The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE Property Manager?

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

Yankees338

Bronze Contributor
Jul 24, 2007
1,801
130
81
30
NJ/MD
Do most people use property managers for their properties? Is it smarter to do with residential or commercial or does it not matter? What are some uncommon tips you might have regarding this subject? Thanks.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Adam

New Contributor
Aug 12, 2007
66
14
20
Minneapolis
It is very common to use property managers on the commercial side. With residential, most people will create thier own management company for their properties. Residential isn't as profitable on a monthly basis (generally speaking) so it makes it tougher to hire a property manager.
 

andviv

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 27, 2007
5,362
2,200
625
Washington DC
When I had rental out of state I had to have PMs. It made things a little bit more "interesting" but cause I was targeting areas with strong grow then I was ok. Communication --that is, constant communication-- was key for me in that case.
 

JesseO

Contributor
Jul 25, 2007
542
32
33
Phoenix, AZ
:iagree: You'll want managers or a management company once you hit more than 30 units, I think. If it is out of state, you'll want them no matter what the size, but it tends to take less of your bottom line when you have more than 50 units.
 

AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
Jul 24, 2007
2,874
1,906
550
.
I LOVE my property manager... :hl:

It, for me, is WELL WORTH the reduced cashflow to have a PM.
My time and peace of mind is worth it.

When we first made the switch from doing it ourselves to a PM, a weight was lifted that I didn't even realize I had. The best benefit is time, though. It gives me the freedom to FOCUS on more important things.
 

triple J

New Contributor
Aug 8, 2007
48
18
21
Utica, NY
I LOVE my property manager... :hl:

It, for me, is WELL WORTH the reduced cashflow to have a PM.
My time and peace of mind is worth it.

When we first made the switch from doing it ourselves to a PM, a weight was lifted that I didn't even realize I had. The best benefit is time, though. It gives me the freedom to FOCUS on more important things.

I am going to hire a PM and I would like to know how you pay your PM (% of gross rents?) and exactly what duties they perform (showing, leasing, eviction, etc?)? Do you pay extra for getting the apartment ready for a new tenant? Do you hire a sep. person for lawn care, etc?

Thank you!
 

JesseO

Contributor
Jul 25, 2007
542
32
33
Phoenix, AZ
Triple J, the management team can be paid any way you agree. Usually it is a percentage of the actual rental income. They should take care of every single aspect of the property. They will handle the rent roll, income/expense logs, leasing, advertising, etc. Lawn care is usually contracted out to a landscaping company. Most management co's have maintenance men employed to take care of leaky faucets and other small issues.
 

Sponsored Offers

MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Fox's Web School helps you learn a specialized skill which you can use to get to Fastlane. It's...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
With 300+ students, the method and/or main sources of traffic don't saturate? Seems web design...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

Don't like ads? Remove them while supporting the forum. Subscribe.

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom