FAQ on Burbz
Have specific questions? Continue to read FAQ for additional information.
Is Burbz a property management firm?
No. Burbz has no affiliation to real estate brokers and state boards. We are not a broker nor a property management firm. We simply offer this amazing, and might we say dashing, website as a funnel to introduce real estate investors and property managers.
What does an Earn-Earn partnership really mean?
Burbz believes relationships and business should always be fair to both sides. Earn-Earn partnerships are intended to encourage rewarding quality performance financially. Both sides need to share an interest and have incentives to achieve excellence. In a successful Earn-Earn partnership, the managers are rewarded financially for earning their investors more returns. Essentially a partnership that both parties earn money the same way, compared to Wolf of Wallstreet style that only fortunes one party.
Can I be both: property manager and investor?
Yes! Some customers have out-of-town properties but want to manage in their own market. We encourage this! Chances are great you’ll excel at property management since you already think like an investor.
Is Burbz listed on the agreement contracts?
No. Since Burbz is not an investor nor property management firm, we are not included as an involved party on any agreements.
What is the minimum quantity of units I can manage?
Uno. That’s right. One. You decide how many units you want to manage. Full-time or part-time, your choice!
What is the maximum quantity of units I can manage?
We suppose unlimited but encourage you to keep your quality high as it can impact your ratings.
Do I have to be a licensed real estate agent?
As a real estate investor, no. As a property manager, yes. States that allow and/or have a Property Management license also qualify.
My state allows me to manage a property without being licensed. Can I still management a property?
No. Burbz benefit to real estate investors is the quality of property managers who join the marketplace. Even if your state does allow, we have no way of confirming whether you manage another property. Quality and legal are two elements Burbz will not bend. We encourage you to get your license and come back to Burbz.
Do I have to be a full-time property manager as my profession?
No. If you have your license then you can legally manage properties. Regardless if you use your license as a property manager, realtor or simply have it for personal reasons then you can manage properties. Maybe you’re a teacher, engineer, real estate agent, entrepreneur, etc. looking for an opportunity to generate additional income. As long as you’re licensed, you’re eligible!
Do I have to inform my broker I am managing properties?
Yes. Standard real estate law and etiquette applies. Your broker will need to sign off on your contract agreement.
I work for a property management company. Is that alright?
Yes. Profiles are established through individuals; however, individuals can work at property management firms. You will need to get your brokers and firms approval.
Who pays me; Burbz or real estate investor?
Real estate investor. You are responsible for invoicing and collecting your fees per the mutually agreed contract.
Why are managers rated?
Peer-reviews are a great tool for property managers. This is your opportunity for free marketing and justify your costs. Your ratings will help you stand out, both good and bad. Burbz aims to increase the quality of property management, which requires identifying and rewarding the good quality individuals like yourself.
What if a real estate investor gives me a poor rating that was not deserved?
We encourage all of our investors to understand the importance and integrity of our ratings. These ratings become important for branding and marketing to the property managers. In this event, please contact Burbz with an explanation. Burbz will communicate with the investor and if needed will remove their ratings.
Do I have to use the documents Burbz provides?
No. As the real estate investor, you can dictate which agreement you prefer to utilize; your own, Burbz or property management firms.
As the real estate investor, can I do my own due diligence on the tenants?
Yes. When creating the bid scope criteria, you can select whether you prefer to perform your own due diligence or make it the property manager’s responsibility. This factors into the property manager’s cost of services.
As the real estate investor, can I utilize my own lease as well as manage the leasing with tenants?
Yes. Similar to above, you can use your own lease documents and do all the coordination if you prefer. You determine while creating your bid scope criteria. If you prefer to hire a property manager simply to assist with hosting an open house and the move-in/out process that is allowed. Or you can utilize your property manager to perform all due diligence and get an executed lease.
Can I bid my properties as a portfolio to hopefully save money?
Absolutely! Through the Burbz Request For Bids process you can bid out all your properties as one portfolio, assuming they are within proximity to each other. You will need to create a profile for each property so bidding managers can view the details regarding each. While we cannot guarantee an economy of scale discount since property managers independently determine their bid values, having multiple properties with one owner can be a benefit that some property managers might be willing to get more competitive in pricing.
Can I have more than one portfolio to bid?
Yes. And good on you! “I don’t even own a portfolio, let alone many portfolios that would necessitate an entire portfolio rack.” – Wayne Campbell, Wayne’s World.
What if I deal with a difficult property manager?
Real estate investors will have a cancellation clause in their contracts in the event they are not happy with the services agreed upon. Investors have the opportunity to affect the property manager’s brand by utilizing our ratings system. If matters are unlawful then investors are encouraged to communicate directly with the property manager’s broker, and if needed taken to their states real estate board.
I want to self-manage my own properties. Why should I use Burbz?
We encourage you to self-manage if that is your desire. Through Burbz, we offer our marketplace to find quality property manager’s who can assist with tenant placement or provide full-service property management.
If you wish to self-manage then consider tenant placement. If you are out of town, the time and money to travel to your property for an open house and the move-in/out will most likely cost more money than hiring a local to assist. If you are too busy currently to focus 100% on finding a tenant, then consider hiring a property manager to save you time and find a tenant. Once a tenant has been secured, you can go back to managing your property.
What if I only want help for finding a tenant?
Great! See similar response above. Hire a licensed real estate agent to help you find your tenant and then part ways.
What if I want to hire a full-service property manager?
Great! Through Burbz you can solicit property managers for full-service.
Previously I had property managers change or exclude scope. Can that happen?
No! The best part about Burbz for real estate investors is YOU define the scope. Any property manager who submits a bid is required to accept all of your scope. No hidden fees.
What prevents me from hiring a property manager I met through Burbz offline for other properties?
Nothing! One of Burbz goal is to increase the quality of property management in general. If you found a great property manager that you work well with then by all means continue working with them. That’s part of our Earn-Earn partnership we strive for! Besides, Burbz prefers our relationships more as Match than Tinder. While we will miss you, momma bear loves to watch her cubs grow.
Can Burbz consolidate all of my different property managers into one for me?
Absolutely! Assuming the properties are located in the same market, you can solicit bids as a portfolio. In order to do so, you must confirm that all the properties do not have a current Property Management Agreement existing. If no PMA, then go for it!