property manager – should i hire him for renovations too or just management AFTER renovation?

5 Comments

1. smellyfoot ™ says:

   July 26, 2009 at 5:28 am

   You should manage maintenance and repairs. You can easily be ripped off by property managers when you live far away.
2. the_primetime says:

   July 28, 2009 at 4:57 am

   Living 4 hours away, it depends on how valuable (playing with your dog till football sunday or running a business) your time is?

   It is always more cost effective to do things yourself (finding independent workers). Now you also must also check-in
   and manage them.

   If your time is very valuable, then you hire the property managment to take care of everything.

   You will also know what kind of maintaining you will get in the future based on the renovation work.

   Good luck.
3. enzo s says:

   July 30, 2009 at 3:28 pm

   Yes, hire a good, established, reputable Property Management Firm. They should have no problem w/updating the property and screening (be sure they require and perform complete background checks & require deposits for) tenants, as well as providing a sufficient contract for both issues: tenant rental contract & management contract. Do comparison shop, via realtors, yellow pages, etc. Do not hire someone w/o reference or years of establishment. You can negotiate the terms in a sit down meeting. Your ‘renovations’ are really just updates (except the tub), and very common ‘use’ issues, any Property Mgmt Co. should be able to handle and also be aware of the subcontractors to hire (as well as not hire), in the area. Be sure to read and approve all contracts and ask questions if you aren’t sure you understand the items. When reading the contracts, simply talk out your understanding of the contract to the P.M. Co. manager and have them verify you do indeed understand the terms. Get it in writing, make sure that you include a time schedule for the ‘renovations’ w/a clause that costs the subcontractor in the event of time overrun included in the labor time & material contract w/a set % markup for profit for the sub. Be sure it lists the quality (grades) of the material used. Be sure that the contractor submits copies of all receipts of materials. Be sure that the P.M. Co. has all subs. sign release of liens for the job. if they are used. Be sure that all change orders must be preapproved by the owner (you via fax)/P.M.Co. and the sub. w/signatures in agreement, and that said c/o reflects the +/- $ change if applicable, (& if no change in the final contract amt), included on the c/o.
4. ibu guru says:

   July 31, 2009 at 2:54 am

   Property managers do not do renovations, nor do they supervise renovation contractors. That is well beyond a property manager’s scope of work, expertise and liability.

   Hire and supervise the renovation work yourself. It isn’t that much. Get a plumber to install the new tub, then hire a painter to do that, then the flooring people to put in the vinyl and carpeting.

   Is this your only unit? Or is the only one vacant out of a dozen or more units you own and need managed. If this is your only unit, it makes no sense whatsoever to hire a property manager. It also makes no sense to own one income residential unit when you live 4 hours away. What’s really going on here? Did you have to move and rent out your old house for economic reasons? You can’t afford a property manager. Get the place fixed up & leased out to good tenants & have them direct deposit the check. You’ll only need to check the property every 2 to 4 months if you set it up properly!
5. property investor says:

   August 2, 2009 at 4:30 pm

   Doe het zelf – u moet verzekeren het werk aan uw tevredenheid wordt voltooid.

   Ik kan ook als online &amp adviseren; eenvoudig hulpmiddel om uw eenheid te beheren. It' ll bewaar u bij het tewerkstellen van een bezitsmanager