Residential Property Management/Contract for a Property Manager

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Expert: Doug Chasick, The CallSource Apartment Doctor - 7/11/2006


Question
I will be renting out my home soon.  My lease requires the Tenant to electronically deposit the rent into my account.  My friend will function as my property manager in the event anything goes wrong.  Since I've already replaced all the major appliances and fixed the other problems of the house and had the electronic deposit taken care of...the property manager's role will be minimal.  I still will need a document stating he is the property manager.  Where would I find an example detailing his responsibilities and the fees I'm suppose to pay him.

Answer
Hello Glen:

You can look at the following websites for information:

http://www.mrlandlord.com

http://www.nolo.com - click on the "property and money" tab and select "Landlords and Property Management"

http://www.landlord.com/

http://www.thepropertysource.com

There is no such thing as "standard fees" - for a single family home, most realtors and property managers will charge a monthly fee equal to 5% - 15% of the monthly rent.

I hope this helps!

Doug  

Residential Property Management

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Doug Chasick, The CallSource Apartment Doctor

Expertise

I can assist property management professionals ONLY (I DO NOT ANSWER QUESTIONS FROM RESIDENTS/TENANTS) with anything related to the management, marketing, leasing and general operations of multifamily properties with at least 100 units. PLEASE NOTE: I am NOT an attorney and CANNOT offer any assistance to residents by answering questions about your business relationship with your landlord - I CANNOT ANSWER QUESTIONS ABOUT YOUR LEASE. Please visit me at www.CallSource.com

Experience

34 years experience in managing, leasing, marketing and acquiring all types of investment real estate, with a focus on multifamily properties. I have managed portfolios in excess of 28,000 units

Organizations
National Apartment Association, The Institute of Real Estate Management, National Association of Home Builders, Apartment Association of Greater Orlando.

Publications
Co-author of the book, "How To Excel in Leasing", Journal of Property Management, UNITS Magazine, Sales & Marketing Magic, www.NOINews.com, Managing Apartment Letter, Professional Apartment Management, Fair Housing Coach.

Education/Credentials
Certified Property Manager (CPM), Certified Apartment Property Supervisor (CAPS), Certified Apartment Supplier (CAS), Synchronous Learning Expert (SLE), Certified Distance Education Instructor (CDEI), Advanced Registered Apartment Manager (Adv. RAM), Certified Leasing Professional (CLP), Licensed Real Estate Broker in Georgia and Florida, Licensed Fair Housing Expert Instructor, Virginia.

Awards and Honors
2010 NAA Apartment Careers and Education (ACE) award recipient; 2010 "Legends of the Industry" award from Multifamily Pro/The Annual Brainstorming sessions.

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