So I got a call from a Asset management company who needs a property preservation work on an asset. Its down the road from my house and on my way home so I am glad to help out. The paperwork shows 350 for initial secure including and boarding locks and first cut grass.
the it says $28.00 for rekey with a specific code for side or backdoor.

the property is a condo so there is only one door asset manger told me max they will pay is $28.00 but wasnt sure and will cal me back.
Doesnt seem right to me anyone have any input
Also what do you charge for coordinating the services?

If the AM is using HUD allowances, then taking a fee, maybe the $28 is your share.

Are locks, boarding, and grass cut the only items on the work order or is winterization included? Elevation where you are is just over 900 feet but some banks are requiring it be done on an initial secure order regardless of where the property is.

When you get an initial secure, the AM generally has no idea how much or how little work will be involved so they'll give you a standard allowance that would cover a "normal" initial secure. If the only thing you CAN do is change a lock, that's all the client will pay you for.

I'm not quite sure what you're asking regarding what to charge for coordinating services? Are you asking if there's anything else you can charge for besides the lock change?

Did you do a full interior / exterior photo inspection and submit a cleaning/trashout bid? You might be able to charge for photos. But it's up to the policy of the client.

It's basically luck of the draw ~ sometimes there's more than $350 worth of work and sometimes less, as in your lock change.
At least the lock change wasn't out of your way and you were able to do it on your way home. It could have been worse.

Linda

Thanks for the insight. The AM should call me Monday morning the order is due Monday and I have a lock guy ready to go. I was hoping to got the lock off myself and just bring it to a locksmith they only charge $15.00 when you bring it on but they charge about $40.00 for trip charge.

I was asking If I am allowed to charge anything for handling the order? Maybe thats what the $28.00 is for?

Thanks again

Actually, the $28 is probably all they're going to give you for changing the lock.

What you might want to do is establish an inventory of locks & lockboxes, which are way cheaper than $15. Or, have your subcontractor keep an inventory on hand if all you'll do is handle paperwork.

I don't think you get paid to handle any of the PP coordination. I don't have exposure to the broker/agent end of it, though, so I'm not the one to give you any insight into that.

Linda

HUD pricing is $40 for a single lock change. $28 is 70% of $40, so you are probably third down the line. National company takes 20% and your regional AM takes a 10% cut. Not sure if that's how you're getting your orders, but that's what it sounds like to me.

Since it's a condo you probably won't do a grass cut or board windows as that would be taken care of by the association. I find that I usually get a lockbox approved on a condo since there's a common door with a different key for the most part. You'll have to get a key for the common door from the property management and put the lockbox in the common entryway.

Sounds like you get 28 bucks for this job, but you have the opportunity to bid out the hazards/debris/damages in the condo. You don't get anything for the coordination because you should be doing the lock change yourself. go to bargainlocks.com or mfssupply.com and get some locks that are already coded to what they need.

Thanks for the information. But how do I change the lock if I cant get inside to take the lock off?
I need a lock guy to come out and no one will do it for anything near $28.00

since it's a condo, first try the property management company. I find that about 25% of the time they have keys to all the units. Otherwise grab your cordless impact wrench and drill out the pins on the knob with a cobalt steel drill bit. Or pick the lock if you have those skills.

Did you just start doing preservation work?

Yes this is actually my first request. How could you tell?
Good idea I could drill out the old lock then just go buy a new one and be done

Thanks

LOL...........sorry but that was to funny, how do I change a lock? I think you need to do a lot more research........you still have me laughing.

Ok.......Most of the people I know doing ppo work started by doing the work them self, then hiring staff/subs as the work flow grows. Always have a work order in hand in case the police show up. A pair of channel locks work good on a entry lock and drill out a dead bolt, buy locks in bulk or a rekey kit.........I could go on and on, but I think you still need to do more research.......don't worry about making money on the first job....just do it

I just read your profile, Is this a reo being assigned to you?

Glad you got a good chuckle :)
It was a silly question, never having had to rekey a place were I didnt have access I didnt even think of drilling the lock out. If i had access i was just going to take the lock off and bring it to local locksmith who could rekey for about $7.00. My hangup and brain fart was not being able to get the lock off since I didnt have access.

I havent drilled a lock out since I was a kid growing up in New York and i dont want to tell you how that ended :)

Thanks for your help

No its not being assigned to me at least not at this time, turns out the property is actual on the market with a broker who is way ouyt of area and does not have it in MLS. But since its listed the AM told me to not do any work and just email photo of "for Sale Sign"