Hudson, OH · Member since 2013 · 2 posts · 0 votes
Hello....I was recently offered a position as an Apartment Manager. The apartment has over 100 units. The previous owner supposedly had hundreds of violations. The new owner stated that these violations are being taken care of and will be rectified by the end of the year. This position includes a free apartment and utilities and a small but livable salary. Everything seems to be dandy...THIS is what is worrying me. My experience in life has lead me to believe that there is always a catch with something if it sounds to good to be true.... what am I missing here.....What can I expect if I take the leap into this Apartment Management job offer ? The apartment has 80% occupancy.
What will most likely be a typical day for me in this situation? What demands, challenges and obstacles will I face ?
First priority, lean the many, many laws. Know them as well as an attorney. There are federal laws to know and state laws you must know. Sometimes, there are local laws you must know.
Second, you must learn how to work with people with the goal of a positive outcome for everyone.
Third, if you worked for me, you must learn how to collect money. This is a fine art that is not taught in books or the classroom. It is taught by the masters in the business. I will share that if you demand a payment or send a nasty late letter, your chances of collecting money dropped like a rock.
One additional consideration, learn marketing skills. This will be useful in many, many ways.
Your daily challenges will be great. Many times you will walk away shaking your head, rolling your eyes, and saying to your self "THEY ARE NUTS!" You will be called names and it will get personal. There will be threats - legal and physical. There will be fights between spouses and kids out of control. But you must learn how to deal with this with a smile on your face, an up beat tone in your voice, and the goal of a positive resolution.
80 percent occupancy is a possible red flag revealing some type of problems. Big challenges for a new manager to find and resolve the problems. Have good people around you for support.
One additional thought, you must learn when to work with people and when to cut your losses and move on.
How good of a poker player are you? Knowing how to read a person is critical to success.
Two separate times I had to tell a tenant they had to move out in December. One family back down from their stance and paid the rent.
The other was what my father always called a "professional tenant". This is a person who knows the law as well as an attorney or judge and knows how to manipulate the law to their advantage. These people are the most problem of all. I did evict her 2 weeks before Christmas and the Sheriff moved her property to the curb the week before Christmas. She had a job, just did not want to pay.
Real Estate Investor · Englewood, CO · Member since 2013 · 988 posts · 258 votes
13y
OK, one more thought that Bill reminded me of ... Be A Problem Solver in many ways. People on all sides love problem solvers. There are too few. You will be a hero if you are a great problem solver.