Property management?

Question

How do landlords with several buildings manage each tenant? Is it just a simple property management company or is there something else to it?
Thanks.

Answer 1

It depends on the landlord. For some, being a landlord is their job, so they manage it themselves. Most, however, hire property management companies. Property management companies have standard policies and procedures the really automate the whole process, from rent rolls, finding and screening new tenants, move ins/outs, etc. Makes life easier for everyone.

Answer 2

Some will hire a property management company, others will do it themselves. By doing it yourself, it could be a single person doing it by themselves...if the properties were relatively small...but more often, it means hiring the staff necessary in order to do the property management function. I work for a development firm, and we do it ourselves, for the most part...although we use a management company for our properties that are out of town. Our buildings are pretty large (66-200 for apartments, 20,000 - 500,000 s.f. for retail/industrial) so the larger buildings have full time staffs devoted exclusively to them. The smaller buildings are handled by a two person team within the company. Then there are accountants who handle the bills and the rents.

Because we have several hundred tenants, one of the key tools we use is our accounting software (MRI, in our case). We have a tickler (a list of important dates...such as lease expiring, rent increases, insurance expiration, etc.) built into the program. When we sign the lease, all important dates are entered, and so our property managers get reminded when there is something they need to do.

Answer 3

There are property management companies, I worked for a couple and it's very interesting. We had contracts with vendors for maintenance such as A/C and they made a bundle. But it all depends on the size of properties managed? There are some courses at the community college under vocational courses that teach folks that want to have a property management business.

Answer 4

THERE IS NOTHING SIMPLE ABOUT IT! HARD WORK. Most owners of properties do use a property mgmt company to run the property, this is no easy task believe me! U r responsible for all, rent, evictions, repairs, employees, contractors, resident complaints, budgets, keeping the residents as well serviced in all areas as possible(examples repairs needed to their apt. any issues with neighbors, pets, parking etc. etc. it never ends. And of course renting the apartments and not going over budget, there is so much involved, weekly reports, monthend reports, accountability for all expenditures u see what I mean and I just skimmed the surface. Happy New Year!

Answer 5

There are a million things. Start with one unit and when you have it figured out buy more.

Answer 6

both