Tony Easton has been managing rentals since 1985 when he was offered his first account by an investor back east who had difficulty collecting his rent on time. Tony made a quick trip to the property chatted to the tenant about his rights and quickly earned his first customer who was delighted to receive a check for the back rent. He, the owner, didn’t know that he was the instrument that started Tony on his journey to provide superior management counseling and advice. He never knew that Tony had taken a certain Guido to the front door of the tenant’s condo. Ok, Ok, it never actually happened that way but Tony was once offered the services, in all seriousness, of a certain group of individuals who travel neither in cars, buses or trains. Fortunately we have never actually encountered the need for such a service.
Knowing superior vendors, building relationships with them over time, some of whom tony has worked with for 30 odd years is a valuable asset.
Knowing how to provide timely and efficient bookkeeping services provides repeat business and sometimes valuable referrals.
Knowing the ins and outs of the law, and the legislatures need to constantly tweak it sometimes in knee jerk fashion is essential.
But if there is one underlying feature that separates good management from the others it is the due diligence to verify. Pilot enjoys a wonderful group of tenants made so by selecting the very best from a group of applicants.
Marketing a property requires a number of talents among them setting a fair market rent and advertising in a way to gather a number of choice applicants from whom to select a verifiable party.
Pilot is very careful not to discriminate on any basis and has indeed over time selected tenants whose track record was less than perfect but who have turned out to be the perfect tenants. We look for “red flags”. Too many is disastrous but one with a verifiable explanation is fine.
Offering prompt and courteous service to those tenants allows us to keep them for several years. We have some tenants who have been with us for 6 or 7 years and of course we are delighted to say we have some owners who have been with us since 1985 and 1986. Their mortgages have been paid off and their retirement nest egg has both grown in value and is supplying an increasing net income.
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