It gives me tremendous pleasure to announce the opening of my new company, Truckee Meadows Property Management, a division of Cook & Company, Ltd., specializing in property management of single family homes in the Sparks, Spanish Springs, and Reno areas.
This venture has been in the works for a few months, and, to tell you the truth, I’ve had trouble keeping a lid on it. It’s pretty exciting for me, as it’s been a few years since my last start-up — and, about 10 years since I was last an owner/operator of a property management firm.
The business model for Truckee Meadows Property Management is a big shift from what I have done in the past, and a concept that investor-owners have been clamoring for, based on what I read nearly every day in emails from frustrated rental property owners.
Today’s owner/landlord wants a choice in property management services. Many owners want to take an active role in the management of their properties. Sometimes, they only want help finding a qualified tenant. Other times, they may want a property inspection, or recommendations for maintenance or upgrades to the property. Some want help with property tax appeals, and others want expert consulting services in legal matters.
Truckee Meadows Property Management is poised to answer the call of these investor-owners. Of course, we provide what’s commonly known as “full management” service, for those who want complete relief from the day-to-day management of their rental property. But, for those who want help with just some of the aspects of property management, we’re able to tailor our services (and pricing!) to the needs of the individual client.
Perhaps the most innovative aspect of the Truckee Meadows Property Management business model is our pricing structure. Those of you who have attended my classes have heard me talk about the “fee for services” approach to property management before. You know I have long endorsed this business model. It has never made sense to me to price management services on a percentage of the income a property generates. That approach begs the question,
“Is it really that much more difficult to manage a $1,500/month rental home than it is to manage one that rents for $1,000/month?”
Of course, it isn’t. Property management services, like other professional services, are worth what they are worth. The value of a rental property is, in my opinion, an unreasonable marker on which to base property management fees. So, you won’t find any percentage fees offered through Truckee Meadows Property Management. Every service is priced individually, and based on a combination of both time and expertise required to do the job. It’s just that simple.
Please take a look at the new website! I’d love to hear your comments and feedback.