Enter your email address for weekly access to top multifamily blogs!

All Things Property Management

All Things Property Management is a one-stop destination for folks interested in learning more about managing real estate. Broken down into a variety of targeted columns, the information that you are looking for is easily accessible — from investing tips and best practices in The Intelligent Investor to the real-life dilemmas of property managers in Stories from the Front Lines. We’ve brought on contributing writers from across the country to share their respective expertise with you, whether you’re a landlord, a professional property manager, or an association board member. Your feedback, participation, and comments will help us deliver the information you need most.

Not Everyone's a Property Manager!

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA

I made a quick trade, put an offer in on a property in Arizona and then closed my laptop and headed with the kids for lunch in La Jolla. It was after lunch that I had an all too familiar experience. We were playing tourist for the day and on the walk back to our vehicle we stopped into a small boutique store near the cove to allow each kid to choose an item of there choice as a fun reward for good behavior throughout the day. I noticed the owner of the boutique slumping over his cash register near the back of the store and I greeted him and asked how his day was going. He responded quietly, “Better then yesterday” and we struck up a conversation. The conversation quickly went toward business and the owner proceeded to tell me that he just bought the store last year and sales were considerably down. To make matters worse the landlord was increasing his rent. I empathized with him and offered some of my ideas for a short term solution but it was obvious they were falling on deaf ears as the owner quickly interrupted me and said something that made me stop and think. He told me that he was not really worried about the slower sales at his store because he was going to start managing some real estate for a couple of friends that own rentals in the area until things get better.

I was a little shocked to hear that being the owner of a local property management company and was honestly taken back. I thought to myself, here was a small business owner of a local boutique confident that he was going to solve his financial problems by managing property. I’m not saying that he couldn’t or he shouldn’t but oddly I remember hearing a similar battle cry back in 2005 when real estate was hot and everyone was becoming a real estate agent to make some extra money on the side. Has property management become the new cool thing in real estate? A million things ran through my mind as I know what it takes to provide quality property management services and I couldn’t help but wonder about the “friends” of this individual who would be relying on him to manage their asset. The tenant laws, the banking laws, local, state and federal laws, and that’s not even going into handling the asset itself.

I left the cove that day realizing a couple things; 1) More people are going to try to manage property on the side and 2) Not everyone should be a property manager. If you own rental property it’s not as simple as just finding someone who is “willing, cheap, available, etc.” to manage your property. Take the time to do some homework on whatever firm you decided to have professionally manage your property and the benefits will always outweigh the cost. I hope things work out for the boutique owner and his friends…

Rate this blog entry:
0
 
This comment was minimized by the moderator on the site

I here this story all of the time. Usually from a property owner who made the mistake of hiring a friend, handyman, ect., instead of a professional manager. The professional manager is then faced with cleaning up the mess and getting the property on the right track. Owners really need to do a cost/benefit analysis and educate themselves on the benefits of a professional.

  Bruce Cadden
This comment was minimized by the moderator on the site

This should include all aspects of the industry. I can not tell you how many times I meet or work with a leasing specailist and think to my self why are you a leasing specialist you have the personality of a squid. It amazes me how we jump into a career with out really looking into all the aspects of the job before accepting the job. Thank you for this post!

  Jolene Sopalski

Comment Below

  1. Posting comment as a guest. Sign up or login to your account.
Attachments (0 / 3)
Share Your Location
Building a Better Multifamily Brand From the Ground Up Why is branding so important to business? The term “brand” has evolved over the years, and in today’s highly competitive world, brand simply refers to the way the public perceives your entity.  People have brands, businesses have brands, properties have brands — whether they’re carefully crafted or not. This can be factual perceptions (it’s an apartment building in downtown Chicago) or emotional ones (it’s vibrant, romantic, or trustwor...
  What I look for in top leasing talent.   Most blog posts about the characteristics of the effective leasing professional would start with words like positive attitude, goal oriented, relationship driven, and committed to service. You would add qualities like professional in image and self-motivated; someone who loves people. The usual stuff we have heard forever!   These are all admiral traits and ones we would love to see in all the onsite team. Right?&...
It might be cold outside in some parts of the country, but that is no reason for that to put a deep freeze on your resident engagement and leasing activities. However, it may require you to put more heat on that creative bone of yours! The apartment community I live at just had a wine and charcuterie night (my community knows me well...I love any event when wine is involved)! But it got me thinking of attendance. You see, the apartment community I live in has four buildings. Meaning, reside...