What properties won't I manage? 3 P's of Property Management

Tiea Vincent - Wednesday, October 7, 2020

My name is Tia Vincent and I'm the broker and owner of Roundtable Property Management. I get asked a lot. Do I manage every property or any property, and if not, what properties won't I manage? So here are the three things that I consider when taking on a new home for management. I call it the three P's of property management.

  • P number one is property.

    What is the condition of the property? What is the location of the property? Is it a newer home or was it built before 1978? Has the home been maintained? Does it have an active tenant? Not an active tenant.

  • The second P is price.

    You've heard me say it before. The home could be a great property, but if the owner wants a price, that's what more than what the market value is. It's just not going to rent. Sometimes you can push the market, especially if there's not very many comps out there that are against you. You know, the home's worth eighteen ninety five, maybe go to 1950 to see what you can do. But if you're asking two or three hundred dollars over the value, the home's not going to rent. And so we're just not going to be able to work with you.

  • The last P stands for people.

    You can have the perfect property, the perfect price. But if you have the wrong owner and you don't see eye to eye, you're just not going to be able to manage that property efficiently. If the owner is the one that's driving the price or the owner is the one that wants to screen the tenants or the owner doesn't want to maintain the say it's got a roof leak or the AC has gone out every three weeks for the last six months and that owner just doesn't want to spend the money to replace. That's not a property that we would want to continue managing.

So I always ask myself, property price people, if all three line up, that is a perfect home for us to manage. If you have any questions about what homes we will manage or if we'll manage your home. Feel free to give me a call. My name is Tiea Vincent and I'm the broker and owner of Roundtable Property Management.