Are there cost effetive alternatives to hiring PM to manage smaller apartments?

We like to acquire 20 units or less apartments as a start. Costs seem to be prohibitive to hire property manager to be hands-free. Are there creative ways to manage hands-free other than professional property manager (PM) to keep expenses low? Do ala carte PM services exist?
In Property Management - Asked by BTS B. - Aug 1, 2011
Report Abuse
Answer this Question

Answer(s)

Karen V.
Broker/Agent
Kalamazoo, MI

Ala Cart PM Services are offered by a few property management companies. I know of one personally in the Kalamazoo/Battle Creek area that would be happy to review their services and how they may be able to help.

Aug 1, 2011
Report Abuse
Jeff G.
Broker/Agent
Houston, TX

yes hire someone as manager and maint with a rent free apt

Aug 1, 2011
Report Abuse
Alan S.
Broker/Agent
Kissimmee, FL

I would recomend you use a local realtor and negotiate a fair fee or commission.Orlando FL

Aug 1, 2011
Report Abuse
David M.
Broker/Agent
Mason, OH

There is a great option in Cincinnati with CinciProperty. They will customize the specific services and pricing on a case by case basis, hence "ala carte", depending on the owner's needs, budget and other factors.

Aug 3, 2011
Report Abuse
Adebo F.
Owner/Investor
New Castle, PA

Why would you want to be totally hands-free? Even with a professional managemnet in place, I would suggest that you stay involved minimally. There are several stories out there where well known professional management companies ran "hands-off" owners down the tube. For such small units, I will suggest that you have several contractors on hand that can do basic unit turns, clening and small renovations and repairs for you. Once you have a couple of relaible contractors in place, have self addressed, stamped envelopes provided to your tenants, and have them mail the rents directly to you. Then make it a point to visit the property once a week for about an hour or two. To be totally hands free is a recipe for disaster in my view, especially with such a small unit.

Aug 8, 2011
Report Abuse
Alan E.
Broker/Agent
Saint Petersburg, FL

an idea that you may not have thought of...
assuming you have/can find a trusted person, purchase as a limited joint venture. your partner would be able to buy in with less cash, while being responsible for managing the apartments and receiving a smaller portion of the profits.

Aug 13, 2011
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question