Frequently Asked Questions
Q: What is the history of Grid Property Management, LLC?
A: We started accumulating our own portfolio of residential income property in 2002. In early 2006 we formed Grid to improve and professionalize the management of this portfolio. We have developed all our methods, processes, and tools out of our desire to have a very professional and very successful rental portfolio. In 2012 we began bringing that accumulated expertise to other owners who would rather delegate their property management to a team that specializes in doing it very, very well.
Q: What kinds of property does GPM manage?
A: We will accept management responsibility for Industrial Properties (including heavy and light manufacturing, flex, and warehouse space) from 10,000 – 150,000 squarefeet.
Q: How do I transfer my property into the care of GPM?
A: Incorporated into our Management Success Formula™ program is a detailed, step-by-step process to transfer your income property into our care. We've designed this step-by-step process to make the transition to Grid smooth and professional, whether you are self-managing your property today or you have it in the hands of a property management company.
With this step-by-step process as our guide, we will manage all aspects of the property transition, including all communications with your existing management company and all communications with your existing tenants. All you need to do is respond to our requests for information and provide answers to questions we may have.
Q: How long does it take to transfer my property into the care of GPM?
A: We can typically complete the property transition process within 20 days from initial contact with you to the completion of the process. Larger properties with more tenants may take a bit longer, but the process is straightforward and we're good at what we do!
Q: My property needs work. How does Grid manage that?
A: It is very common for one of our new properties to need a series of improvements before all units are ready to perform as income property. The tenants that will be drawn to the property are a direct reflection of the condition of the property, and it is very important that the property is safe, reliable, and free of lingering maintenance issues. It is also important to address those repair or improvement items that will help maximize rents so the property can secure the highest possible income and lowest possible operating costs.
Built into our Management Success Formula™ is a process of inspection, repair strategy, amenity strategy, work order development, bidding, and final action planning. We will take overall responsibility for the process. We'll work with you to swiftly define the work needed at the property, we’ll secure bids for those items, get your approval on the final plan, and then manage the renovation steps required.
Q: My property is rented now, but I have lousy tenants. What will Grid do?
A: As part of the transition of the property into our care, we'll gather a full history from you about your current tenants. If any of your tenants are not honoring their obligations under the lease, we'll give them the opportunity to do so and if necessary, we'll manage the process of transitioning them out of the property and re-leasing the property to qualified tenants.
There are plenty of other places for flaky tenants to operate – let's work together to make sure it is not in one of your properties!
Q: My property is rented now, but I think my rents are too low. What will Grid do?
A: It is very common for us to see income property that has a tenant or many tenants paying rent that is way below market. As an owner, you need to first make the decision that your goal is to operate the property as a smart investment. Once you have made that decision, we'll work with your tenants to slowly but deliberately bring the rents to market. It will be your tenant's decision to stay with the property or transition to other space as this process of rent adjustment goes forward. Our experience is that most good tenants want to work in a well-maintained property in the care of professional management and they are willing to pay market rents to do so. Alternatively, we can part ways with current month-to-month tenants and re-lease the unit at market rates.
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