are very satisfied with how 2012 turned out from a landlord perspective. It is still my business partner and myself that manage all these properties, if 2012 stays on track we are planning to hire an assistant and one of their primary responsibilities will be property management and lease ups. Most of the work comes from the new lease ups and phone calls of the properties advertised for rent, if we stopped growing our portfolio more aggressively it would be easily manageable by one person at 10-20 hrs per week.
Why We Haven’t Raised the Rents
We have thought a lot about if it is time to start raising the rents and for 2011 we made the decision that when we are adding 20+ properties a year we don’t want to create more work for ourselves by pushing paying tenants out by increasing the rent. I doubt many would leave, but even if we lose a couple, it is not worth it. We had one property that took a while to rent, so we ended up way under market. So we sent her a rental increase notice for 1/1/2012 which she just paid, but I wouldn’t expect to see a lot of rental increase notices from us in 2012 either.