How to manage relationship with PM who is also a realtor.
Hi, I am new to BP for about a week. I have been investing long-distance in one state for a year and a half and wonder if anyone have good ideas for managing relationships from out of state. I use a PM that is a realtor and an investor. His team have managed my properties well, so well that I moved over one of my properties managed by another PM to them. I decided to use this PM as a realtor also to look find new purchases. But I am finding that he is sometimes too busy and is slightly bias to toward his firms’ listings. One of the deals he was too busy to look at is townhouse in an association where I already own 2 properties. So, I contacted the listing agent directly and told him I didn’t mind him being a dual agent. This turned well as I was able to win the deal even though I was not the highest offer largely because the agent was getting a higher commission from me and, provided that I ask all the right question, he gave me all the information I need to write an offer that pleased the seller. When I told my PM that I have a new property for him to manage, he was a bit disappoint that I used another agent. He said he will let it slide and said I did get it at a good price. I also found a good wholesaler that has a very steady inventory. I need someone to scope out these properties and at the most moment the most capable person is my PM. My PM did agree that looking at wholesaler properties is a good idea. I told him that I know he does earn commission on these and therefore I would pay for his time to look at them. My PM’s insight of the area and referrals for lenders (and potentially contractors when I find good rehab deals) are instrumental to the growth of my business. But I worry that he may not have the time or incentives to look at everything I want to look at. Do I find another point person to scope wholesale properties for me? Can I work with other realtors and not hurt my relationship with my PM? If so, how?