I live in Ohio (near Cedar Point/Sandusky area). I have 8 rental properties and also work a full time job. It is very difficult keeping up with all the rentals while working my 40 hr engineering job. I am considering hiring a property manager, to relieve so of my stress. My question is......Can I hire a contractor friend as a Property Manager? Or do property managers have to be licensed/trained as "Property Managers"? Does anyone know what I should expect to pay for a good property manager?
Hi, @Tracey Thornton , technically, property managers need to be licensed agents in Ohio if they're running a PM company. Read the real estate regulations closely to see what constitutes running a PM company. Of course there are people managing a few units for busy people like you who are not agents. Just check the rules closely -- especially if you are considering growing your portfolio.
Other things to think about: would a contractor still work their own projects in addition to managing your rentals? Would you require them to do all of the tenant-facing work...running apps and doing background checks and dealing with maintenance calls? Can you farm out the tenant-facing stuff to an online system of some sort, and just pay your contractor friend on an hourly basis to do the maintenance work? Best of luck!
Thanks for the info
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