Property Management as a Real Estate Agent

[David Goodman]

I'm working with a small firm with a broker that hasn't done any property management before. He's willing to let me do some property management, but I have some questions about this easiest way to set this up for my broker.

What's the best way to set up rent payments? My thought would be to manage payments through a platform like Buildium or Doorloop and to distribute rents payments directly to the owners and then to invoice owners quarterly the fees that they can then pay to the brokerage. The brokerage would then take it's split and pay me.

My old broker did property management already, so it wasn't a big deal. I like my current broker, so I'm trying to make this as easy as possible for him! Are there any agents out there doing property management this way? Suggestions and experience would be appreciated!

[Drew Sygit]

Would never have rents go directly to owners and then trust them to pay their PM fees.

Many owners try to pay for repairs by telling PMC's to take it out of future rents.

Starting with Buildium would be a cost-effective way forward.