I am a small Landlord and for the last 20 years I always monitor the property to see for any damages that need fixing etc. I use a management company but over the years I KNOW if the owner don’t perform due diligence over his property nobody will so my big Question is.

For the people who are absentee landlord that companies handle all your repairs. How do you take comfort your property is being well taken care off and potential problems needs addressing ?

From a perspective of a LL who is looking to grow my business to the point where I CAN'T physically keep up with detailed inspections: learning to delegate is an important task. I do tri-annual inspections (3x year) inspections where I get inside, do a quick walk-thru, change furnace filters, and check for faucet/drain leaks. I also walk around the entire exterior of the property. My eyes, ears (and nose!) detect many issues a casual PM company who places tenants would never catch!

Most PM companies aren't equipped to go into that level of detail. As NE says, no one cares about your property as much as you do. However, what about finding a young "go-getter" to do your inside inspections. For $25, they drive over, go thru the entire house, note down how many animals, how many people, general condition of the house, then take a picture of the outside? They bring you a filled out checklist and email you copies of the pictures.

DE,

You're just a young 50, not DEAD! (Oh to be 50 again!)

I find LLs and PMs have very differring views of what make a rental home. I'm guessing YOUR standards are higher than others.

When you hire a PM your are getting THEIR standards affected by how busy they are.

Will this work: they keep up the required maintenance (dripping faucets, stick toilets...) and you keep up the extra work such as sagging roofs.

Or write a work order for them to handle these items.

Me? I have a 4 page, 2 column checklist for every turnover. They don't get paid until *I* approve the final product for cleanliness and completion. It's AMAZING the stuff that does not get done by my own crew and I have to make a punch list.

I cannot imagine the condition of my homes if a PM was handling this, or should I say NOT checking and demanding.

We take pride in offering clean, painted, odor free homes ready for move in. We don't lose prospects over condition.

BRAD

Maybe different lists showing priority:

-urgent, habitability during occupancy

-ongoing and preventive maint such as tree limbs, wobbly fences during occupancy

-updates and improvements at turnover such as the countertops and sink look old, remove the old overgrown bushes at the next turnover, "finally time to do something about this" stuff.

I think that even with a PM the owner needs to put eyes on the property at turnover. "Show me what you've done". (translation: justify your bill!)

Also, phone photos from the PM to you are free and simple.

DE[FL],

There is a way to rely on management companies, we (the folks at this site) just don't know how to rely on sn unreliable mgt co.

There are REITs, Insurance Companies, Pensions, Banks and other financial institutions which own 10,000 - 50,000 units, and guess what, they all have management companies.

Great advice and insight as always. Yes my wife tells me 50 is not old as I think BRAD by the way the influx of PR and others have skyrocketed rent here. In one year the PM from $750 may get $895 for a 2/2 half Duplex so yep it’s very difficult to think about selling out quite yet when this is starting to occur. We plan to start handing off many jobs now since it’s paid off for so I can just supervise at this age that’s why you build and sweat equity in your 30 and 40’s. No regrets because all the hard work took us to Italy etc.

Rathdramgal - what is BP ? Another site ?

Landlords in general do a very bad job teaching PMs what is expected.

It sounds like you are very proactive and are taking a long term approach to real estate.....not everyone shares that view. Many owners are more interested in today's earnings and not so much about tomorrows expenses.

What tools do you have to teach that future PM? If the answer is I am not sure - then I would recommend attending the management bootcamp so you can get a customizable tool kit that will help you do what you want to do.