Describe Your Perfect Property Management Company/Manager

General Landlording & Rental Properties
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Describe Your Perfect Property Management Company/Manager

Khalid Bryan
Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes

I want to build my property management division not only to make money, but to be the GO TO company for serious investors. What services do you wish your current property manager offered? What fees do you think are outrageous? What do you wish they DIDN'T do?

Khalid Bryan

Real Estate Broker

The Investment Property Gurus

190 NE 199th st #106 Miami FL 33179

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  • Kenny Dahill
    Investor · Tempe, AZ · Member since 2018 · 1k+ posts · 731 votes
    6y

    For me, it isn't necessarily all about fees.  It's about payment process-flow that prevents landlords a fair opportunity to dispute any fees and maintenance charges.  

    There will always be a risk for landlords when rent goes through the PM firm.  Obviously the great PM's reduce that risk, but there is always some amount of risk for it.

    Also, hidden clauses that require the landlord to use the PM for selling the property.  Even if sold without them, they're still owed the commission.

    Make it clear about eviction policies and what expenses the PM vs. LL will pay.

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  • Khalid Bryan
    OP
    Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
    6y

    Thanks Kenny, those are good points. Should landlords get to review a statement before funds are sent? Say, ledgers sent on the 5th and rents are sent on the 6th or 10th?

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  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    6y

    This is too general a question. My basic advice is that every fee should be justified. If you can explain why you charge a particular fee and how that benefits the owner, you won't get complaints. If they ask why you keep the late fees and you hem and haw and try to formulate an answer, you'll look unprofessional and they'll go somewhere else.

    Sending the owner statement for review before payment is only going to increase your workload. It gives the owner an opportunity to question everything and you'll be on the phone or writing emails explaining/justifying charges.

    If you're honest, communicate well, and educate your owners in advance, they will trust your statements.

    The DIY Landlord Book4.7248 Reviews
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