I'd like to poll the BP community about what you're doing or seeing for in house property management of smaller to midsize apartment communities, think in the 15-75 unit range. Typically these are too small for a full onsite management presence so i see a lot of owners using resident property managers and providing a free unit in exchange for acting as property manager.
If anyone here is doing that, have you had any luck? Upsides / downsides vs hiring an external property manager? Do you provide additional compensation besides just the free unit? What duties do you have them do?
Looking forward to seeing the different ways that folks are handling this.
anybody have a live in property manager???
I'm new on BP. I am an on-site manager 25 units plus also assist with managing 7 additional SFR. I'd be happy to weigh in and answer your questions.
I'm managing a 24 unit building off site. The basics of collecting rent, enforcing policies, and doing showings gets me a discount in rent (I rent in another building owned by same owners). Any time spent doing repairs or painting I do get compensated $15/hour. Its not fantastic pay but its a great opportunity for me to learn the landlording.
What isn't my responsibility is managing the money. The owners do that. I simply hand them the checks, laundry money, fees, and expenses for my time and materials.
Steven J., Will See Real Estate | 240‑394‑5733 | http://WillSeeRealEstate.com
Hello. I have a question. What are the advantages and disadvantages of using a live in resident manager as opposed to a 3rd party off site property management company?
- it's a lot cheaper to hire a resident manager than a fee based management company. I managed a 200 unit community for an investor. He did not want to pay the cost of a large management co. However the large management co. would also have placed staff onsite due to the size of the property. Basically it comes down to dollars. Just make sure your on site manager knows the law and is experienced with evictions, etc. or that you have a good attorney who will advise you when you have problems.
I too am looking to hire a resident manager. I have a 24 unit building. I had one for a long time, but there were tenant complaints, conflicts, and too many errors. How can I go about finding a new one, that can do handyman work (minor plumbing issues, basic repairs, clean up etc). Any recommendations would be appreciated.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!