Erik McKinster's profile| Property Management | Resident Retention

Foundation repair... don't need any more bids, but have any of you used the foam slab lifting? I've got bids from Church's, Allied & getting one from 7 brothers... I also have a bid from Leveled Concrete (foam) & was wondering if anyone has experience using them or that method before.

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Dave Scruggs Method is solid if done correctly!

Erik McKinster Not a lot of foundation repair in the industry?

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*** Edit: Now that I know how to figure up my turnover rate, what is considered "good"?

I'm sure they taught me this in CAM lol, but help a brother out with some math...
What is the formula for figuring out "Turnover rate"?

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Guest Insider 😳 it’s been so long, I have forgotten. 🤦

Erik McKinster I would think ResMan would just have that... but they don't LOL

Jason Patrick (J.P.) Campbell A good turnover rate for a stabilized multifamily property typically ranges from 45% to 55% annually. This rate indicates a healthy balance between retaining existing tenants and attracting new ones, ensuring stable occupancy while allowing for rent adjustments and upgrades. Rates significantly lower may suggest missed opportunities for improvements and rent increases, while higher rates could indicate tenant dissatisfaction or operational challenges.

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How much are y'all charging for application and admin fees these days... I guess location would be be helpful too. Please and thank you.

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Mya Estrada

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Guest Insider Austin $200 app, no "admin". Things got weird with admin fees in Austin.

Josh McKibben Dallas, Tex
$45
No admin fees etc

Guest Insider Colorado-you cannot make income off application fees so we can charge what we are charged. Admin fees are in the gray area right now but if we charge admin fees we should be able to justify what we are charging by explaining what expenses we have that the admin fee is covering.

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Good ideas for renewal efforts:
Wire closet organizers
OTR microwaves
Ring Doorbells
... What else do you guys have?

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Mary Gwyn Smart thermostats
Smart locks
Upgraded lighting
Under the cabinet lights

Guest Insider Smart Locks (Ex. Cox MyApt)

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What's the going discount for a security officer these days?... Houston,TX.

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Guest Insider 100% off rent

Guest Insider I use to give them free rent

Jennifer Rasor More than the actual employees.

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I'm in Houston... who out there is using "Deposit alternative Insurance" like Rhino or lease lock? I can't use lease lock because of the size of my properties, and Rhino's customer service is trash... Who else is out there, and what is your experience like?

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Rebecca Slater Jetty

Guest Insider Sure Deposit worked well for me

Kimberly Price Jetty

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Question: is everyone still using mini blinds in turns? Once upon a time I was a DH at Home Depot, and I'm pondering roller shades. Anyone else doing this?

Brent Williams and Felicia Norman

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Guest Insider The consideration should be made here that a mini-blind will provide your female residents with more privacy, and therefore SECURITY. Roller shades are all or nothing. A mini-blind can be adjusted to the degree of privacy the resident desires/needs. When I lived in Houston, I ALWAYS chose an upstairs apartment, for the extra security (female living alone). If I viewed an apartment I was considering renting that had roller blinds (even an upstairs apartment), it would be a deal breaker, no ifs ands or buts. Keep in mind that you (the author) are a male of our species, and sometimes it is difficult for men to comprehend how much more consideration for our own safety is involved in the daily lives of most women, than men would even think of. Yes, mini-blinds are a headache to repeatedly replace. But I'm still sticking with them.

Erik McKinster Interesting take. Thank you

Gerry Hunt We use minis at all of our properties.

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Has anyone here ever gone after an illegal dumper on their properties yet? I've got a connection, so I have his name and address.
What's the next step? Send an invoice and then to collections? Police Report? I'm in the Houston, Harris County Area....

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Brent Williams

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Donna Blackman We called the police and had him arrested/ticketed for illegal dumping and then billed them for the tires that were disposed of

Bobbi McDowell Police report

Erik McKinster Called the cops, thanks y'all... btw, 311 doesn't work in my area, but appreciate it.

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Do I have any peers on here that have opened a small convenience store on property? One of the ideas we've been kicking around.…

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Erik McKinster Abby Jennings we would have it manned… with the room I have in mind I would change the door to a Dutch door, the resident could walk up, see everything available, and the attendant could grab it and ring it up.

Guest Insider There’s a company that does this called stockwell. I haven’t worked with that personally but as Abby said above (same property), we ended up having to close the one we had on that site because of loss. It wasn’t worth it. If you can figure out a way to make them pay first, the residents would like it and you wouldn’t have to worry about losing inventory.

Winston Williams Was thinking that I would ring up sales during business hours & a couple of trusted residents might man the place after hours… minimum wage/help with rent or something. I’ve seen those honor system stores at a dealership before. Honestly wasn’t even considering that. Nothing but loss.

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Do I have any peers on here that have opened a small convenience store on property? One of the ideas we've been kicking around.…

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Guest Insider There’s a company that does this called stockwell. I haven’t worked with that personally but as Abby said above (same property), we ended up having to close the one we had on that site because of loss. It wasn’t worth it. If you can figure out a way to make them pay first, the residents would like it and you wouldn’t have to worry about losing inventory.

Winston Williams Amy Funderburk Borron just looked at Stockwell. Looks like they shut down in 2020

Gerry Hunt We had one at a Senior property. Resident volunteered to man the store. There was everything from laundry soap to candy bars. The residents donated a lot of stuff, including homemade cookie. It was in operation certain times and days. It worked well.

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What alternatives are there for CSC for our coin op laundry rooms? What are y'all using?

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Erik McKinster

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