How to get more property management experience? Florida

Question

Hello,

I live in Florida, and came into property management within the last few years unexpectedly.

I have several properties- I manage half and use a property management company for the other half. I am looking for advice on how to gain more experience in property management so that I can feel more comfortable in the future managing all my own properties.

I obtained my real estate license a year or 2 ago but am not under a broker at the moment.

A real estate friend suggested that I ask the company that is managing my properties if they will train me and we could work out something.  I haven't reached out to them yet. But I like the company so that might be an option. I am not sure if it would be a conflict as an owner and an employee though.

I recently joined my local real estate investment organization and plan on attending events to network. I thought I may be able to find an individual who manages  their individual property, who may be willing to train me for a fee or for my to assist them with their work.

My hesitation with joining a real estate group and working in property management would be that I would really like to be able to maintain a work-life balance. It seems like most property managers working for real estate companies are always needed to be available. That does work well for my life. My kids are young, I'm their only parent, and childcare issues are a challenge.

thanks

Sergey A. Petrov · Answer

@Claire Blary - if you really want to work in the field, go to a few job interviews, ask those questions, and you might a flexible employer to fit all your criteria

Claire Blary · Answer

@Drewsygit

thanks for the reply and info. I appreciate the information. I don't think I can join the organization you mentioned because you need to be managing other people's property and not your own to qualify. I emailed them to confirm though.

as far as everything else you said, it makes sense. I am going to reach out to local handymen and see if I can build my own reliable people to contact. I have a wonderful AC person, so I'll just keep working on it and trying to get as much education as I can. Thanks!

Drew Sygit · Answer

@Claire Blary Most PM's are expected to handle 75-150 properties.

They are expected to be onsite as necessary, any time of the day, any day of the week. Most of this can be controlled except emergencies.

Maintenance is the #1 challenge in property management - it's never fast enough for the tenant and cheap enough for owners.

Finding good handyman & contractors is THE major challenge for PM's. So, everyone wants the secret shortcut to accessing them - which doesn't exist. We have investors contact us all the time wanting to "borrower" our handymen. It can take months, even years, to find one and properly train them, yet everyone just expects to get them with just a phone call!

Join NARPM.com and attend their training events and participate in their forums.

Claire Blary · Answer

I  understand what you are saying. I actually deal with rental stuff via email or phone  now while my kids are playing. I guess I was thinking that I would need to be physically present somewhere out of normal working hours, but may be that isn't the norm?

I don't know how many rentals someone in real estate, working for a broker, needs to be willing to manage? Or how rigid the schedule is, does the broker always want you to be in the office? Is it always full time?

I agree property management isn't rocket science lol.  As far as why I'd consider joining a property management group with a broker- Since I started I have had a difficult time finding good handymen to use for jobs that come up. That is probably a universal issue, but I figured a broker would have more contacts.

Id also like to see how other managers do their walkthroughs and what they look for- do they use a checklist, always take pictures, etc?

and I am struggling with feeling ok with raising rent, at the moment the ones I manage are rented out below the marker, but the tenants are really good so I haven't changed it.

i guess I was looking for mentoring and may be some community since I don't know many people at all in the business and I think the property management company I use probably finds me to be annoying.

thanks you both for your input

David M. · Answer

@Claire Blary

Interestingly, I find your post to be somewhat contradictory.  You want to gain more experience with property management so that you can be more comfortable with managing more of your properties.  However, you are concerned with working in property management because of your work-life balance.  So, if your work-life balance doesn't allow for you to be available 24/7, why are you looking to manage your own properties?

Honestly, I don't necessarily find anything special about property management.  If you own a home, you usually are doing property management by keeping it up.  When you are a landlord, aren't you doing the same thing, but just a different household?  When you consider dealing with finding tenants, I just use a realtor.  I believe in most markets the tenant pays for the commission.  Additionally, my realtor became my backup for the tenant to call if I wasn't available.  She also helped with finding the right person to do the repair/fix --- realtors have connections like that.  In BP, realtors never seem to be held in high regard.  Sort of makes sense since seasoned, full-time investors don't really need them.  But, working professional investors and those starting out could find them invaluable.  That being said, it took me two years of active looking to find me realtor.

In some ways, if you find that individual to train you, it could also be a bad sign..  For example, 99% of the time my there is very little to do with my rentals..   The rent checks just come in --- thats kinda the point of this sort of passive investment.  However, I think it would be good to connect with other investors so that you have somebody to call for guidance when/if you do have an issue.

In some ways you've answered your own question.  The only way to get experience is to do it...  Good luck.

Sergey A. Petrov · Answer

Many of us have balanced and continue balancing kids, life, and work. If you are just getting into real estate, it is not going to be your typical go clock in at this hour, clock out at this hour, collect my paycheck 2 weeks later and not think about it when you are clocked out. That said, there is nothing wrong with answering the phone, responding to emails, doing research online while your kids are playing, eating dinner, doing homework, taking a nap, on a slide at a playground while you are sitting on the bench, still sleeping at 5am while you are enjoying your first cup of coffee, etc.