We’ve been talking about property management mostly because we’re getting a lot of questions about it at this time. We want to talk to you about how to hire the right property manager and who you should be looking for and why they’re good at what they do.
Featuring:
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Bob Nelson: There’s a number of… Well first of all, in order to manage real estate for someone else with the anticipation of compensation, you have to be licensed in the state of Oregon. You have to be licensed either as a property manager or as a full real estate broker. And that would suggest that you have taken a number of courses to understand the landlord tenant act, to understand what is required of the current rent control statutes, and so forth. And I got to tell you that if it’s a straight broker that doesn’t do management except on the side, I’m not sure if you’re getting the sharpest knife in the drawer.
Marcia Edwards: I, in that case, am not the sharpest knife. I am great at sales, resales, new construction, land purchases, but not in agricultural, not at commercial, and definitely not property manager. So what we’ve got to look at is where is… Is your property in the wheelhouse of the person you’re… to whom you’re speaking and interviewing? You’re looking for people that have hands on experience in the property like yours.
Bob Nelson: Well, it’s not just that. They also have contacts for maintenance and repair. They’ve got contacts for handling train wrecks as they occur, roof leaks, etc. And those issues must be dealt with immediately, not just well, we’ll get around to it next Monday. That doesn’t work. So you’ve got a tenant who’s being abused by the fact that it’s not performing at the level that is required for its habitability.
Marcia Edwards: And there’s the reverse that we discussed in a previous program, and that is that the tenant is not performing at their level of commitment. Maybe they have a gap in their employment. If they go to you directly versus a property manager, you may have a heart, and it may be reflected in your actions and in your pocketbook. So having that insulation of a professional manager is important. Bob, I know you wanted to talk about being on site on your property.
Bob Nelson: Yes. I like to suggest that you would inspect… personally and physically inspect the property at least twice a year. At least twice a year. Understand its condition.
Marcia Edwards: Well, you want to have the liquidity you might need in case of emergency in your investment properties, so make sure it’s up to par in its condition.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30 on KPNW for the “Real Estate Today” radio show.
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