Here is everything you need to know about the conversion to gkhouses!
As you can tell, things are changing around here. We have happy tenants and owners in Birmingham, Nashville, Chattanooga, and Little Rock; and we are incredibly excited about making you happy too!
In an effort to improve your experience with us to the levels others are experiencing, we are taking on a huge project of a software conversion AND a rebrand all at once!
We’ve done this before, but don’t think we are perfect. We do have a good idea of the types of questions you want to know. So below, we’ve answered a bunch of those.
Frequently Asked Questions:
1. Why are you changing software?
Providing you awesome property management is what we are all about. The best way for us to do that is to run using our “playbook”. An integral part of our playbook is running all of our markets on one system. There is nothing wrong with the old software system, it’s just different and not what we have in other markets. So, to provide the best service to you, we are going to change to a system we know we can run well.
If you are coming over from Nina McIver’s, Cool Springs Property Management, we aren’t changing software. However, we do need you to setup a new account within our system.
2. When will this take place?
We have already started the conversion and we are practically done. When you received the October Owner Statement, that is the cutoff date from the old system into the new system. You may receive a “short statement” that closes out the month if the last Owner Statement doesn’t fall on the last day of the month. For instance, if you received a statement on the 25th of the month, you may receive a new “short statement” that runs from the 26th till the end of that month.
3. Where do I find my old information?
Our plan is to leave the old system’s Owner Portal up for at least 30 days. We will also be migrating the Owner Statement information in pdf format to our server, so we will have it available in the future.
4. How do I get set up, log in and view my new Owner Portal?
Prefer to do it the old-fashioned way? Check out this pdf with step-by-step instructions:
5. How do I read and understand my new Owner Statement/Packet?
Here’s a pdf version of our Owner Statement if you would prefer the paper version:
6. What about tax reporting at the end of the year?
We will send you all the year-end reporting information prior to the end of January 2019 – although you may not receive it until the first week of February. You will receive two 1099’s this year. One from Cool Springs Property Management and one from gkhouses.
7. I own more than one house and my maintenance reserves look different than I’m accustomed to seeing. Can you explain, please?
First of all, if you are coming over from a manager who ran Appfolio (the same software we run) then you
Probably the most difficult part of the transition is getting the maintenance reserves right.
Appfolio runs a per PROPERTY cash balance. Most other software runs on a per PORTFOLIO cash balance. Thus, when we switched, we had to convert a portfolio minimum to a property minimum.
It is easiest to take an example.
Let’s say you had a $500 minimum portfolio balance in Cool Springs Property Management’s system. If you had 2 houses, then we would divide that $500 by 2 and make each property have a $250 property minimum balance. Pretty easy right?
Unless you have 3 properties. In this case, since 3 doesn’t divide easily into $500, we dropped the total from $500 to $450 to make each property minimum a pretty round number. Therefore, if you have 3 properties, your minimum balance for each property is now $150.
Please keep in mind that these are examples and you may have agreed to a different reserve. There is no case where your total reserve INCREASES over what you had previously. This example isn’t meant to reflect that all people with 3 properties now have a $150 per property reserve. This is just to be used as an example.
8. Why are you changing the name to gkhouses?
There is no doubt that the name Cool Springs Property Management carries a ton of respect and trust in the Brentwood/Franklin Community. That’s because Cool Springs Property Management has been synonymous with excellent property management in this region for quite some time! Changing allow us to effectively market your home using all of our already created systems and processes when they become available to rent again. Operating under one brand lets us focus on getting your home leased quickly and doesn’t cause any undue confusion to the prospective tenant.