Property Management....Should I or Shouldn't I??

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Real Estate Agent 0225079749 VA

Okay..I am working on my brokers license...and my goal is to start my own little brokerage firm.  One of the things I am interested in doing, in my local area is property managment, I don't know much about the ins and out of it...so I am soliciting advice, opinions..or anything else.  I have lost many rental listings (my company lists rental, but, we don't  manage them)  I feel like that is lost income down the road somewhere, if they ever want to sel.....Anyway, thoughts? Comments...Advice would be appreciated

 

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Rainmaker
120,446
Rebecca Savitski
NC List for Less Realty Incorporated - Raleigh, NC
NC Real Estate Listings
I can't handle the papertrail needed for property management. I have been overwhelmed by rental properties in the past and the compensation was not worth it to me. I would definately write a pros and cons list definately.
Aug 28, 2007 09:36 AM #1
Rainmaker
63,448
Barry Shapiro
Team VC Online, Keller Williams Realty - Camarillo, CA

1. Go to work P/T for a Property Mgmt. firm

2. Buy a rental property or two.

3. Go to the library or research on-line

4. Research (through the title company) how many non-owner occupied properties are within your geographic area.  Will 2-5% of the landlords be sufficient for you to survive?

Aug 28, 2007 09:48 AM #2
Rainmaker
404,365
Simon Conway
Orlando Area Real Estate Services - Orlando, FL
I ran a very successful property management company here in Orlando for almost three years. It was successful because we did all the work! It is VERY hard work and during that time I did not switch my cel phone off. I mean that literally!!
Aug 28, 2007 09:48 AM #3
Rainmaker
531,692
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida
Build a team including associates to allow you to take a break once in a while.  Have contractors on your team willing to service customers at any time of day.  The record keeping can be daunting so you need to develop a tracking system for each property which will tell you everything that's ever happened there.  Set standards and screen tenants well and you'll have a better outcome!
Aug 28, 2007 10:03 AM #4
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Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com
I have aligned myself with a property management broker here in town.  The referral fee ain't all that great but he is on top of things and respects the relationship to have me list the home for sale while he has it for rent and allows me to market it as such.  For me this was the best solution!
Aug 28, 2007 10:05 AM #5
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Konnie Mac McCarthy
Haymarket, VA
Associate Broker - VA & MD
So what I am hearing is the work, may not be worth the compensation....so here is a questions....(this was sort of the method to my madness) When you were managing property (if you were licensed)were you able to list the property when it was time to sell...or the other side is...the renters ...did any of the renters utilize your service to purchase a property...I have heard that property managment, in itself it a pain..but I was hoping that the benefits of listing/potential buyers...would be there...any thoughts??
Aug 28, 2007 12:50 PM #6
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Konnie Mac McCarthy
Haymarket, VA
Associate Broker - VA & MD
Hey simon...why did you get out of the property management business...was it too much....was there anything good about it....??
Aug 29, 2007 02:33 PM #7
Rainmaker
404,365
Simon Conway
Orlando Area Real Estate Services - Orlando, FL
By doing it properly I made a lot of friends with my owners and I took good care of the renters. I more than doubled the size of the company over three years and sold it for more than 300% profit. It was extremely hard work and it always will be if you do it right. A lot of companies here still make money out of it but they don't do it right.
Aug 29, 2007 04:30 PM #8
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Konnie Mac McCarthy

Associate Broker - VA & MD
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