Property management questions

[Patrick Donovan]

I have some questions about managing someone else's property. I do not have a company just have a friend that lives across the country and the current management company is not working for him. Just need answers on how much to charge monthly, what exactly my job would be as in do I take care of lawn care and repairs and such. Any insight would be great I don't even know what questions to ask really. 

[Tim Shin]

@Patrick Donovan you may need to check if your state requires you to be a licensed real estate agent to manage properties. Otherwise the fastest, easiest way for you to figure this out is to check out @Brandon Turner's and Heather's book on Managing Rental Properties. It will tell you everything you should do and DEFINITELY SHOULDN'T do. Because it can be illegal. Very easily. 

A few of the things what my property manager is doing for me for $100/mo is:

• Makes sure that we are maintaining a safe and good home for a tenant
• Making sure the tenant pays their bills on time and if not charges late fees to discourage them from doing so
• Receiving rent and profit it to me
• Income and Expense statements
• Answers the tenants calls at any time of the day and will handle getting a hold of maintenance to fix issues we are responsible for in a timely manner
• Communicates with the tenants and makes sure they are following our rules

Those are just a few of the things I can think of off the top of my head that I enjoy the most.