Beginning of their story.
In 2018, Joel Kohl purchased his first rental property in Arizona. Joel works as a Sales Strategist for a marketing firm and desired a way to increase his annual income through passive income.
Due to the lack of experience in real estate, Joel decided to hire property management. ‘My intention was to outsource management for a few years until I could learn more about real estate and property management’.
Joel’s property management company placed a tenant and began their monthly mangement. ‘At first, everything went smoothly. They sent my rent checks around the 18th each month.’
However, there was a common theme too frequently of maintenance costs. ‘I started to realize that every month there seemed to be a maintenance cost. When I asked the property manager about these items, they were dismissive. Not only did it take multiple calls and emails to get a response, but when I did get a response there wasn’t a lot of information they would share’.
Due to the Management Agreement, the property manager was allowed to spend up to $200 without his approval. ‘At first, this sounded like a convenience for me. I was okay with it because I didn’t know how often there would be issues.’ ‘After getting an explanation from my manager, there were a lot of issues that either were tenant’s fault or could have waited. After probably 4 months, I asked them to inform me before doing any repairs because I wasn’t making much of a profit since I have a mortgage.’. Joel’s management company denied his request, based on their Service Agreement terms that gave them permission.
Their move to co-management.
After his annual management contract expired, Joel knew he wanted to make a change. ‘I was ready to move onto another property manager. Luckily, I came across Burbz and co-management during my research.’
Joel made the decision to switch to co-management due to the transparency of maintenance. ‘I don’t intend to do any maintenance coordination, but I still like to know what is going on and when issues arise. Now I can simply view the ticket and if I have an issue, I tell my co-manager how to handle it. We have a 12hr rule. If he doesn’t hear from me in 12hrs, he can proceed without my approval.’
Joel has delegated everything to his co-manager. Including maintenance coordination, leasing, and general management.
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