4 Kinds of Property Managers

[Don Konipol]

I believe there are 3 kinds of property managers.  I have had good success with two kinds, and not so good or plain bad with the other. Without telling you which I list  the types below

1. Property management company with many properties

2. Individual hired as property manager for only your property or just a few properties

3. Property manager who’s a real estate broker and doing management to increase potential listings 

Which type have you or do you use?  For what type of property?  Or do you manage the property yourself?  Has your experience been good, bad, or mediocre?  

[Karl B.]

I've never hired a PM as I self-manage, but I've bought properties that had a PM in place and all were bad. 

I dealt with all three kinds you listed. For PM type #2 the guy didn't do much aside from gather rent, but I was under the impression the owner was against putting any additional funds toward anything other than necessary repairs. 

I dealt with another PM company who was 1 and 3 combined and they sucked. The prior owner was 50% vacant as both upstairs units were not made appealing to rent (the larger unit had a hole in the wall and a busted window and the other unit had mouse crap on the floor). I'm not sure why the PM company didn't spend a few hundred dollars to fix these issues so the apartments could be rented but it worked out as I bought the place from a seller who wanted out.

The same PM company failed to show up and let my contractor in prior to closing; no good at all. 

For the competent PM companies out there, who are few and far between, if they've been in business for any amount of time they tend to pick and choose the properties they want to represent as they're spoiled for choice due to the fact they operate better than the majority of PM companies.