Owner FAQ

Real questions from Prospective Landlords:

 

Q: What cities do you cover?

A: We here at Kinnery’s specialize and focus 100% of our attention in Long Beach. Long Beach is our home!

 

 

Q: Do you use licensed Vendors?

A: We have a broad range of loyal licensed Vendors. We do, however, believe in competition, and although we have a trusted team of handymen, tradesmen, licensed contractors and so forth, it’s important to leave the door open for new talented people looking to work harder at competitive rates. We will always provide our clients with two to three quotes on any work order above $500, ensuring we are providing the highest quality Vendors with the most competitive rates.

 

 

Q: What kind of properties do you manage?

  1. 50% of our inventory is 4 unit multifamily buildings. This is our specialty!
  2. 35% of our inventory is 5 to 21 units.
  3. 15% is 1 to 3 units
  4. 10% Retail.

 

 

Q: I found a really cheap management company, and they’re pretty good, why switch now?

A: We know most of the property management companies out there. Although many do a good job of ‘maintaining’, very few do a good job of ‘managing’. We are a true property ‘management’ company! Our expertise is, increasing the return on your investment! ‘I asked this fellow to call his current management company and ask ‘what’s your plan to improve my Net Operating Income?’ I then said, ‘If they are unable to give you a concise response to your question, or worse, do not know what NOI means, please call us back.

 

 

Q: I have been upside down on my investment for two years, I’m barely holding on, how can you help me?

A: This scenario is sincerely what gets us up at Kinnery’s in the morning. The client that asked us this question was ecstatic when we were able to get his non performing asset to stabilize in two short months. With one eviction of a non performing tenant, five rental increases (all tenants stayed) and a solid review of his P&L’s we were able to change this investor into a believer. Interestingly, his previous management company asked him if he wanted to sell his building, a travesty!

 

 

Q: How is your customer service team, I’ve had the same management company for 12 months. Every time I call I get a different person, nobody knows me and even worse, half the time they make me feel like they can’t find my building in their computer.

A: We are a small boutique operation. Although we have the latest technology we have old school qualities… we, always answer the phone. If we step away from the phone we will always immediately return your call. We’re polite and on point. If we don’t have an immediate answer to your question, we will in a very short period of time. Our customer service and the return on your investment is what makes us the best at what we do.

 

Q: How is your rapport with tenants? Mine is no longer great.

A: This owner is a great guy but unfortunately a little too soft on his tenants. He self managed his building, always let his tenants pay late, turned a blind eye to long term “guests”, and let tenants smoke in his non smoking building. In his words ‘when I finally tried to put my foot down they all rebelled against me and are now nothing but rude’. To add to the story, two of the four tenants missed two payments each over the past 12 months, and a third missed her last payment and didn’t make him feel he would receive his rent anytime soon, this is what brought him to us. Interestingly, when we took over management of the building we increased the rents on all four tenants, they all stayed. Three of the four tenants were late on their rent the first month, all three received a three day notice, all paid and now all is well. With a few boundaries everything fell into place and all appears to be wonderful.

 

 

Q: I’m not sure if my manager is licensed. He’s a friend so l let him manage my two buildings, how can I find out if he is licensed?

A: Review the California Department of Real Estate Website. California State law requires that anyone managing property for hire must be a licensed Broker [B&P C § 10131(b)].

Key components of property management are considered a real estate activity under existing California real estate licensing laws. A broker’s license is required for any person or company that, for compensation, leases or rents or offers to lease or rent, or places for rent, or solicits listings of places for rent, or solicits for prospective tenants, or negotiates the sale, purchase or exchanges of leases on real property, or collects rents from real property, or improvements thereon. A salesperson working under a broker may engage in such activities.

 

 

Q: What Bills do you pay?

A: Well, that all depends on you. As a Property Management Company we can pay every bill that pertains to your building… from your gardener to you mortgage payment. We treat your building as if it were our very own.

 

 

Q: How long does it take to receive my rent from you each month, when I managed myself I received it immediately.

The objective for every management company is to be efficient and reliable. With 90% of our clients we send through monthly payments on the 14th of each month. This allows for any late payments or check/s with insufficient funds to be brought current.

 

Q: My old management company nickel and dimed me for everything, even advertising on the MLS, will you do that? 

A: We do NOT charge an advertising fee.

Our homes and units are advertised in the Multiple Listing Service, multiple rental search engines, local newspapers, flyers and mailers.

 

 

Q: What about after hour emergencies?

A: Tenants are given emergency telephone numbers for after hour repairs.

 

 

Q: What about regular routine repairs?

A: We have a very loyal team of “go to” handymen. We only employ local vendors so everyone is within close proximity to your building.

 

 

Q: When it comes to Vendors and Tradesmen I’d rather do it myself.

A: If you are a professional tradesman and feel you can do a better job at a significantly discounted rate, we are more than happy to assist you in accomplishing your objective. Anything we can do we’re always here to help.

 

 

Q: I buy home warranty policies for all my properties, do you think they’re a good idea?

A: If you speak with many management companies they will say no. The reasoning is they’re slow, they’re always a quick cheap fix, they don’t know the local permitting laws and ordinances and they certainly don’t know the building. The reality is, most management companies make a profit from sending out their own vendors. Therefore, discount the work of home warranty companies. In my opinion the necessity of buying a home warranty policy should be determined building by building. Some buildings will benefit from a home warranty policy and others may not. The important thing is, when you buy a policy for your building and there is an issue, the property management company must stay on top of the repair to resolve the issue.

 

 

Q: Larger repair items come up from time to time, how many quotes should I expect to receive?

A: Any repair above $500 is classified as significant in our book. You will receive two to three quotes on any repair work

 

 

Q:  Every property management company states they will walk through the building twice a year, I’ve never seen this happen, lucky if they do it once. How many times do you really walk through?

A: Every six to nine months. One of our main focuses is to test and replace smoke and carbon monoxide detectors. Although our walk through is extensive, these two items are incredibly important to the safety and wellbeing of your tenants and therefore your income. Every six to nine months we will provide you with a thorough report of all findings.

 

 

Q: Are you a Property Management Company or a Commercial Real Estate Brokerage?                    

A: Great question; we are a property management company that has the expertise to “financially stage” your asset for the greatest net return, whether you are living off your asset, looking to refinance or sell, it’s imperative you have the highest net return to achieve your objective. Your buildings income heavily impacts Its value, so you will need a property management company to “manage” your building and not “maintain” it. The reality is, if you’re getting ready to sell and your rents are not at the top of the market, for the market in which it belongs, then your building has not been managed to Its fullest potential and the offers you receive will reflect it. One thing you should always do before selling, always have Kinnery’s Brokerage House give you an evaluation before you look at an offer, from anyone, especially your very own management company, this could be construed as very self-serving.