Tag: managing rentals

DIY Landlord Tips: When They Don’t Pay On Time

You did the best that you can to encourage tenants to pay rent on time, but alas, they still pay late! It’s easy, as a DIY landlord, to slip into a less-formal relationship with your tenants — and that’s not even necessarily a bad thing. In a lot of ways, a less formal relationship means […]

DIY Landlord Tips: Setting Up Fees and Payments

If you don’t want to return their funds, you can’t legally call them a “deposit”! As a do-it-yourself landlord, there are a lot of small lessons that are often learned too late by trial and error. This month, we’re going to cover some — the ones that deal with the most treacherous of terrains: collections […]

Everyone at a Property Management Company is a Detective

Property managers have a particular set of skills…. Here are a couple of short anecdotes of times when someone at our property management company had to do some genuine detective work in order to fulfill a role that seems like it should be a fairly straightforward set of tasks — just to show you the […]

Property Management from 10,000 Feet: The Big Picture

What does a property management company do? The answer is simple: more than most people realize. What does a property management company do all day?  It’s a legitimate question – and here’s the answer, in all its complicated glory. The basic process of a property management company goes like this: Owner Intake: We add a […]

The Challenge of Finding Contractors

Finding new talent in the real estate construction and maintenance business usually means some amount of trial and error. The head of the Maintenance Department chatted with me about the struggles that his Department is facing lately, and we realized after a bit of chatting that the majority of their problems come down to the […]

The ‘Emergency Marketing’ Dilemma

Yes, we’re doing more much more than put a “for rent” sign on your property. Recently, our Marketing Department had an interesting interaction with an owner whose rental unit just wasn’t moving, for reasons that no one could control. The owner asked us if we could do anything extra in terms of emergency marketing to […]

How to Invest in a Blighted Neighborhood

Blighted neighborhoods are genuinely a trap, but they’re only a trap for the unwary. Blight – in Detroit, it’s essentially defined as “a property that hasn’t been maintained in so long that it is an eyesore and a hazard.” Detroit has several areas that are blight-ridden, where literally one street looks like any other (low-demographic) […]

How a Professional Landlord Manages Contractors: Like a BOSS

50% of workers say they’re not sure what’s expected of them in their job. Sounds crazy, but it’s true! The Royal Rose Properties Maintenance Department deals with an extraordinary range of contractors, from the down-and-dirty “Chuck with a truck” guys to professional builders who offer ALL the services – and charge you for all those […]

How Many People Does it Take to Manage a Property?

A good property management team can make your investment work. Royal Rose Properties is a fairly unusual property manager – we do a lot of things that most property managers don’t. In particular, we’re renowned for our in-depth record-keeping, our unique approach to the most high-risk/high-reward neighborhoods in Detroit, and for having a relatively vast […]

Tales from the Rose: Every Detail Matters

How do you all deal with being a landlord when it seems that tenants are constantly angry? When you manage almost 400 properties spread across just under 200 portfolios, every detail matters. You get to see the kind of patterns that form from “big data” – but you also, just by pure statistical chance, get […]