Originally Posted by KMartin
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Hi Shante'
I am new to VA and would also like to work in the property management field. I worked in the property management business for approx. 15 years and loved it! Something I am considering is accountability for collections. My boss would always double check the rent roster against the bank deposits to make certain all the rents were paid AND deposited (theft prevention). That might be a great thing to have done OFF site and a very valuable tool for the business owner. We did not have a website and when someone wanted to see our townhomes we had to upload the photos which took forever! I don't know what your skills are but there are a few things that can be done virtually. I also spent a lot of time researching laws for our owner financed properties. That's an area to market as well.
Wow - that's as much as I've been able to put on paper since I started thinking about this business. Thanks for the question and let's keep in touch.
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The "theft prevention" double checking of rents paid and deposited is an interesting addition which I hadn't thought of previously.
Significant parts of property management, as you know, is done "in person"... if you have someone you TRUST on the ground, to be your eyes and ears, maybe you could still work with clients out of state.
Check to see if you need a real estate license to show,
or even talk over teh phone about, properties to potential renters. In some states you do need to be licensed to do this sort of thing.
I have a very good friend who gets a 8% cut on all the properties she manages as a property manager, I talked about some of her duties and responsibilities in a post I wrote
here.
Beware of taking on the responsibilities of talking directly to tenants and being the 24/7 contact person.... also beware of taking on the responsibility of collecting rents, because you will then also, very likely, be responsible for following through when rents are not paid... as in evicting people. When families with children are involved, this can be a heart-wrenching job.
My friend has had to do everything from go to court after a tenant's property was raided for drugs/crack/cocaine and clean 3-4 units in a weekend because her scheduled staff to do the "turn overs" did not show.
Just be very careful to draw boundaries and to know what you are getting into before you take on additional responsibilities. My friend is trying to figure out how to extract herself from the job... obviously, she just needs to quit it, but she needs another source of income before just up and quitting - naturally.
Property Management
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