Property Manager Lives on Site
Hello, we just purchased a total of 10 doors between 2 properties. At one of the sites the guy and the previous owner were married so he managed the property. He no longer has rights to the property (they divorced and he lost it before we came in the picture) but asked if we were interested in using his services for property management. We thought this would be great because he already has a rapport with the current tenants and we don't want to make major changes since we will be soon increasing the rents after some capital upgrades.
Based off experience can you provide some recommendations on if this is a good idea and how to address his rent in this situation?
Should we keep the rent separate or include a discount in rent as part of compensation?
Thank in advance for the advice.
Most Popular Reply
- Real Estate Broker
- Cody, WY
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First, I never offer rent reductions as compensation for anything. If they fail to perform, you'll be out the rent money and the work, so you lose twice. Make them pay market rent like any tenant. Compensate them for the work after it's completed to your satisfaction, just like any other professional.
He may require a property management license, depending on what tasks he performs. Check with the state board to determine what's required.
- Nathan Gesner
