Hi, I am new to the site so please excuse me for any of my obvious questions. My parents have multiple properties that includes land and rental homes located in multiple states. They would like me to manage these properties for them and would like to pay me a fee. I definitely want to do this for them but don't have any real estate or property management experience. They currently do not have a property manager for any of their properties. Do you have any suggestions on how we can do this successfully? Are there any books that I could read to help? Any advise would be greatly appreciated. Thank you in advance.
if I was you I would try and get online and do some research about some property managers in your area and just reached out to them about getting some coffee or go out to eat so you can pick there brain and get more information from them and if they tell you they are not able to help you I would just move on because there are thousands of other property managers out there that would be more than happy to talk with you and give you information. this is what I did when I was getting started and it is the best way to get into the industry without actually jumping into the business and doing it first hand.
@Liz Trinidad i would read "The Book on Managing Rental Properties" by Brandon turner. The book has all of the information you need to get started on managing properties.
as far as advice, you have to find the proper personnel in the markets where the properties are located, meaning the handymans around town that you can trust, potential contractors that you might need etc. i would start by asking other investors in those markets and start to call those referrals or googling the services you need and start calling.
if I was you I would try and get online and do some research about some property managers in your area and just reached out to them about getting some coffee or go out to eat so you can pick there brain and get more information from them and if they tell you they are not able to help you I would just move on because there are thousands of other property managers out there that would be more than happy to talk with you and give you information. this is what I did when I was getting started and it is the best way to get into the industry without actually jumping into the business and doing it first hand.
Hello and welcome to BiggerPockets! We are so glad you have joined us. First, I want to commend you for wanting to tackle these challenges that we know sometimes property management present. You got this! Secondly, identify the cities that the properties are in. Keep in mind not all cities have the same rules and regulations. Please be careful thinking what applies to 123 Main Street in Memphis, TN also applies to 345 Main Street in Dallas, TX. I am not sure if your family has ever reached out and interviewed a property management company, but that could be a start. Your goal is to see what companies offer and see if its something you want to do for all the properties; not everything a company offers must you do though. But I think you getting an idea from someone who does this everyday could be a coachable moment. Ultimately, your parents are entrusting you with their investment. You must have systems in place to better serve your parents and the renters – it’s a two way street. Please keep reading, keep listening, and continue being coachable. All this information that you are seeking will take you far if you use it correctly.
If I can be of any assistance to you and your family, please do not hesitate to reach out to me and my team!
@Davartay Miller thank you so much for your advice. I really appreciate it! I definitely have a lot to learn but first things first, do some research on all the properties my parents have. That in itself will keep me busy for a bit.
Someone has mentioned that getting a real estate license and property management training would be helpful so that I understand everything involved in this industry but I’m not sure about that. My short term goal is to successfully manage these properties for my parents and long term goal is to eventually add to the family properties.
Here’s a list of 20 questions you need to ask a property management company broken down into there segments from learning about them and their experience, learning about their systems and how they operate and finally a few to help you make that final decision on if they are a good fit. This might give you a better sense of direction around the subject matter.
National Association of Residential Property Managers (NARPM). See if your city has a local chapter and get plugged in. They provide a wealth of knowledge and also introduce you to vendors that serve the industry which will make your life way easier.
I would also recommend going down the route of getting your license. The main reason is that in the grand scheme of things, it’s a super inexpensive way to get some education and it will probably teach you things that may be harder to find and understand by searching out yourself. You don’t know what you don’t know.
You’ve got a great opportunity to take something amazing over, why wouldn’t you want to be a Pro at that. When it comes time to hire a property manager you will know whether they are able to do a good job for you and your families property.