Steve: TOP Consulting March 2025

Hi Adrienne,

Below is the summary of our March monthly call with Steve today. If anything else is needed, please let me know. Thanks!

The meeting discussed handling a tenant's complaint about smoking and her request for early termination. The tenant moved in 2023 and wants to leave 45 days early. The property manager advised verifying the smoking issue and suggested letting the tenant leave early to avoid financial loss for the owner. The team also discussed the make-ready process, emphasizing proactive measures like scheduling vendors immediately after a tenant moves out. They highlighted the importance of clear communication with tenants about deposit deductions and the need for efficient turnover processes. The team also touched on the challenges of training virtual assistants and the impact of financial struggles on tenant behavior.

Outline

Handling tenant's smoking complaint.

Tenant reports smoking in unit, landlord investigates and resolves issue with neighbor.
Landlord considers early termination of lease and potential financial impact.
Unknown Speaker suggests tenant may be smoking on back porch, causing complaints (0:06:00)
Speaker questions tenant's motives for complaining about smoking, mentions previous roach infestation (0:08:00)

Early lease termination and move-out process.

Unknown Speaker considers letting tenant move out early without notice, despite potential issues.
Unknown Speaker suggests amending lease to allow for early move-out without penalty.
Landlord considers compromise with tenant who wants to move out early.

Property management and predicting maintenance issues.

Unknown Speaker: Anticipates unexpected issues during property inspections.
Landlord proactively calls tenant after move-out to discuss deductions and avoid disputes
Tenant often apologetic and understanding of deductions, avoiding potential conflict

Managing tenant move-out deposits to minimize disputes.

Unknown Speaker discusses strategies for managing tenant emotions during move-out inspections, including calling them before sending deposit refunds to remind them of the conversation and providing next steps.
Speaker suggests that calling tenants while on site during move-out inspections can be helpful in mitigating potential damage and reducing the likelihood of angry responses.
Unknown Speaker discusses property inspections and tenant deposits, mentioning the importance of having a framework for comparison when calling about issues.
Unknown Speaker also mentions hiring a field tech and doing inspections without inspection, and notes that only one Battle Royale with a tenant deposit occurred out of 2024.

Financial struggles and eviction rates.

Unknown Speaker discusses financial struggles and high late fees in March.

Rental property turnover rates and renewals in Austin, Texas.

Unknown Speaker discusses annual turnover rates for single-family homes, citing an average of 30-35% annually.
Speaker observes that some tenants are requesting higher rent increases during renewals, citing current market conditions and incentives offered by buildings.

Property management experiences with rent increases and decreases.

The speaker has experienced that offering a small increase in rent can lead to complaints and requests for lowering the rent, while not offering an increase can result in immediate signing.
The speaker has successfully decreased rent for some tenants, but notes that decreasing rent can make it harder to raise it again later on.

Property management strategies and challenges.

Property manager offers rent discounts and two-year lease renewals to retain tenants.
Unknown Speaker struggles to train VA due to complexity of process and lack of documentation.
Speaker emphasizes importance of being prepared and documenting steps in training process.
Unknown Speaker discusses managing rental properties, including carpet cleaning and pet policies.
Speaker mentions the importance of efficient processing of make readys within 7-10 days during high season.
Unknown Speaker discusses managing property and mental health, inviting friends and family to vacation rental.
Speaker mentions troll on Facebook, almost blocks but decides not to engage.