The Do's and Don'ts of Property Management

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Real Estate Agent with RE/MAX Associates of Lancaster, PA.

     I'm going to be teaching a Property Management course to a broad cross section of real estate agents this winter. Many are agents who are not currently involved with property management. What do you feel are crucial points you would like to see covered in their intro to the business? If you were teaching the course what parts of property management would you spend your time on ? With this groups membership being over 400, we should be able to build a great course ! Thanks !!!

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remax associates of lancaster

Michael J. Perry

RE/MAX Associates Of Lancaster

2421 Willow Street Pike     Lancaster, PA 17602

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Longtime West Lampeter resident and Lancaster County Realtor!

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Rainmaker
1,088,106
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Order Melissa Prandi's book * The Unofficial Guide to Managing Rental Property and use her chapter titles as your outline.  Have attendees order their own.  I served on the NARPM board with Melissa and ordered a carton of her books and had them personalized for our local property managers * GREAT reference and FUN read!!!

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Oct 09, 2010 05:53 AM #1
Rainmaker
409,903
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Michael, 

First I'd teach that it's critical to have good owners and good tenants.  Sounds simple, but a good tenant is critical, better to be empty that a bad tenant.  Similarily, you need the right owners.  You want folks who are willing to have the property maintained.  No maintenance mindset, again you don't want them as owners.  

Property Management isn't for everyone and it is critical to understand what you are getting into and how to make it work as well as possible for all involved.

Just my two cents. 

All the best, Michelle

 

Oct 09, 2010 08:54 PM #2
Rainmaker
1,021,746
Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

Wallace - thanks for the book reccomendation ! I'll order it !

 

Michelle - You're right , we don't want to manage properties we're ashamed to put our sign on !!!

Oct 10, 2010 08:31 PM #3
Rainmaker
39,609
Keenan Tameling
Libertas Holding Inc. - Calgary, AB

Hey Michael,

I would highlight the fact that buying a property takes a lot less time and effort for the reward than managing it for a lifetime.  They need to know the value of what good property management brings to and landlords or tenants table.  The home is the banks asset the tenant is the landlords asset knowing that difference is important.  Long term wealth in real estate is because of management.  "Money follows management"  Sales and management are very different beasts and realtors need to know the differences.

Oct 14, 2010 08:53 PM #4
Anonymous
concern neighbor

Hello Michael,

I have a neighbor who smokes marijuana in his backyard.  I sent an email to the property manager to express my concern.  The property manager relay the message to her tenant and also informed him my address.  Is this common practice for property manager to disclose the complainer's address?  

Jul 11, 2012 10:07 PM #5
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Rainmaker
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Michael J. Perry

Lancaster Relo Specialist
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