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Greetings
Looks like it’s a little slow getting started here so I’ll jump in. My wife and I are both licensed Property Managers in Whitefish, MT. We only manage our own properties, most of which are paid for. We have 13 residential properties in Whitefish and Kalispell, and 2 RV spots that we rent out in Rexford, MT, about an hour north. We use TurboTenant (paid acct) to manage and market the properties as well as collect rent. It all works very well and we get paid regularly. It’s a little slow but not a deal-breaker. For the financial side, we use QBO and it all works quite well. The market is a little slow here in our area. We recently had 2 vacancies but were fortunate enough to fill them quickly. We also use TT to vet tenants and I am ‘religious’ about calling and checking references. Rents are pretty flat right now. We almost always increase rent when there is a vacancy but we did not increase them this time. I didn’t get the flood of interest in the properties this time. A lot of people moved to our area during Covid but that migration has definitely waned. This forum could be of great value if people contribute so I will look forward to that happening. Cheers!
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Hi Dave!
Thanks for sharing all of that! Sounds like you’ve built a solid portfolio and have a great system in place. I also love Montana and have visited many times. I’m curious, when you were filling those recent vacancies, did you notice any specific changes in the type of applicants compared to previous years? Were they mostly local renters, or are you still seeing people relocating to the area?
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I got a question too, Dave! First off I’m really impressed by what you have achieved in terms of your portfolio – RVs included! My question is, how do you handle the thing of references not getting back to you? I am rather impatient so for me, if the rest of the screening comes thru just fine but the references haven;t got back to me, I just draw up the lease anyways…
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Joyce – I, too, can be pretty impatient and intolerant with people who just ‘want a tour’ without filling out the pre-screener form. I don’t have a magic formula for this. I will say this: In selecting the right tenant, I rely heavily on the TT pre-screener and application, checking references and verifying income. BUT… right near the top of my list of criteria is what I quantify as “People who do what they said they would do”. Or, perhaps, people who do what they are supposed to do. I give heavy consideration to people who communicate well with me either by text, phone or email. I guess I consider that those who communicate and ‘do what they said they would do, tend to be a better risk, at least in my experience. If they’re lazy in communicating, there’s a pretty fair chance they’re going to be lazy in paying the rent, mowing the lawn, shoveling snow, etc. All that being said, I don’t chase after people. If they inquire, then I respond. If they don’t respond, I don’t do anything proactive to get them to communicate. No tenant is better than a bad tenant.
In re-reading your post, I see that you were referring to references not getting back to you. I’ll call back a second time (I always use telephone for references), but that’s about it. References are ONE indicator of many that we use, so, as I’m sure you do as well, I look at the whole picture and yes, sometimes I proceed and begin preparing the lease.
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It sounds like you and your wife have built a solid foundation as property managers in Whitefish and Kalispell, with a well-organized system in place. Managing 13 residential properties and RV spots is no small feat, and leveraging TurboTenant and QBO for efficiency shows your dedication to running a smooth operation. The current market challenges, such as slower demand and flat rents, seem to be impacting many areas, but it’s great that you quickly filled your vacancies. Your commitment to thorough tenant vetting is admirable and undoubtedly contributes to your success. Looking forward to more insights from this forum—cheers. Read It For More Information!
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