By: Dennis Norman
Irving Blue, CPM
In part one of this series I gave you some background information on Irving Blue as well as the first part of my E-View TM with him. Now we’ll pick up where we left off.
Professionally, Irving serves or has served on various committees/organizations including: Intstitute of Real Estate Management (IREM), St. Louis Area Real Estate Professionals (SLAREP); 100 Black Men of Metropolitan St. Louis and the American Planning Association. More on Irving in future posts in this series.
Now we’ll continue with the E-View TM :
Q-What are the common pitfalls you see when people decide to manage their own properties?
A-The most common pitfall to self-management is accountability and limited resources. Property management companies are selected because management services to tenants and owners are the base of business operations. Consequently, management companies are trained, accountable and regulated by federal, state and local laws.
Some of the common areas neglected or misrepresented by self-management investor/owners are: security deposit utilization, leasing or advertising discrimination, failure to comply with federal laws concering lead paint disclosures, handling of evictions and scheduling routine maintenance.
Q-When you (or another typical property management firm) manage a property what is left for the owner to do, if anything?
A-Services typically provided by a professional property management company includes: accounting (including all accounts receivable and accounts payable), scheduling of and supervision of property maintenance, preparation of management reports to property owner on a regular basis, handling unit “turn-overs” including handling of local housing or occupany inspections, scheduling utilities, leasing up units as needed and facilitating regulatory adherences.
With a comprehensive property management agreement, such as the one my firm provides, there is really very little left for the owner to do on a daily basis.
To contact Irving Blue direct you can reach him via email at IBlue@BlueServices.US or by phone at 314-324-0272.
Watch for part 3 of the E-View TM which will be posted over the next few days.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.