This discussion is intended to gain some insight on how property managers from around the country run their business. I am going to ask a bunch of questions- and if the property managers here on the site can answer them I think it will help future property managers who are looking to possibly start a business, and it will help the investors on the site see how PM's operate (maybe outside of what they are currently using). Non- PM's are free to chime in maybe if they know how some of their PM's operate, but I'm particularly interested in the property managers that run their own business. That being said, here are my questions:
* First please let us know how many units you manage
1.) What management software do you use?
2.) How do you process applications? How much do you charge? Do you do it manually or do you use a service? If you use a service, how does it check rental history? Please elaborate.
3.) How do you handle maintenance calls? Do you have an employee that just handles maintenance calls and assigns it to vendors? Do you do it all by phone or can tenants put in requests online? How about after hours?
4.) Do you charge for repairs? In other words- do you take a cut from a repair bill?
5.) How do you show the units? Do you have leasing agents? If so, do they schedule by appointment? How are they paid? If not, do you check out keys to potential tenants? Please elaborate.
6.) How do tenants pay rent? Some management software can be used for rent payments- do you do that? Or can they pay online? Do you accept cash?
7.) How do you handle keys? Do you keep several sets of keys in the office for vendors/leasing agents, etc to check out? What kind of system do you use to keep track of that? Do you have your own key machine?
8.) How do you determine which properties to take on? Do you prefer certain types? Small multi-family, commercial, SF homes, low income, etc? Do you believe its best to specialize in one type?
9.) Do you prefer to steer clear of accidental landlords?
10.) How many employees do you have? Is there a certain # of employees you should hire based on # of units managed?
11.) How do you do property inspections once a tenant moves? Do you use an app? Do you have an inspection form you fill out and take pictures? How about inspections during a lease term? Do you schedule walk throughs every 3 months, 6 months, yearly? Not at all unless requested?
That's about all I can think of right now. If anyone else has a question they'd like to have answered please add it to the list. Thanks!
