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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
2/17/07
PROPERTY MANAGEMENT
1. A good property manager doesn't take the first yokel that wants to rent the place.
2. He/she has a plan of action to get tenants, he has a clearly itemized - who is responsible for what - contract with his owners and one with his tenants.
3. He must have a reviewable business plan. Ask your manager for his.
4. He has a written budget outline - income projection - timely collection of rent - expense control - establishing rental value.
5. Clean, simple accounting and maintenance.
6. He also has to show you the operating procedure he employs for maintenance.
7. You should also inspect the property with your manager together and meet the staff he employs (you may like him but shudder at the employees). What's his regular (weekly, daily, monthly) inspection routine?
Do this all up front. Have a written understanding of your relationship - small building or large - and you have a basis to measure actual performance against promised performance.
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