So what is the percentage of your collection in the portfolio? Were you in a collectible state of suppose ...
So what are your collection percentages in the portfolio? Were you in a situation of collecting say 20-30-40%? Something so bad?
So how do we get today in blue collar areas to a collection of 95% on average in the city of Detroit?
I always write and talk a lot about relationships with suppliers.
But today I want to go down to more details of this.
In Detroit, we have the entire team, including the management company and the contractors and the people in charge.
We also have Willie, a story in itself, a person who is a kind of concentration of powers - legislative - judge - manager - rent -
And everyone knows everyone.
We work with them intensively and in daily communication.
Since we employ the contractors most days of the week, I send our contractor who works on a certain street, to knock on a door on a nearby street to check why the management company did not receive the rent. He comes knocking on the door, talks to the tenants, and then it turns out there is a problem. He puts us on the line, and here the tenants have another place they can turn to for help. It is true that it is not our job. It is true that there is a management company, but sometimes our intervention solves problems, and brings tenants to become good and committed tenants.
I have correspondence with tenants. I have phone calls with them. But I mostly bridge communications problems between them and the management company once and always leave them the opportunity to contact me.
Usually after one time they are already in the media better and I do not hear from the tenants anymore.
There is no doubt that managing a portfolio of dozens and more properties is an intensive business and there are always issues and problems. These are assets and people.
But when we strengthen relationships with our suppliers and tenants
Make sure our properties are at a good service and maintenance level,
In the vast majority of cases we will find tenants who would like to pay rent
And it pays everyone.
Have a nice evening for everyone
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You have to educate the management companies until there is full coordination and meeting the standards you want.
very interesting. Thank you for the information. I am always afraid of the possibility that the tenant will begin to run in front of me down the road.
In the 1-2 property we will be able to withstand this even though this is the work of the entrepreneur. The question of what will happen to the 20 property. Where I will already take the job of the management company and a pity for the money I pay them.