Eastchester, NY -- (SBWIRE) -- 12/08/2014 -- Property management's best kept secret was unveiled at the 2014 NARPM Convention. It is a little known product called the TDRE Benefits Plan. "What a clear standout at this year's NARPM Convention in Minneapolis, Minnesota" says Louis Pfaff, of PropertyManagementResearch.org, who interviewed the CEO, Tim Forbis. "This is truly something every property management company should implement" Louis Pfaff added.
According to Tim Forbis, "Legal fees, tenant evictions, non-payments of rent…it works with the tenant to not lose income and dispel those costs". Also, additional items like pet damage are even covered. If a tenant is on family medical leave, he or she will qualify for 3 months of rental benefits. If they are unemployed and collecting unemployment, again, three months of rental benefits! Forbis indicates that the Benefits allow managers to keep good tenants who get behind. Helping them work their way through bringing their account present. Fobis also added, this has been very well-received by tenants all over. Further, 1,500 + property owners are presently covered by this Benefit Program in the US and that is growing rapidly. It is noteworthy to mention that nearly all companies in residential property management are utilizing a similar benefits program in Australia.
According to Pfaff, "The great part is, that funds are sent directly to the property manager for the entire rental amount due. Thus, you can take those management fees that were earned, when due!" You may be wondering, does the tenant need to endorse that check? "No. It is similar to a bank draft" says Forbis. The fees are minimal enough as well; during the renewal process, a simple increase of $15-$25 per month, generally covers the cost of the Benefits. The rental increase should occur at renewal or when units turn over, for ease of transition and minimal interruptions.
Louis Pfaff asked Tim Forbis, "what if all owners in a management company don't opt in?" "It's not an all opt in or all opt out issue. So, if some owners are uncomfortable, no problem." added Forbis. Louis Pfaff was very excited about the product and he added, "Outside of the Policy having a 90 day vesting period, we were hard pressed to find any standout negatives." The #1 Top Benefit claims are "Loss of rent due to an eviction". Pfaff is convinced that this will materially lessen the % of owners that cancel management after, or because of an eviction.
The interview may be watched at: http://propertymanagementmarketingsolutions.net
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