Looking for recommendations for a property management company in B/CS to manage some rentals for next year. I know there a many but not sure who has a good reputation in the community. Thanks

I was in your spot last year at this time. I am sorry to report after hiring what was supposed to be the best management co. In town. I fired them a couple of months later. Remember that most local management companies own and manage their on portfolio and in a tight market guess whose properties get rented first.
And don't waist your time asking who I used. I will not post that information.

Try doing it yourself.
-Use realtor to market, open property, submit applications.
-Rent check mailed or use venmo.
-Put in lease that first $50 of a repair is tenants' responsibility.
-Find good handyman to repair as needed.

Wherever you go, tell them you want first priority in the their portfolio and ask how much it costs.

Thanks but I have managed the properties myself for many years. I am ready for a break from management.

There are many agencies in town who have bad reputations. Too many!

so far I have checked with BCR (Berkshire-Hathaway) and TNT Properties.

I've used BCR for years to find me renters, have been overall very happy with them and they are very nice people on top of it. I think Ryan with BCR posts on here and he is a great guy to work with. I haven't used them for full management but have been happy with the tenant locating services/move in management. I live in Austin so I remote manage and farm out tenant locating to them. Has worked out great for the last five years.

Friend/lawyer/associate and I are digging into buying a property in CS for investment/rentals. We're thinking of 4-plexes as a priority.

When looking at realtor.com at properties for sale as well as rental rates, then working through a pro-forma, I'm having a hard time seeing how this is a good investment. For this topic specifically, if I factor in a management fee of 10% of rental rate (we're in Woodlands and Cypress) + property tax, seems to be a tough way to break even monthly.

Rental rates just appear to be pretty darn low, even around (0-3 miles) from campus.

Am I missing something?

Thanks. It didn't take much research and math at all to come to what I feared was "too easy" of a determination.

I'm bummed. Wanted an excuse to run up to CS every week or so. Doesn't look like now is the time.

TP Ag '87 said:

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Thanks. It didn't take much research and math at all to come to what I feared was "too easy" of a determination.

I'm bummed. Wanted an excuse to run up to CS every week or so. Doesn't look like now is the time.

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I would love to sell you my 5 3-2-2 homes but you would see very quickly that the current numbers just don't work. I have real concern for the folks who bought in the last couple of years and are leveraged. Once they start to default that will be a buying opportunity.
Jmho

Personal Student Rental Portfolio For Sale - Not on MLS
$1,584,000
Bryan, TX
$315,000/each for 4006, 4010 and 4014 Aspen (All 5/4 "Ag Shacks")
$350,000 for 4100 Aspen (4-plex)(4 - 1/1 units)
$289,000 for 224 Inlow (Remodeled 4/4)
Portfolio rent is currently $11,180/month with one property vacant. (It's actually 'game day' tenant occupied through December at $1,200/month but I'm not factoring that into the above figure.) For what it's worth, rent should be up around $14,000/month. Properties are professionally managed. Showings can be arranged for serious buyers (proof of funds, approval, etc). Would prefer not to bother tenants and management company until an option period though.
Email if interested: Jeff at 12realty dot com

question for you owners.

If you had a married couple who is currently renting what would normally be considered a student house (rented late September and lease through august) want to sign a 2 year lease, would you give any sort of discount for the stability in your portfolio they would provide?

Edit- our house is taking longer to sell than we expected, and will sell for FAR lower than we had hoped. All this means is that we will need to spend a few years to save back up for a new down payment and the right property for us to buy to come along. So ideally, we would like to stay in the house we are currently in, but I don't know what my landlords will think about a 2 year lease. They already told us when we signed that they would want to increase rent after our current lease expires (and we could go up a bit if necessary).

I would love to show you what I have coming available and since all my properties are paid for I can beat almost all others rents. Check out our Facebook page at Averyt properties.
Love to hear from you.
In this market in that situation I would be asking you what it would take for you to stay in my home. If you don't work it out please call. Good luck.

Thank you! I will let you know. Our current lease expires at the end of July. The deal we currently have is pretty amazing. We are paying $0.50/sqft a month in rent for over 2000 sqft with 2 large dogs. The house isn't without its issues, and some of them we have dealt with ourselves. Heck, if I could replace the AC unit myself, I would, simply to reduce my AC bill in the warm months. Our main thing is that we have 2 large dogs and a 2 year old that we just moved across the country. We are still halfway in boxes, but they are almost all unpacked, and I'd rather not have to pack everything up again. And while I get that rentals are becoming harder to fill, and it would seem that the renter would be able to have some leverage there, I almost feel like they hold all the chips, since I really don't want to move my kid again.

I guess my hopes is that having 2 working adults in that house would be less of a headache for the landlords and worth maybe a little. From what I gather, that house has needed serious work after every tenant has moved out, as it was likely a party house, and I can assure you that we don't party.

histag10 said:

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Thank you! I will let you know. Our current lease expires at the end of July. The deal we currently have is pretty amazing. We are paying $0.50/sqft a month in rent for over 2000 sqft with 2 large dogs. The house isn't without its issues, and some of them we have dealt with ourselves. Heck, if I could replace the AC unit myself, I would, simply to reduce my AC bill in the warm months. Our main thing is that we have 2 large dogs and a 2 year old that we just moved across the country. We are still halfway in boxes, but they are almost all unpacked, and I'd rather not have to pack everything up again. And while I get that rentals are becoming harder to fill, and it would seem that the renter would be able to have some leverage there, I almost feel like they hold all the chips, since I really don't want to move my kid again.

I guess my hopes is that having 2 working adults in that house would be less of a headache for the landlords and worth maybe a little. From what I gather, that house has needed serious work after every tenant has moved out, as it was likely a party house, and I can assure you that we don't party.

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Think of it like playing poker. Don't let them know your hand and run a well executed bluff.
If they are paying attention to the market they should know the value of a prelease.

I agree regarding the poker comment. I helped one of our employees get into a room in a four bedroom unit where there are several vacant properties. She got the dreaded rent increase letter and I explained to her what options she had. She chose to take a risk... told them she wouldn't be renewing. Guess who is still in that same room at the same price.

TP Ag '87 said:

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Friend/lawyer/associate and I are digging into buying a property in CS for investment/rentals. We're thinking of 4-plexes as a priority.

When looking at realtor.com at properties for sale as well as rental rates, then working through a pro-forma, I'm having a hard time seeing how this is a good investment. For this topic specifically, if I factor in a management fee of 10% of rental rate (we're in Woodlands and Cypress) + property tax, seems to be a tough way to break even monthly.

Rental rates just appear to be pretty darn low, even around (0-3 miles) from campus.

Am I missing something?

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I actually might have some properties hitting the market soon that you would be interested in.

Ok. Feel free to PM me when timing is right.

SoTheySay said:

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I agree regarding the poker comment. I helped one of our employees get into a room in a four bedroom unit where there are several vacant properties. She got the dreaded rent increase letter and I explained to her what options she had. She chose to take a risk... told them she wouldn't be renewing. Guess who is still in that same room at the same price.

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Thanks for the advice! Should I go directly to the landlords, or go to their management company who only deals with renting it? I have actually never dealt with their management company. They failed to rent the property prior to the school year starting, and a realtor we were talking to knew one of the landlords and basically set everything up for us without going through their management company. Checks and maintenance issues go directly to the landlords

histag10 said:

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SoTheySay said:

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I agree regarding the poker comment. I helped one of our employees get into a room in a four bedroom unit where there are several vacant properties. She got the dreaded rent increase letter and I explained to her what options she had. She chose to take a risk... told them she wouldn't be renewing. Guess who is still in that same room at the same price.

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Thanks for the advice! Should I go directly to the landlords, or go to their management company who only deals with renting it? I have actually never dealt with their management company. They failed to rent the property prior to the school year starting, and a realtor we were talking to knew one of the landlords and basically set everything up for us without going through their management company. Checks and maintenance issues go directly to the landlords

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If you can get access go directly to the owner. This is why I manage my own properties. I can make decisions on the fly. The typical leasing agent has no power to make any decisions.
If nothing else negotiate the fact since you are dealing with the owner directly you are saving them the amount the management co. Would charge for leasing. Depending on the co. This can be a substantial amount.

Thank you Hanrahan! We have franchised and are now part of Berkshire Hathaway HomeServices Caliber Realty. Same people, just a new name!

mamatrio, we have a large property management department and we would love the opportunity to meet with you and discuss your needs and how we can help. We offer full property management services or can do a locator service where we lease it and you manage it yourself after they move in. Call, text or email me if you need any help still!

Thanks
Ryan "Derk" Derkowski
BHHS Caliber Realty, (Formerly BCR)
979-268-3522
Ryanderk@bhhscaliber.com

Thanks Ryan with BHHS. After crunching numbers I decided to manage at least another year. I might look again in the future to switch to property management.

No problem! Let us know if we can be of service in the future....... or if you are looking to buy/ sell in the B/CS area.

wanted to say thanks for all the advice and recommendations. We spoke with our landlord, and have agreed to a slight increase in rent from where we are right now for 2 years at the end of our current lease. Its still far less than they have rented it for in the past, and its well below what most rentals are asking per sqft. And the best part is we hopefully wont move again until we buy.