Property Manager as another filter

[nepoez]

Hi Investors,

I have previously talked about how I`m stuck at the stage of identifying rent. Since then I`ve thought of adding something as part of the process. Please let me know your feedback and constructive criticism.

So assuming I have found some properties that will work out in my analysis sheet if the rent is around $1300/m. So I go and do my reasearches on rental sites and inquiries to bench mark my target. In addition to that I`m hoping I could build a relationship with a property manager so that they can help identify or give recommendations of what they will rent it out for if I were to invest in it. As we are assuming that all other factors have already been considered, and that rent is the last factor, if the PM estimates a rent that will work out for me then I can move on to the next step which is placing an offer, then inspections and all the other fun stuff. After that I will employ the PMs service to manage the property(ies).

Is this a realistic process? Perhaps no PM will want to do that kind of work unless I already own the property and ready to use their service. I`ve contacted Libertas PM and got a reply of what they do. I then proposed what I said above but never got a reply

Thanks,

Newbie

 

[BobHudson]

I would expect that a good property manager who believes that they are going to get some new/additional business would be willing to share with you some inside knowledge of your target area.

Arrange to meet them face to face if you can; don`t depend on a phone call being returned or e-mail. From your point of view, you can look at it as if you are interviewing them. How much do they know about the target area? What factors affect rent in that area? How quickly can they find tenants in particular styles of rental properties?

Also, don`t discount the value of other sources, including real estate agents who understand the local market, current rental listings on the web or in the local paper, other investors in that area, information from the City or Town hall, landlord associations, CMHC, etc.

 

[nepoez]

Unfortunately I live in Vancouver so meeting face to face might not be as easy. I`ll check out some other resources you suggested though.

Thanks!

QUOTE (BobHudson @ May 18 2008, 01:49 PM) I would expect that a good property manager who believes that they are going to get some new/additional business would be willing to share with you some inside knowledge of your target area.

Arrange to meet them face to face if you can; don`t depend on a phone call being returned or e-mail. From your point of view, you can look at it as if you are interviewing them. How much do they know about the target area? What factors affect rent in that area? How quickly can they find tenants in particular styles of rental properties?

Also, don`t discount the value of other sources, including real estate agents who understand the local market, current rental listings on the web or in the local paper, other investors in that area, information from the City or Town hall, landlord associations, CMHC, etc.

 

[Thomas Beyer]

QUOTE (nepoez @ May 18 2008, 12:46 PM) Hi Investors,

I have previously talked about how I`m stuck at the stage of identifying rent. Since then I`ve thought of adding something as part of the process. Please let me know your feedback and constructive criticism.

So assuming I have found some properties that will work out in my analysis sheet if the rent is around $1300/m. So I go and do my reasearches on rental sites and inquiries to bench mark my target. In addition to that I`m hoping I could build a relationship with a property manager so that they can help identify or give recommendations of what they will rent it out for if I were to invest in it. As we are assuming that all other factors have already been considered, and that rent is the last factor, if the PM estimates a rent that will work out for me then I can move on to the next step which is placing an offer, then inspections and all the other fun stuff. After that I will employ the PMs service to manage the property(ies).

Is this a realistic process? Perhaps no PM will want to do that kind of work unless I already own the property and ready to use their service. I`ve contacted Libertas PM and got a reply of what they do. I then proposed what I said above but never got a reply

Thanks,

Newbie

correct .. research research research .. around the SAME area for the SAME type of property .. until you are an expert in that sandbox ..

ensure you don`t waste too much of people`s times for one purchase .. as property managers are pretty busy these days .. and many refuse new clients .. be mindful that you have to sell them on why they should take you on to make another $120/month for them (say 10-12% of rent collected)

see also here: http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html