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Property Manager?

Yankees338

Bronze Contributor
Jul 24, 2007
1,800
131
31
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.
 
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Adam

New Contributor
Aug 12, 2007
66
14
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
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Summit Attendee
Speedway Pass
Jul 27, 2007
5,362
2,207
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
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.
 
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AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
Jul 24, 2007
2,874
1,919
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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
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
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.
 
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