Property Management in Kansas City

I have to tell you that property management in Kansas City is going to get better and better because of Ad Astra Realty, Inc and our inclusion to a professional group called NARPM.  That is National Association of Residential Property Managers.

My real estate license was granted to me in May of 2002. And I have been a member of NAR (National Association of Realtors) ever since.  But I don’t really get much sense of value from it.  Just sayin’.  So that is pretty much what I expected when I joined NARPM.  I was hoping for a little education about property management.  What I got was a group of professionals who, while competing with each other for every dollar, are also striving to make property management better through education and cooperation.

It is my belief as owner/broker of Ad Astra Realty, Inc, that our owners and tenants deserve the finest property management services that could possibly be available in Kansas City.  I know we are the best when it comes to working with investment property buyers and sellers looking for rental properties. And now I am more assured than ever that we are on track to be, hands down, the best property management firm in Kansas City.  We probably already are.  But with continued education, I know we are.

This may all sound a little self-promoting or overly excited.  But property management is the crimp in the hour glass when it comes to your rental properties and I’m determined to open that crimp.

Leave a comment

Filed under Property Management

Automated Showing Solutions for Our Property Management

property managementAd Astra Realty, Inc is happy to announce we’ve come up with an automated solution that will allow for more scheduled appointments for your rental properties, few no shows, feedback and so much more.  We’re very excited to move to the next level of property management here in Kansas City. Want to know more?  Just give Chris a call at 913-568-1579 or take our KCPropertyManager.com website out for a spin.  Pretend you are a tenant and see what you think.

1 Comment

Filed under Property Management

Tenant Behavior

I’m not a psychologist.  Nor am I able to speak in absolute maxims because let’s face it, no two people are alike.  But there is a pattern to tenant behavior.  Here are some of the things I noticed in the eighth years I have managed other people’s property.

Change Over
Any change over is fair game for downright deceitful behavior.  It’s amazing how any new owner is showered by tenants with “promises” the other, previous landlord had made.  Heck, we’ve had a fake receipt given to a new owner this last go-round.  I guess the tenant didn’t think that a fake receipt for the equivalent of four months of rent wouldn’t be verified by the previous landlord. Fortunately the previous landlord still has his receipt book. But we see variations of this over and over and over again when we take over new rental properties either through our property management business or our investment property sales division.

40%-50% of Rents Comes In “Just in time”
A great many of our 252+ tenants pay their rent early.  Sometimes as much as a week early.  But the greatest majority of our rents come in on the last day and a half before the late fees kick in.  Our late fees kick in on the 6th of the month.  We’re thinking about new leases saying the late fees kick in on the 4th of the month.  I’m sure the money would then all arrive on the 3rd. Just human nature?

Impulse
Working with tenants is different than working with buyers/sellers in this aspect;  Buyers and sellers, in general, tend to calculate and plan their next moves while tenants tend to be more impulsive.  They want to see a For Rent house “right now, I’m out front” or they need to move “immediately” even though the lease doesn’t end for another four months, etc.  But that’s the beauty of short term commitments, right?  I’m not saying the tenants are wrong to be more short term on their thinking.  It goes with the leases. You have to adapt to that.

Quality of Housing
Tenants want the same things as buyers.  They want clean, safe housing and good schools and convenience to local amenities.  Some owners and landlords seem to think that these things are not as important to tenants because they’ll be living their less time, most likely.  But it’s simply not true.  We have tenants, many of them, that could purchase homes if they chose to do so.  But they like the convenience and mobile nature of leasing. Make no mistake, however, that they want as nice a house as they can afford. They want the same things buyers want when it comes to those issues.  Deliver them a quality house and you’ll most likely get a quality tenant.

2 Comments

Filed under Property Management

Bicycling Olathe: Let’s have some fun!

olathe bicycling club

I have a Meet Up account to help track our Bicycling in Olathe and Beyond.  “BOB”

Bicycling Olathe and Beyond “BOB”

Olathe, KS
57 BOB Bikers

This group is about riding a bicycle. From there, we can go any direction. Some rides may be on the Johnson County trial systems. Others could be road biking days. Still other…

Next Meetup

Indian Creek Trail Ride – 10 miles (or so)

Sunday, Mar 1, 2015, 1:00 PM
29 Attending

Check out this Meetup Group →

That’s the URL to visit to keep track of the bicycling adventures that we will schedule here in Olathe.  Yes, I fully realize that this has little to do with real estate or real estate investment property.  But it’s part of who I am. Just like Jayhawk basketball, my wife & kids, and my faith.

Anyhow, if you are a reader of BBQ Capital and you like bicycling, or would like to try bicycling, come on out and join us.  I don’t take myself too seriously and it’s my hope that this group won’t either.

We’ll start at our office here in Olathe.  Good sized parking lot and good access to trails.  Also, a couple good “after the ride” meeting spots.  Hope to see you.

Leave a comment

Filed under Bicycling

Interest Rates and Your Rental Property

We have been enjoying historically low interest rates for about these past 6+ years.  I mean historical.  If you are reading this and you are 35 and under you need to know it’s not your God given right to have interest rates at or below 5%.  These rates are going to go up.  It’s really just a matter of time.  In fact, I’m surprised they are still so low.

When interest rates rise it negatively impacts your rental property purchases.  Don’t worry. The income property you have now, if it’s on a fixed, conventional loan, won’t change.  But your purchase of additional rental property will change.  With higher interest rates you’ll have to buy the rental property at a lower price or get higher rents (or a combination of the two) in order to receive the same rates.  And that is not always possible.

Then 10% cap rates become 9% cap rates, and so on.

Now is the time to keep buying rental property if you can afford  it.  My guess is, it’ll be decades more before we see rates this low again.

Leave a comment

Filed under Real Estate Investing

HELP WANTED: We need a bookkeeper.

HELP WANTED: Ad Astra Realty, Inc is in need of a bookkeeper/accountant to start work immediately. This is initially a part time position that could grow to a full time position depending on skill set and expected, continued growth.

Must be familiar with bookkeeping, Quickbooks and minor account auditing. Ability to learn a new set of financial tracking software, Buildium, a must. We have trusts accounts that we must get perfect for our clients.

Duties to include bill processing and payments, owner ledgers and disbursements, deposit preparation, account audits, processing of commission checks, etc. Additional hours could be earned if you have additional customer service skill sets.

The perfect candidate will have the skills previously listed but also include a self-starting work ethic, great attitude and a willingness to figure out how to get the job done. We work hard. We have fun. Must be able to put up with a boss who likes Jayhawk basketball.

Initially a 15-18 hour a week position. Pay range $13 – $18/hr depending on experience. Even part time we offer a one week vacation after one year of service. (Based on avg hours worked.)

To join our rapidly growing real estate and property management business please send a cover letter and resume to Chris Lengquist of Ad Astra Realty, chris (at) AdAstraRealty.com. No phone calls please. Interviews begin soon.

Leave a comment

Filed under Uncategorized

Webinar About Real Estate Investing and Property Management in Kansas City.

real estate investing webinar

I am very excited to announce our very first Web Conference.  I’m sure we’ll develop a catchy name.  But for now, I’m just calling them Tuesday Talks.  For our very first meeting, I’m going to keep it basic.  It will be a kind of give and take to ask others what they will want to learn on these talks.  What is interesting to you?  Please share in the comments section below or drop me a private email.

Real estate investing will most likely be the chief topic.  But we’ll also have to discuss property management and how that has an affect on your returns.  We can also discuss financing, leverage, etc.  We’ll have more pronounced topics as time moves on.  But for our inaugural meeting, we’ll be general.

This first meeting may also give me a clue as to demand for this kind of thing.  How many times a month, etc.

So, won’t you join us to talk about real estate investing in Kansas City…and beyond.  The principles are the same.  It’s the geography that changes.
New Meeting
Tue, Feb 24, 1:30 PM Central Standard Time

Leave a comment

Filed under Tuesday Talks