Why you need a professional property manager

By: Dennis Norman

Irving Blue, CPM

So why would you need a property manager to handle your rental properties?  Afterall you are an active investor and are capable of managing your units…plus why spend the money?  These are all good questions and just part of the dilemna for many landlords. 

On the flipside, are you getting sick of the late night phone calls about a clogged toilet, dealing with collecting rent,  trying to keep up with the books for your rental property business and still have time to run the business? 

To address some of these issues and explain exactly what a professional property manager can do for you I did an E-View ^TM  with Irving Blue, the well-credentialed owner of a property management company in St. Louis. 

Irving took a lot of time and really gave some very thorough and enlightening answers to my questions therefore I am going to post the E-View ^TM  in a series of Posts.  With each post I’ll start with a little more background on Irving.

To begin with Irving has an impressive background and brings some great experience to the table.  Irving has a Masters in Urban and Regional Planning and has coordinated planning projects and implemented development initiatives in Tuscaloosa and Decatur, Alabama; Kansas City and St. Louis, Missouri; Jersey City, New Jersey.  Irving is also a licensed real estate broker in Missouri and has obtained his CPM designation (Certified Property Manager) from the Institute of Real Estate Management.  More on Irving in future posts in this series.

Now for the E-View ^TM  :

Q-Why do you think investors, even those with only a couple fo rental properties should use a professional property management company?

A-The field of property management has and continues to develop beyond just rent collection, basic maintenance, and tenant selection. Owners and investors are more sophisticated, knowledgeable, suave, and consequently, realize that the value of professional property management services must include: reporting on status of both physical property and tenancy, maintaining fiscal records, adherence to owner goals and objectives, responding to tenant inquiries and services, and adherences to federal, state, and local governance.

Selection of a property management company vs. self management is predicated on transfer of responsibility and understanding limitations. When selecting a property management company, owners/investors should be identical to preparing a partnership agreement or business plan. Both the investor and management company have a responsibility. Successful partnerships are derived with clear and realistic goals and objectives. Additionally, understanding strengthens and services of the management company are vital.

Owners/investors own property for one reason – as a financial investment.

An experienced property management company with comprehensive management expertise can enhance the value of your real estate assets and make the most of your portfolio. Research shows that owners and investors place the highest value on the individuals or companies that have CPM designation compared to all other credentials in the industry.