“ Better Properties, Better Areas, Better Investments!”
CB Properties of Memphis, LLC Property Management • In House Property Management Company • 350 + properties under Management • 98% of Clients are Investors • Average vacancy 3.5% over a year • 30 Days on Average Time to Take off Market • Licensed and Insured • Core Philosophy- “ Managing Properties as if They Were Our Own”
Strategic Grown Vision • No Growth Plan will Always Lead to Failure in a Business • Grow the Business Consistent with Memphis Turnkey Philosophy • Target Areas that Position Investors for Success (Demand for Rentals, No War Zones, Min 2 bath homes) • Staff adequately so that we never stop personally managing homes and turn into bookkeepers and dispatchers • Accept Homes that are Positioned for Success – no Depressed, Tired or Dated Looking Homes (Lousy homes are a no win situation for a property manager) • Work with Investors Interested in Being Good Landlords – No Slum Lords (Investors not wanting to make improvements create unhappy tenants who hold us responsible) • Grow Only in Areas that we have a Presence • Hire Very Competent People – give them the opportunity to earn bonuses when investors succeed • Provide Excellent Customer Service • Be the Best Online Marketing Company • Make decisions using metrics on everything we do (Work in progress) • Track everything (% of lease renewals, avg length tenants stay in home by area, profession of tenants, etc)
Account Manager Model • Got Away from Departmentalization • Divided Properties Among Office Staff – Acct Mgrs. • Each Account Manager is Responsible for Investor & Tenant Customer Service, Billing, Marketing of Vacant Homes, Rent Ready Management and Maintenance Dispatching • Essentially their Own Business – Provides Employee Empowerment • Singe point of contact for our investors • We have seen Improved Services Across the Board
Account Manager Model Allowed us to Create Incentives for: 1. Quick Leasing Times 2. Lease Renewal 3. Meeting Rent Ready Target Times (10 Days After Investor Approves the Project)
Rent • Director of Intimidation / Rent Collection / Vacant House Inspector • 125 lbs Italian Mastiff • Helped Implement “Knock First Policy” in Our Office • Loves to Bark at People He Does Not Know & Bite People who impose their will upon him
Management Philosophy • Excel in Communication • Ownership Being Hands On to Analyze Decisions that are in Best Interest of Owner • Communicate to Owners Each Time we are Spending their Money – no matter how minor it is • Provide the Best Online Marketing of Vacant Homes • Measure our Success through Keeping Metrics of Vacancy Rate & Time on Market (Work in Progress) • Homes made Rent Ready in 7 Days After Investor Approval • Continue to Learn and Grow through Experiences and Investor Feedback • Keep Cost Low for Our Investors • Account Manager Model Allows Us to Manage this Philosophy Well
Customer Service • Customer service on all fronts (Investors & Tenants) • Maintenance request must be in a email • TN Law – but also improves customer service (Respond Quicker to Email then Voice Mail) • Acknowledge to tenant that we have received maintenance call, follow up with when vendor is going out and follow up to make sure repair was done and they are happy • Phones off at 4 to follow up with tenants and investors to make sure maintenance items are being taken care off • Monday & Wednesday meeting to make sure everyone is on the same page and nothing is falling through the cracks
Eviction Policy • Rent due on the 1 st • Late on the morning of the 6 th • Goal is to work with tenant through communication and kept promises • Promise not kept, eviction started • Balance from the previous month rolled over results in eviction
Tenant Customer Service • Melody, • • Thank you very much and we really are liking this house. Thank you for taking care of us. • • On Wed, Feb 25, 2015 at 10:23 AM, Melody Mabry <Melody@memphisturnkey.com> wrote: • I will cancel this work order then. I just wanted to make sure that everything else has been taken care of. • • Thanks, • • Melody Mabry • Sent: Thursday, February 19, 2015 10:47 AM • To: Melody Mabry Subject: Re: 5361 Timberdale • • Melody • • Do not worry. Where I measured it was not the right spot. I a friend double check and it was 30". So sorry for the confusion LG Mobile • ------ Original message------ • From: Melody Mabry • Date: Thu, Feb 19, 2015 7:28 AM • To: Eric Phelan; • Subject: RE: 5361 Timberdale
Tenant Customer Service • From: Cristina Hammers Sent: Tuesday, December 22, 2015 10:53 AM To: 'Amber' Subject: RE: Maintenance Requets • Amber: • Here is the maintenance update: • -Carport/front/rear lights are done. • -Shower head repair is done. • -Mini blind installation are done. • -HVAC tech going today to rewire unit and add Freon. • -The window tech will be going to your home this week to measure the window so we can provide the owner with an estimate. • From: Cristina Hammers Sent: Monday, January 04, 2016 11:03 AM To: 'amber2916@yahoo.com' Subject: Maintenance Repairs • • Hi Amber, • • I apologize for the delays we have had for your repairs. I spoke to our technician this morning and he said that the water leak and mold have been taken care of. I am STILL working to get an estimate for the window replacement. I have asked our project manager for an update on that this morning. Is everything else ok? Is there anything I have missed. Please let me know! •
Tenant Customer Service • From: Rachel Jameson <rlmassey84@gmail.com> Date: December 28, 2015 at 10:37:44 PM CST To: Alex Craig <Alex@memphisturnkey.com> Subject: Re: Ceiling Repair • I am so thankful for your communication with me on this. Thank you! Rachel Jameson Sent from my iPhone • On Dec 28, 2015, at 12:48 PM, Alex Craig <Alex@memphisturnkey.com> wrote: • • Our vendor is going to clean out the dryer vent. The thought is that the dryer vent is clogged, thus heat not escaping, rather it is trapped in the pipe, which is causing the pipe to sweat. If we are right, we will clean out the dryer vent and the heat will pass through the vent, thus not sweating the pipe. • • We discussed this in our Monday morning meeting and our goal is to get the vendor out today, however, this vendor is the only one we have for this type of job. We understand the sense of urgency with a hole in your ceiling and want to let you know that we are wanting to get this fixed ASAP. •
Investor Customer Service • From: Andrew Ing [mailto:purenheart@gmail.com] Sent: Thursday, January 07, 2016 8:34 AM To: Cristina Hammers Subject: Re: 4215 Elysian Weekly Update • • Okay. Thanks! • • Andrew • • On Thu, Jan 7, 2016 at 1:27 AM, Cristina Hammers <Cristina@cbpropertiesmemphis.com> wrote: • Andrew, • • We have received several keys this week from people interested in renting the home but we have not had any scheduled viewings. I will continue to keep you updated. • • Thank you, • • Cristina Hammers
Metrics in Decision Making • Starting 2016 • Tenant Surveys on why they picked their home • Time on market by zip code • Avg credit scores by zip code • Family profile (M or S) & How Many People living in house • Avg Household income
Vacant Home — Now What? • Tenant gives 30 day notice We market it on line around the 7 th of the month • • Meet tenant on move out day to go over & document Move Out list and compared to Move In list, get keys and take pictures • Send Pictures to Investor (48 Hour Turn Around to get back to Investor) • Put together cost to get home ready again (72 Hour from Move Out) and send to investor via docusign • We need approval docusign back along with PM Agreement, possibly funds too (We take wire via Intuit) • 7 Day to complete get ready list (Usually faster) • Perfect world, we have house back on the market no later then 7 to 10 th of the month
Estimate Snapshot RR ESTIMATE Extended SKU Number SKU Description Quantity Unit Price Department Name Class Name Subclass Name Retail PLUS TAX 426694 GLIDDEN PREM EXT SATIN BASE 1 4.8GAL 1 $107.00 PAINT EXTERIOR PAINT GLIDDEN PREMIUM EXTERIOR $117.70 601699 GLIDDEN PREM INT FLAT BASE 1 4.8GAL 2 $89.87 PAINT INTERIOR PAINT GLIDDEN PREMIUM $197.71 CONTRACTOR CAULK AROUND GARAGE DOOR, PAINT FRONT DOOR TRIM, PAINT 1 $900.00 SPECIALTY Labor $900.00 SPECIALTY INTERIOR CLEANING Rosa Rodriguez FINAL CLEANING 1 $75.00 $75.00 SPECIALTY MOW, CLEAN LEAVES AND LIMBS Gaspar Xocol LANDSCAPING CUT GRASS, PICK STICKS AND DEBRIS 1 $75.00 $75.00 601699 GLIDDEN PREM INT FLAT BASE 1 4.8GAL 1 $89.87 PAINT INTERIOR PAINT GLIDDEN PREMIUM $98.86 CARPET HAS STAINS ALL OVER WHICH THE CARPET Co. WILL CARPET CLEANING 1 $75.00 SPECIALTY SPECIALTY American Carpet $75.00 ASSESS AND DETERMINE IF THEY CAN BE REMOVED. 1001219283 RECREATIONAL 1A10BC FIRE EXTINGUISHE 1 $18.98 ELECTRICAL SAFETY/SECURITY FIRE EXTINGUISHERS $20.88 182262 DC SMOKE A 2 $4.98 ELECTRICAL SAFETY/SECURITY SMOKE/FIRE $10.96 ESTIMATE TOTAL $1,581.09 26 Month Occupancy Tenant Move Out: 4/30 Next Tenant Move In: 6/1 Rent Difference + $20 Actual Cost came in at $1,534
Recommend
More recommend
