All Forum Posts by: Account Closed

Hi Dante,

In New York(not sure about other states,) a property manager does not have to have a real estate license if he/she works for only one owner.

As to how they get better deals? My absolutely BEST deals have come through my managers- they know plenty of other owners, and the other owners' managers. The owners often wish to avoid paying realtors, so they talk to their manager who will then talk to others. You'd be shocked- a transaction that never sees a wide range of buyers can sell WELL below market.

Michael

Hey Dante,

We hear about the deals because the property owner usually lets us know, before the end of the lease or the expiration of our management agreement, that they intend to sell, or we take distressed properties over for owners who are tired of being a landlord, (in general or in a given market), and start considering a sale.

We have insight as to the performance of the existing tenant if the property is going be be sold as an occupied rental or the history and character of the neighborhood if it is going be sold as a vacant property.  

Many PM's also get involved on the sales side, we typically refer it out to agents or other property owners, (if they've made an effort to let us know that they are looking for more opportunities).  Ideally, we can retain the management of the property, but it's up to the new owner.

Hope that helps.

I don't know what is true in Malaysia, but where I am, a property manager is a licensed real estate agent and can definitely find tenants for properties.

@Account Closed I think what you're getting at is should I hire a small company (could just be one or two people) or a large firm? 

There are pros and cons to each.  If you go with a single person firm, if something happens to that person, you could have a hard time getting your property back under control if you are out of state. There are less checks and balances with a single person company.  The pros are you typically get more individual attention, and you have a single point of contact. They are probably also less expensive because of having less overhead.

A large company probably has more processes in place, but you will likely get less individual attention.  You may talk to one person who does the leasing, another who does the management, and yet another who handles maintenance.  All those people will likely have no idea what's going on in the other departments.

Bear in mind that a US based CPA is likely going to be unable to help.  The accounting rules in Malaysia are likely to be very different than the US because the taxation is VASTLY different.

The OP needs an accountant that knows and understands Malaysian accounting and taxation rules.

Hi Dante-

Where are you located and what are you looking for in an accountant (bookkeeping, tax, financial analysis, etc)?

Sean