My SLC Property Manager

June 15th, 2007 by Kenric

This morning I get a call from my property management company. She tells me that the tenants in SLC Townhome #1 (the one not under contract, but also for sale) would like to extend their stay in the townhome another month until July 31st. My reaction is what are you talking about? They’re leaving at the end of June?

I say, “You never told me that they gave notice that they are leaving. When did they give notice?” She looks back and finds that they gave notice on June 4th. So my PM, never bothers to tell me this and also allows them to give just 26 days notice? Seriously, how do some companies stay in business? It’s like they don’t understand how to communicate. I berate her for a few minutes and then come to a decision.

Since my other townhome went under contract last week I had been thinking about not selling this townhome anymore. In fact, I had decided to not sell it anymore yesterday. So when I found out my tenant was leaving I wasn’t too thrilled. But in talking to my PM, she feels that I can now raise the rent by $150/mo. I may also use part of the proceeds from the other townhome sale to pay down some of this one’s mortgage. If I do that and get the rent increase, I can bump up this property’s cashflow by $250-$300.

Which reminds me, I better call my realtor and tell them to take the townhome off the market. With my luck, they probably got a full price contract on it yesterday. Last year, when I was trying to sell my Scottsdale condos, I did the same thing. I put both on the market intending to sell just one of them and got a full price other on both, so I ended up selling them both.

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