How Essential Property Management is in Apartment Investing Success

How Essential Property Management is in Apartment Investing Success



The belief that in 2009 the apartment investor can literally get away with murder by either not having a professional property management person on site or in some way is negligent on the property management spectrum. The stark reality is that next to the rents, the property management aspect is top of the list for essentials in the apartment investing market. The average apartment complex has a few hundred units and at the very least, 40 hours of daily work tasks. These tasks need to be done on the occupants schedule not the schedule of the management. This creates a very interesting dilemma for any of the property investors that feel a 40 hour employee on site is either unnecessary or unwarranted. In both aspects this is incorrect. A simple table will demonstrate why this is a reality and a reason to employ a property manager on site, at least part -time.

Four Reasons to hire a Great Property Manager on Site

· Professional Presence: Many Residents Prefer and Expect a Person On Site
· Customer Service Advocate: Professional Approach
· Maintenance Issues: If There is no Dedicated Maintenance Person On Site the Professional Property Manager Will Know Who to Call or Do it Themselves
· Collection: Collector of the Rental Units Dues Very Important

These issues listed above are very important and that list is just a microcosm of the reasons that can be formulated in the realm of property management for apartment investing success. Many other reasons are commonsense related and need no further defining and if they did then possibly there are other investment alternatives in the horizon. The apartment investor realizes all too well that the risk of failure in the business of renting units to strangers is relatively high. The nature of the business screams for the property to be adequately protected with a professional on site during the working hours of early morning to late afternoon. This is just how it is so when the check is being written, for the purchase of the apartment complex, make certain that an additional $40,000 is weaved into the final amount. This will make it that much easier to hire the property manager off of monster or CareerBuilder as the salary will be set in place long before Mrs. Mary Taylor Watkins comes strolling in for her 12 o'clock.

Are There Reasons to Not Employ an On Site Property Manager?

Basically, yes. The size of the apartment complex may be small enough to get away with a part-time, paid, off-site property manager, possibly. The tasks are so monumentally challenging to own and operate an apartment investment that the reasons for not employing a trained professional are almost not there. The apartment investor that is serious about maintaining the integrity of both the rental units and their clients will think very seriously about the hiring of an on-site property manager.

David Lindahl, also known as the "Apartment King" has been successfully investing in single family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights, please go to http://www.davesoffer.com/ezine

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Dave Lindahl - EzineArticles Expert Author