4 PMs and 600-700 rent roll?

[jennyn]

A prospective PM said they have 4 full time property managers and a rent roll of 600-700. I've done a quick search for rent roll on the forum but couldn't find any obvious matches to this question.

Is that a reasonable amount of PMs for a rent roll of that size or is the rent roll too large?

 

[Kristine..]

Hi Jenny

http://www.ebc.com.au/product/product.asp?loc=4.26.209

This link takes you to EBC - Benchmarking Real Estate.

The 'average' number of properties managed per each property manager varies between 80 - 192.

This mainly depends on the overall size of the Agency.

Hope this gives you some 'benchmarks' of your own.

Cheers

Kristine

 

[bundy1964]

My resident PM does 75 and he says that is enough for him.

10 would be about right for me one day

bundy

 

[Pamela Yardney]

Originally posted by jennyn
A prospective PM said they have 4 full time property managers and a rent roll of 600-700. I've done a quick search for rent roll on the forum but couldn't find any obvious matches to this question.

Is that a reasonable amount of PMs for a rent roll of that size or is the rent roll too large?

The figures you are quoting are around the industry average, but to make them meaningful you must know a few other things.

I know of property managers that look after 250 properties and cope well. That is becuase they have administartive assistants, to do a ot of the leg work, leasing assistants and accounts people. Others without compaay support may not cope with100 properties, wspwcially if they are spread out geographically.

To understnd more about this and to find 12 probing questions you can ask you prospective property manager have a look at this report:

http://www.metropole.com.au/reports/bonus_report2.htm

 

[Carolyn]

Pamela
thank you for that link, was grat to have a process to go through when "interviewing" PM's.

I also don't like to go with small offices with only one PM, because if they leave everything seems to fall apart. If there is an established team of PM's then they can carry things a lot better.

(unless if that 1 PM is the owner, she/he is probably not going to be leaving in a hurry).

I have also learnt that you have to be very clear about your expectations. I am fairly demanding ,because like most of you, I don't want average results for my properties. Most people are not like us and as long as you explain what you require to your PM then you both have an understanding of expectations - because I bet we want a lot more out of our places than 80% of their owners. Then we have given them the opportunity to "step up to the plate".

My new PM in townsville even offer a service guarantee with a committment to what they will deliver or money will be refunded!!