V&V Wood Crafts

The Good Neighbor Association

I have been writing around this idea for a long time. Slowly organizing and attempting various versions of different parts. It’s led to a handful of useful accounting sheets, and plenty of life lessons. Now I’m using ChatGPT to help refine and continue to organize it all into something useful for others.

From Tenant to Partner: A Guide to Better Property Management

AD 2/6/2021:

Can you give me thoughts on the following thoughts?

-I enjoy the process of renovating worn out houses, and it’s rewarding work physically, mentally and financially. I worry that the modern “Influencer Guru”, money focused standard operating procedures are part of the growing financial gap between the rich and the poor. The big companies that buy in mass, and hire everything 3rd party, tend to have unfavorable reviews. All the benefits that come from scale go disproportionally to the already rich investor, while seemingly getting no more efficient at maintaining the home. It is also impossible to have any personal relationship with the tenant. It's bad enough that most people feel like an expendable spreadsheet number at work, but to carry that over to home life, seems like a road to ruin. It’s no surprise that subreddits are full of Landlord vs Tenant drama. I know there are plenty of wholesome relationships, but I would guess that’s predominately a mom and pop advantage. 

-What if we approached this relationship from a different angle? One that’s focused on partnership in the continued effort to maintain and add value to the property and surrounding community. Management of a property makes most effective sense at the most local level. A mom and pop that live in the adjoined duplex likely have a quicker response to property issues, and more incentive to fix the problem right. If we go another step more local, why don’t more business plans leverage the tenant who actually lives on site? It seems like most functions of a property management company can easily be itemized and taught to anyone. Add a list of preferred subs to handle anything outside the proven handiness of the tenant.

-Expanding on this tenant managing partner idea, what if we created a new type of apprentice program. You could start this at the renovation stage or the rental stage. Compensate with labor wages as well as investment buy in credit during the reno. Continued labor wages for work exceeding normal responsible living expectations (doing dishes, laundry, etc.). Tools, training, guide, and budget to properly care for the property. Longer term tenants are rewarded with discounts for complete self management, and potential equity stake depending on market values and move out repair costs. Also potential for labor wages providing property management services to neighbors, or other projects within a given rental portfolio.

-App thought: Simple front page view, display/ link equity (amortization schedule), repairs and maintenance budget (link to operating ledger), CapX budget, To-Do list (link to group work order requests).

ChatGPT:

Your thoughts on the traditional approach to property management and the desire to approach it differently are commendable. It seems like you want to create a property management model that fosters a partnership between the landlord and the tenant, where the tenant is not just a passive recipient of the property but an active participant in maintaining and adding value to it.

Your idea of an apprentice program where tenants are taught the basics of property management and are compensated with both wages and investment credit is intriguing. It could be a win-win situation for both the landlord and the tenant, where the tenant can learn valuable skills and potentially become an equity stakeholder in the property, and the landlord can benefit from having an on-site property manager.

Regarding the app, having a simple front page view that displays the equity, repairs and maintenance budget, capital expenses budget, and a to-do list would be useful for both the landlord and the tenant to stay on top of property management tasks.

Overall, your ideas have potential, but it would be best to consult with a legal expert and real estate professional to make sure your plan is viable and complies with all relevant laws and regulations.


AD: 

Please give me title options, and a blog excerpt for the last prompt.

ChatGPT:

Title Options:

"Rethinking Property Management: Empowering Tenants as Partners"

"The Houstory Project: A Modern Approach to Property Investment"

"Building Communities through Partnership: The Good Neighbor Association"

"From Tenant to Partner: A Guide to Better Property Management"

Blog Excerpt:

"Are you tired of feeling like just another number in the world of property management? The Houstory Project offers a refreshing approach to the industry by empowering tenants to become partners in the care and maintenance of the properties they call home. Through our Good Neighbor Association, we provide tools, training, and guidance to help tenants effectively manage their living spaces and maintain their value over time. With the opportunity for labor compensation and equity stake, tenants can play a more active role in their community and contribute to their own financial success. It's time to rethink the traditional landlord-tenant relationship and join us in building a more sustainable and mutually beneficial future."


Daniel HankinsComment