Why you need a professional property manager…final post in the series
By: Dennis Norman
Irving Blue, CPM
In part one and part two of this series I gave you some background information on Irving Blue as well as the part of my E-View TM with him. Now we’ll pick up where we left off.
The mission statement of Irving’s company is to the point: ”Work collectively with owners to secure the highest possible investment returns.” I think that is what every investor is looking for…oh yeah, without headaches also….that’s where the property manager comes in.
Now we’ll continue with the E-View TM :
Q-What is the typical cost of using a property manager?
A-It is vital to understand the charges outline by the management company. Often owners are not fully aware of teh various charges imposed by management companies. The two primary charges of a managment company are monthly management fees and lease up fees. Managment fees are charged for the collection of rent; based on the number of units and condition of property. Lease up fees are usually based upon a percentage of the monthly rent.
Q-Do you think occupancy rates are higher when a Property Manager is used?
A-I don’t have any statistics on this. I would remind you though that management companies’ day to day operations are the leasing and monitoring of investment properties. That is their one and only focus, managing rental propoerty. Thus, vacancy rates and services to tenants will be more focused and deliberate than if self-managed by investor/owners.
Q-Is there a minimum number of units an owner must have before it makes sense to use a property manager?
A-My company, Blue Services, LLC, does not subscribe to a minimum number of units policy. However, we encourage owners/investors to analyze the cost/benefit of third party management. An important factor in this analysis is the time of the owner/investor. Use of a property manager will free up the time of the owner/investor to focus on their primary source of income or furthering and advancing their real esate investment portfolio.
To contact Irving Blue direct you can reach him via email at IBlue@BlueServices.US or by phone at 314-324-0272.
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