Erik Armstro…,  in 47802

I am considering getting into property managment...any advice?

Asked by Erik Armstrong, 47802 Sun Apr 20, 2008

Suggestions on softwares, fees, contract templates, time managment, reports to clients, etc?

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Timothy Osbo…, Agent, Florence, KY
Tue Apr 22, 2008
Hey Erik;

Property management can be a good source of additional income. I've been a Principal Broker/CEO for over 14 years and have personally managed every aspect of a real estate firm including property management. The positives of property management is that revenue can be generated from leasing, management fees, and servicing the properties; however, it can be also a legal liability, a time management nightmare, and a nuisance.

The first step is to consult with your borker (unless you are one and if so I apologize for the comment) to see whether they are willing to allow and/or permit property management activity. They will need to obtain an additional E & O rider for Errors & Omissions insurance to cover property management activity.

Secondly, usually it is not worth the hassle unless you can develop a relationship with a multi-property investor and/or apartment complex. I used to manage over 700 units early in my career in the 1990's and found the experience wonderful because we had enough revenue to afford clerical staff, maintenance crews, and cleaning/painting crews. Later in my career I tried to property manage for a friend who had about 8 properties and it was a nightmare because I was the cleaning crew, the maintenance man, and the painting crew - just not worth it for an average of 10% of the rent rolls.

My advice is go big or stay home! If you go big then quickbooks is a great software package and offers a platform for realtors & property management. All your templates etc... are included in quickbooks and a computer with a microsoft office suite package including excel, outlook, and word.

Hope this helps.
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