Part Time Property Manger?

Question

I am learning about turbo tenant and feel fairly confident I could manage most things using it (as long as tenants were able and willing to cooperate with using a computer/app) However I'd still like a property manager/company whose name, address etc is what is exposed on the lease agreement. To protect myself I don't want tenants knowing my personal address etc. I also like the idea of having a "scary man" who appears to be incharge so I can just look like I am a helper, instead of incharge. I would also like the "scary man" to be available to go with me when meeting prospective tenants, or having to personally interact with tenants...obviously this should not happen very often (Don't want to be a lone female dealing with strangers) However the manger would have very little to do a so much can be managed on the turbo tenant. Currently we have a 78 year old property manager who makes 10% of the rent for doing everying....He is adverse to technology so sharing the work load with him through turbo tenant usage is not possible. However when he retires and I need a new manager, is there someone who may work for 5% or flat rates when he needs to meet with me or tenants, and be a part time manager as I have decribed above?

Michael Smythe · Answer

@Sandy Keller many states require a lease to state the owner of the rental property and any property manager/agent for the owner.Check your state laws!

Nathan Gesner · Answer

1. The tenant can find out who you are through public records. Instead of a relationship based on lies, be honest about who you are and draw clear boundaries about the tenant not contacting you.2. I don't know your state law, but you are probably required to be named on the contract as the legal owner with the PM acting as your agent. You may want to check that and ensure compliance.3. Over 60% of property managers are women. You can do it if you have the right temperament, but there are tenants that will try to push females around, intimidate physically, etc. By the way, they do it with men, too! I think men are more likely to know how to stand up for themselves.4. Instead of paying someone a discount to do part-time work, why not hire a full-time professional and free up your time for better things? Just because you are capable of screening applications doesn't mean you are the best at it. A professional PM could handle 1,000 applications a year, whereas you may only do five. Guess which one is better at it? Are you current on the laws, which are increasingly changing? Do you have policies and procedures in place to nip problems in the bud? Access to contractors? Attorneys? When a one-off event like COVID hits, do you have the time, knowledge, and experience to adjust and handle the situation?

Alecia Loveless · Answer

@Sandy Keller I don’t put my address on any of my leases or correspondence. In the unusual event that I have to meet with a tenant not at their residence I choose a public place such as our public library. I’ve signed several leases at the library in fact. I do show properties alone as a female but if there is a single male that shows up at viewing I let him go look at the interior by himself and then come back outside after to converse. None of my properties are so isolated that I ever feel threatened doing this. My contractor helps me with some of the more difficult parts of being a landlord like evictions and notices to pay but if I asked him to go to every showing with me he’d tell me I was nuts. No offense but I think when your current property manager retires you’ll be hard pressed to find someone willing to go on the visits with you. It will likely cost you more than 10% if you try to replicate this process.

Benjamin Aaker · Answer

It'll be harder, though not impossible, to find a professional property manager who will only do part of the work. I'm sure what you are asking for exists, but the price might be more than you want. Especially if you are willing to pay 5% already. The 78 year old must be giving you white glove service. 10% they should be doing everything. Don't you think your time could be more wisely used looking for additional investments rather than working on the day-to-day stuff? If 10% is working now, get a full service manager and then you don't have to worry about meeting tenants.

Lexi Lehman · Answer

I believe you can set your name in TurboTenant to whatever you want and many people use TurboTenant as an LLC name.

Sandy Keller · Answer

Interesting. I thought the point of property manager was that the tenant interacts with them and their info rather than the owner. If not how do you recomment not exposing the owner's personal info to the tenant in the lease. Our current manager I believe puts his name and company on it. (It is juts that he is old and wont do this forever and I am being proactive in planning for the future.

Thomas Talbert · Answer

Concerning the name on the lease I don't know if any property manager is going to put the lease in their own name. That exposes a lot of risk for both you and the PM. If they do agree to that then I would imagine they would charge a premium.