VA's and Property Management

[Angie Swader]

I'm not even sure if this would be the correct forum to post in but here goes:

I am thinking about becoming a virtual property management assistant.  I have 15 years experience as an on-site property manager in California which requires no licensing but fair housing training.  But to become a property manager and manage houses on my own, I have to get my license and work for two years under another broker then get my broker's license to start my own company.  I am 2/3rds of the way through the real estate agents licensing classes. 

I already work as an virtual assistant to a couple of investors who self manage their own rentals.  I post their rental ads.  I do move in/out inspections and paperwork.  I do twice yearly inspections for habitability.  I am their customer service representative and respond to all rental inquiries, maintenance requests and complaints.  I am really good at this.  I draft all correspondence, rent increases and notices.  I work completely independently from my home office.  I get quotes for repairs and schedule vendors.  However, they make all the bottom line decisions like who to rent too and how much to charge.  I give advice, but as I remind them they are the owners and all final decisions are on them.  I also collect rents and since they are local, make their deposits.  I think it is going so well with them, that I might offer my services to other investors as a virtual assistant.  I also have some transaction coordinating experience.  

However, some people on BP say they only pay $1.50 per hour for virtual assistants through companies like Odesk.  I can't make a living wage in California on $1.50 per hour.   I currently get paid $50/house plus a bonus for leasing/lease renewals.  It's pretty much a flat rate no matter how many hours I work on that property.    

What do you think?  Should I pursue this idea and try to morph it into a career until I can meet the legal requirement for opening my own Property Management Business?  In our area property management companies charge anywhere from 7-13% a month and owners/investors give up a lot of their control over their properties.  I think this way all the owners maintain that connection with the property and what's going on with it, while not dealing with the day to day phone calls and stress of collecting the rents.  Your advice, suggestions and comments would be very welcome.  Thanks so much!

[Aaron Wyssmann]

@Angie Swader It sounds like you are able to add tons of value for the owners.  Since you aren't licensed, as you stated, you are walking a fine line but if the owners are the ones signing the leases then you should be ok.  The only thing you mention that might become an issue is the collecting of rent.  Being an agent we have fiduciary responsibilities and that involves the handling of all money. Is there a way that you could have the tenants pay online and then it is all just deposited right into the investors account?

The trick to making it work is to come up with a profitable way of getting paid.  You don't want to be paid by the hour but you need to make more than you are now.  I'd just talk with the investors or others and see what other ways you might be able to add value and be compensated for that.