Unlike most, Tere Alvarez’s entry into property management was about as convoluted as it gets. “I bought a condo here in Orlando and since I was a real estate agent in South Florida, I figured I’d manage the rental property myself. I can’t tell you what a huge mistake that was.”
One day her tenant called and said there was a leak. She didn’t have a network set up, and by the time she found a vendor (who wasn’t returning her calls) and managed to get here, it was too late. “I didn’t know where to begin. By the time I arrived I had mold growing four feet up the walls and had to vacate the tenant. I lost so much money simply because I didn’t have the right vendors or process in place.”
Tere shares this cautionary tale to help others avoid her mistake. “It happens often, when a landlord wants to self-manage and figures they’re going to save 8 to 10 percent a month by doing it themselves. Then when something goes wrong, it goes really wrong.”
When she moved to Orlando shortly after, Tere decided to dedicate herself to doing property management for absentee owners. Coincidentally, it was the middle of the Great Recession and homes were selling for $40,000. “I had people from all over the world calling me to ask if I’d check out their properties and manage them. These two things, happening at the same time, cemented my career in property management.”
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Meet Tere Alvarez
Property management is a lot more than rent collection, Tere explains. “My owners look for someone who’s hyper local with boots on the ground, a very personal relationship and longevity in the business.” Then there’s the other side of the equation. “When an owner is ready to sell, I automatically shift them back to the referring realtor. Realtors are our number one referring source. We do pay referrals and residuals. It’s a very symbiotic relationship.”
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No Upcharges
“We’re very transparent. When we have an expense, we upload the original invoice to the owner. A lot of companies upcharge, adding on a 10 or 15 percent service charge above and beyond a vendor’s invoice.” Tere also notes that GPS uses flat-fee pricing across the board. “Clients know how much our services are going to cost without having to guess. Many companies have tiered levels, like silver, bronze and gold. We don’t. It’s one size fits all.”
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Tenant Guarantee
“This is another practice that really separates us from the competition,” Tere points out. “If we place a tenant in your property and they have to break the lease for whatever reason — like a death in the family or job relocation — we’ll place a new tenant at no extra cost. We don’t double-charge. And we guarantee our renters that they’re going to live there at least a year before we’d even think about charging them a placement fee.”
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Easy-Out Contract
If for some reason an owner needs to cancel their contract because they or a family member plan to live in the home again, or they’re retiring and want to come back to Florida, clients don’t have to pay to cancel the contract. “This is a real standout for us,” says Tere. “These are real life scenarios. All they have to do is give me notice. They’re not paying extra money, buying out their contract or jumping through hoops.”
