Hiring a Property Manager (Part 2)

Last post: Hiring a Property Manager (Part 1) "Do you need a Property Manager"


Many landlords I speak to and counsel; tell me about all the horror stories. The unexpected repairs, the horrible tenants, and they usually end with “I don’t know why I bought this thing…”

So why did you by the property anyway? Buying an investment property most likely wasn't an impulse decision like buying a shirt at the mall. Normally buying an investment property is part of some sort of a plan. This plan could have been a well thought out investment strategy or merely “I want to own something that will make me rich...” Either way you wanted to gain something by buying the property. Whether you’re talking about cash flow or long-term wealth or BOTH; money was most likely the motivation. $=freedom remember that $=freedom. The freedom to take vacations, the freedom to not have to work your whole life, the freedom to buy the things you want, when you want them. You bought the investment because at some level you wanted FREEDOM!!! If Freedom is your goal than why would want to create another JOB for yourself. Let’s say freedom isn’t your goal you just want to make money; sounds good… you are so busy with your NEW JOB making all this money… you will never have the time to enjoy yourself.

So now you have a few choices, assuming the properties are cashflowing, make lots of money doing it yourself and having no freedom to enjoy the money. Or hiring someone to do the work for you freeing you up to enjoy the $$$.

Part 3 “What makes a good manager”

Peter N. Lamandre is a Licensed Real Estate Broker, Consultant, Speaker, Mentor and Licensed Real Estate Instructor in Scranton Pennsylvania. He currently owns and operates Better by Design Real Estate, LLC a full service Real Estate Brokerage in Scranton, PA. One of the areas of specialty for Better by design Real Estate, LLC is property Management. Peter is a member of IREM (Institute of Real Estate Management), the National Association of REALTORS®, the Pennsylvania Association of REALTORS® and the Greater Scranton Board of REALTORS® where he services on various committees and taskforces. Peter can be reached at his office at (570) 969-2105 or by visiting BetterByDesignRE.com.

Hiring a Property Manager (Part 1)

This seemed a like a good choice for the first series of posts for Real Estate Blog. As a property manager I am often asked what services does my firm provide and what do our services cost. That seems to be where most people want to start when beginning the section process of hiring a property manager. I think there are a few earlier stages to the selection process.

First question is "Do you need a property manager?"

Most people hire property managers because they either lack the time, knowledge, desire or proximity to the property needed to property perform the day to day tasks that are needed to properly ensure the success of the property.

Things to take into consideration:

• Do you really have any "free" time? or Are you working a 9-5 job, with family obligations?
• Do you know how to set proper rent amounts? or How to handle an eviction PROPERLY? or How to execute a LEGAL lease? Or Do you know how to stay in compliance with fair housing guidelines?
• Do you really want to receive a phone call at 4am in a snow storm? Do you want to be interrupted by a tenant while you are in the middle of dinner to discuss why the tenant hasn't paid their rent? or Do you really want to meet, get stood up, screen and make decisions about who to rent to?
• Can you be at the property within 30mins at the drop of a hat to attend to an emergency?

More often than not anyone that owns an investment property NEEDS a property Manager.

Part 2 “Why you bought the property”

Peter N. Lamandre is a Licensed Real Estate Broker, Consultant, Speaker, Mentor and Licensed Real Estate Instructor in Scranton Pennsylvania. He currently owns and operates Better by Design Real Estate, LLC a full service Real Estate Brokerage in Scranton, PA. One of the areas of specialty Better by design Real Estate. LLC is property Management. Peter is a member of IREM (Institute of Real Estate Management), the National Association of REALTORS®, the Pennsylvania Association of REALTORS® and the Greater Scranton Board of REALTORS® where he services on various committees and taskforces. Peter can be reached at his office at (570) 969-2105 or by visiting BetterByDesignRE.com.