I’ve been asked to get involved in property insp and maintenance for a local land lord.
Anyone know of good sources of information on that line of business?
“Ask not what the world needs. Ask what makes you come alive… then go do it. Because what the world needs is people who have come alive.”
Howard Thurman
Replies
We do inspection and maint for 4 local landlords.
What kind of details are you looking for?
We also do prop management for them. Tell me if I can help.
October 17th, 2009
Jeremy and Lisa
Was there ever any doubt?
Have a friend that looks after some properties, as I do. He got into a conversation w/ some realty friends - jist of the conversation was that its "illegal" to do "property management" without a reality liscence...
I don't really know it to be a fact, and it aint gonna change my actions, but depending on your situation it may warrant a looksee.
.02
Remodeling Contractor just on the other side of the Glass City
I think he said maintanence, not management.
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
Well, I'm looking at the whole range of possible activities:I already do some straight out maintenance, he's looking to add "management" type stuff -dealing with rentals, tenants, etc.One guestion: pricing for that sort of work?
"Ask not what the world needs. Ask what makes you come alive... then go do it. Because what the world needs is people who have come alive."
Howard Thurman
we work off of a percantage of rental fee's. There is a limit on hours we give for the monthly flat rate.
we have to be licensed as realtors to be managers of the property and appear in court for owner as a contracted agent.October 17th, 2009
Jeremy and Lisa
Was there ever any doubt?
Of course local laws will apply, but I am thinking if this is for a single client, you might be able to write a salary based contract that makes you more of an empl;employee to get past licensing.The real estate agents here who handle summer rentals do it as a percentage of the take. caretakers are a separate entity.
I don't have the right stuff to handle renters and that end of management. I'm more of a materials person than a people person. I'm working to use the HI portion to work with owners to establish long range maintainence plans and budgets. It used to be that the caretaker for an estate here would do all the maint from plumbing to painting and cleaning the gutters. Now all they do is mow the lawn and be available in the off season to check on the place for storm damage etc. They call somebody ( contractor) for all the other, if they even notice that it needs to be done. So a lot of maint gets deferred.So it becomes a matter of educating the owner what needs to be done. I'm finding it can require the utmost in tact, because you need the referral of the caretaker ( picture the butler at the door denying access) quite often to get to speak with the owner, but you can't word the description of what must be done so as to make it look like the caretaker hasn't been doing his job right, even tho caretaker neglect is responsible for a good third of the damage that I end up repairing.
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
Was just reading into it.
In my experience - when investors start questioning increased involvment, they're heading towards wanting you to just take care of things.
and it was only my .02 version ;) Remodeling Contractor just on the other side of the Glass City
definitely!Can't count how many times I've pointed out what needs to be done with no expectation of ME doing it when the reply is, "take care of that for me, will you?"or a consult where I suggest a solution and they ask, "When can you have this done?"Sometimes I do it and sometimes I make a referral.
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
A quick look suggests a brokers license is needed unless one is acting as "a custodian, caretaker or janitor"Note, that is from a 3rd party site - I need to drill into the OH laws and regs....
"Ask not what the world needs. Ask what makes you come alive... then go do it. Because what the world needs is people who have come alive."
Howard Thurman
My buddy ended buying into the properties for $1. Made him a partner at .000000001%, but a partner none the less. Probably doesn't satisfy the spirit of the law - but that's what judges are for.
Said it cleared up the whole issue.
At my level of interest, I'll probably just remain a scofflaw.
Just figured the legal aspect may be of interest to you, even if it may not have legs.
If you do find a definitive answer, would you pass it back this way?Remodeling Contractor just on the other side of the Glass City
Where is Sonny when we need him?
I'm confused what you might be looking for.
You are already an inspector so you know what needs to be done I would assume. And as a banker you had some sort of budgeting experience. All you would need is a stable of people to do the work, some insurance policies, and cash flow.
Welcome to the
Taunton University of Knowledge FHB Campus at Breaktime.
where ...
Excellence is its own reward!
I know a guy who is a realtor and property manager.
His pay is 10% of the rents
I think it's fairly common (around here anyway) practice whereby the owner doesn't live here and he needs someone to take care of everything.
I recently talked to a guy from Calif who owns 38 properties here in wichita.
He pays a realtor to do the property management and she and her husband take care of everything including maintenance.
The husband does whatever he can and what he can't do they just hire it out.