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Our property manager is always very, very busy, and he works hard to keep on top of things. He manages over 70 properties.
I only manage my own and that is about 50 units. That is plenty and there is one always becoming available. Thank goodness my husband helps me with it or I wouldn't have time to do other types of real estate.
Only my own! It is a lot of work to properly manage a property so I leave to those dedicated just to property management.
I only manage my own and I work very hard to get good renters and to keep them.
I only manage my own. I will list rentals no problem, but manage them as well? I'd refer them.
Debbie Reynolds ... 50 units? Egad! I don't envy you in terms of taking care of those properties. I would get a property management company in that case.
No, I don't handle rentals at all--not enough money in it versus selling here in my market. Plus we have specialists in the area who manage property and are certified to do so.
I've had my own rental properties in the past and unless you have a very patient demeanor, it's probably not the best thing to get into. Many tenants will suck you dry with pretty unreasonable requests, not to mention those that try to sneak in pets, extra roommates, etc.
A property manager and a listing/selling agent are paid differently. A huge difference. I will gladly do what my clients chooses, but they should pay accordingly.
I currently work as Property Manager in addition to doing sales. Beatrice Briseno is right, its not for the faint of heart! We have a lot of wonderful tenants, but its the not so nice tenants who you'll hear from the most. Thick skin is a necessity. We manage around 400 rental units and its non-stop problem solving - and the calls don't stop at normal business hours. I have a lot of interesting stories in my experience working with tenants.
Definite pro is you get to meet a lot of investors who may also want to buy/sell through you. Also, when a tenant decides they want to buy rather than rent, you will likely be the first agent they turn to (as long as their experience renting has been pleasant). The steady income is nice when your sales aren't as active.
I started out over 25 years ago helping in the Property Management Department of the Real Estate office. All I can say is that it is not for the faint of heart!! My office manages over 250 single family homes and it makes for an interesting time. The plus side is you have great prospects all the time, landlords who want to sell or buy more investment properties, tenants that get ready to buy and of course a good source of monthly income! When the market crashed lots of people decided to get in the property management business, but like anything else it is a specialized field and you need to really know what you are doing.............
I've worked at a brokerage that had a property management side. They were non-stop running around putting out fires. You really have to be a strong person to deal with it. A large enough property management business however is nice because of the residual income it generates can be enough to support an office in a slow time.
Our office is willing to do placements, but not management.