David Saks: Property Management : Whose Responsible ?

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Property Management : Whose Responsible ?

                                                   property management  

We know that a property manager is usually a person or company hired to maintain or manage a property on behalf of another, usually the owner.

But when we hire a property manager is the owner actually relieved of the usual day-to-day tasks required to manage a property, such as collecting rents, making repairs, finding new tenants or evicting bad ones, modifying or constructing space for tenants or maintaining the property?

What do we have to insure as owners that our investments are being protected?

Isn't the most fundamental responsibility of the property manager to protect your investment, maximizing your return?

Many thanks for your comments.




David Saks



Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • March 30 2008 03:45PM

Comments

Their is always some ups and downs in property management...Good Luck!

Tom Davis - DE Realtor

Posted by Tom Davis, FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !) over 11 years ago
Thanks for your comment, Tom. I agree with you. Collecting rents, maintaining good tenant relations, maintaining the property, handling environmental concerns, concerns for tenants with disabilities, screening applicants and many other responsibilities confront the property manager every day. The owner must have a vigilant hand and eye in the management always observing rent patterns and projecting expenses.
Posted by David Saks ((retired)) over 11 years ago
Dear David, I am a property manager and it is always my goal to work with the owner to reach the goals and objectives that we set out to reach. A good manager always communicates with the owner, to a point where you will feel comfortable and not have to worry about your investment property. We literally take the day-to-day management off of your hands. It is always our primary objective to maintain and possibly increase the value of the building. Hand in hand with that goes protecting your building to the best of our ability and of course maximizing returns. If you have any questions, please contact me. Please feel free to read any of my other blogs on activerain about how to select the right property manager etc.

Now, always keep in mind, not every property manager is good at what they do, so it is imperative to select the right person or company for a worry-free manager-landlord professional relationship. 

Good luck!
Posted by Mina V. Garrey, Commercial Capital Properties, Los Angeles, CA (Commercial Capital Properties - License #01768282) over 11 years ago

The 5 MOST IMPORTANT QUESTIONS to ask when interviewing for a PROPERTY MANAGER.....

Unlike many jobs, property management is NOT an occupation best learned through trial-and-error. When there are people, property, and payments involved, it's essential to understand what you're doing, both legally and financially.

1. "Do you do property management and general brokerage?" Ask it just this way so you can determine if they really want to sell your property or sell you more property. If they do property management as a way to get or keep real estate clients, they are doing it as a "courtesy" and rarely have the experience, education or dedication to do the job properly. When the going gets rough with your property, chances are they will be too busy to return your calls.

"Full time property management companies provide the best vehicle for overseeing your single family, detached residence in your absence. The best ones for residential properties are NOT affiliated with real estate brokerage companies and do not depend on commissions for income." THE ABSENTEE LANDLORD'S SURVIVAL GUIDE (Second Edition * 1997)...Jack Rower

2. "How long have you worked as a Property Manager?".....NOT real estate....property management While property managers may have the same state license requirements as real estate agents who sell property, property management is considered a "specialty" requiring direct knowledge of the field. Additionally, the more experience the manager has, the more expertise you will have at your disposal.

3. "When was the last time you took a property management course?" Unlike the practice of real estate sales, property management is governed by specific rules that can be changed or altered in many ways....state legislature(VRLTA), case law, direct government regulations (Fair Housing/Discrimination) so having a professional manager who keeps abreast of these various changes is crucial to you as a client. Again, the more knowledge that is available to you in the management of your investment, the less likely you will be unpleasantly surprised during your relationship.

4. "What professional property management affiliations do you have?" Most real estate agents belong to a Realtor organization. Property managers, however, can obtain more expertise and education through such organizations as IREM * Institute of Real Estate Management; NARPM * National Association of Residential Property Managers; NAA * National Apartment Association. The more information and knowledge that a property manager has, the more information and expertise will be available to you in the management of your real estate investment.

5. "Do you own rental/investment property?" While it is easy for a property manager to say "they feel your pain", somehow it is easier to take bad news from someone who has been there....negative cash flow and all. Be suspicious of a property manager who has all their "eggs" in the stock market.

Lastly, ask yourself....would you rather pay a little more for an experienced property manager, or pay a lot more to an attorney when your property manager makes a costly mistake in the management of your investment real estate.

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 11 years ago
Hi Wallace, great post. I also believe that a full service property management company is the best way to go. After-all, you wouldn't want a general practice doctor doing an open-heart surgery on you. It is the same in Property Management, you need to get someone qualified. 
Posted by Mina V. Garrey, Commercial Capital Properties, Los Angeles, CA (Commercial Capital Properties - License #01768282) over 11 years ago

Thank you Mina for your kind thoughts, and I absolutely agree with you that the right person is important.

Wallace...thank you very much for the five questions. I know that many will benefit from your contribution, and they certainly reinforce Mina's excellent comment that an experienced and good manager capable of being in good verbal contact at all times, interchanging information and ideas, with the owner is mandatory.

Many thanks.

 

 

Posted by David Saks ((retired)) over 11 years ago

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