Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.
Kellie Tollifson joins me today from Seattle, WA. She’s the incoming NARPM president in 2020, and is a great resource. Today, we’ll take a deep dive into the topic of security deposits, where things might slip through the cracks, and how to deal with everything throughout the life cycle of security deposits. If you’ve ever wondered about any part of the subject, this is the episode for you!
Kellie and her husband, Tom, own and operate T-Square Properties. They started in the industry by buying and selling their own rentals, then realized they could do that for other people too. They’ve been in the business for two decades, have fourteen employees, and manage about 450 doors. About ten years ago, they also developed a maintenance company.
In today’s conversation, Kellie will point out why it can be a problem to charge a security deposit that’s the same amount as one month’s rent: tenants can be confused and think that their deposit was actually their last month’s rent. She’ll also talk about cases in which she charges a higher security deposit, and what regulations are in place in Seattle to limit move-in costs. Tune in to hear more about all of this, as well as trust accounts, the end of the lease and the inspection process, and how to handle negative reviews.
Here’s where you can find Kellie:
Show Notes
[03:21] - Kellie gives a quick introduction to herself and her company to provide listeners context for what she’ll be talking about today.
[05:32] - How much should you charge as a security deposit? She answers, then Brad shares some of his own methods for calculating a deposit.
[10:30] - We hear about some fees that can be charged instead of a deposit.
[11:26] - Brad brings up a technique that involves using a bond instead of a security deposit.
[15:01] - What form of security deposit does Kellie take?
[17:57] - Kellie talks about at what point in the process she takes the security deposit, and points out another quirk of the Seattle market.
[24:10] - Brad brings up another question: what do you do in terms of leasing-only security deposits?
[29:45] - We hear about trust account funds, audits, and reconciliations, specifically in a highly regulated state.
[32:10] - Is Kellie allowed to do anything with that trust fund, such as collecting interest or purchasing CDs?
[35:35] - We move onto talking about the end of the lease, and how Kellie’s inspection process work.
[38:27] - Kellie takes move-out pictures instead of doing videos, because pictures have still been working really well for her.
[40:47] - We learn about how Kellie breaks down invoices for former tenants.
[42:36] - Brad brings up the topic of prorated charges, and how the depreciation scale functions for this purpose.
[46:30] - What’s the review process that happens if a tenant wants to refute one of the security deposit itemizations?
[50:58] - Kellie talks about how she handles negative reviews when it comes to tenants’ security deposits.
[55:01] - We hear about NARPM’s leadership seminar and classes.
[56:58] - Kellie explains her current role at the national NARPM level.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Have you ever wondered about hiring a virtual assistant? Have you daydreamed about how much easier your life could be if someone else handled all the stuff you don’t like to do? If so, this is the episode for you. Today, I’m joined by Mark and Anne Lackey, who specialize in helping property managers find virtual assistants. Today, they’ll talk through just about everything you could possibly need to know about hiring virtual assistants.
Mark and Anne don’t match their clients up with just anyone. They screen potential VAs carefully, and then put every single VA through a 40-hour bootcamp to make sure they’re up to the task. At the end of the bootcamp, they have a final exam that they need to pass before being matched with a client. Tune into the episode to learn more about the certification process that VAs go through when they work with Anne and Mark.
In our conversation, we’ll spend some time talking about the benefits of hiring virtual assistants instead of local employees. For example, if your VAs celebrate different holidays than you do, you can stand out by being one of the few property management companies with its phone lines open on major American holidays! Overseas VAs also tend to show up more consistently than a lot of people you might hire locally, in my experience.
If you’re thinking that VAs can only do the most basic of administrative tasks, think again. Anything that can be done with a computer and a phone can be done through an assistant in the Philippines, Anne explains. Of course, all of this comes with a price -- but you may be shocked by how affordable it is for the quality of service you’ll receive.
Tune in to hear more about the exact amount you’ll pay when you work with Anne and Mark (and the discount you’ll get for being a listener), how long it takes for a VA to be recruited, vetted, trained, and certified, the role of personality profiling in finding the right VA for you, and much more!
Here’s where you can find Anne and Mark:
Show Notes
[03:11] - Anne talks about their company, Hire Smart VAs, and describes their typical clients.
[05:00] - Brad talks about some of the challenges of working with virtual assistants, including the distance, and phone and internet connections. We then hear more about Mark and Anne’s screening and training process.
[10:40] - Anne talks more about their approach with VAs, and how they get information from clients on what they’re looking for.
[13:22] - Instead of having VAs waiting for work, Mark points out, they wait to have a client before they source a VA specifically for that job.
[14:57] - We hear about personality profiling, and what kind of profiling Mark and Anne use for their VAs.
[19:45] - How do VAs work given the time difference between the US and the Philippines, where Mark and Anne’s VAs are?
[22:22] - Anne talks about the role that cultural differences play when working with a VA, and Mark points out some benefits.
[24:49] - Overseas staff seem to show up consistently and get the job done quickly.
[26:47] - We hear about Anne and Mark’s latest book, which is about property management.
[27:40] - What kind of tasks can virtual assistants do in the context of a property management company?
[28:58] - Anne talks about the cost of having a virtual assistant, including the recruiting and certification process. Of course, there’s a discount for show listeners!
[34:06] - Does the rate go up if you want to hire someone to work in more advanced roles?
[34:42] - It typically takes Anne seven to 10 days to find and vet a candidate, and several weeks total to get a new VA started.
[36:39] - How can listeners find Mark and Anne to learn more about what they offer or to get started with a VA?
[38:54] - Mark points out that there are a lot of different types of VA services, and talks with Brad about the ebb and flow of outsourcing and insourcing.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)