Property Manager/Project Manager (tenants, price, inspection, contractors)

[Shikaka805]

I have posted on this before, but decision time is coming up!

My boss offered me a free apartment in a 30+ unit apartment building he is going to renovate if I become the Property Manager/Project Manager. Basically I would do everything a property manager does, make sure the renovations go as scheduled, but also come into the office like I do now (my hours in the office would decrease since some of my time would be onsite at the property).

Anybody have advice on being a Property Manager and/or Project Manager for a renovation project on apartment building?

THANKS!

[K'ledgeBldr]

Forget about the apartment- for a moment.
Do you have project management experience at apartment rehab'ing?
It's basically a 10-12 hr day, 5 days/wk. And 4-5hrs on Sat. Now, can you do that, and manage the "property"?
What's the extent of the rehab?
What's the time frame for completion?
How many vendors, suppliers, sub-contractors will be involved?
Will the local county/municipality be involved with the inspection process- or will you be able to obtain a private P.E. for the inspections?
I could keep going- but I hope you get the idea.
So, is an apartment worth what you should be paid for doing this project?

[Shikaka805]

It is a renovation of the common areas and two thirds of the units. Permits are not going to be required for anything, mostly cosmetic (flooring, painting, appliances, tiling, adding signage, doors, molding, wrought iron, clean up). The project will take about a year, but he said I don't have to stay for the whole project.

He also clarified he wants me to still come in the office, so I will not be onsite the whole time. Wake up, check on the vendors and everything, and then go into the office. I know extra time will be added on simply for being an onsite manager (showing vacant units/arraning repairs), but I am trying to make an educated decision.

I have some experience in renovation and a solid amount of experience in management. I have just never been an on site resident manager.

[K'ledgeBldr]

By your own take on the situation- I don't think it's for you.
You may have the property management thing down-
But I think your strongly lacking in the project management area.

[jim kelley]

Hea, If you have never been a builder manager but you have the skills of a manager type its best to explore those things more. First get a real job discription to go by, second explore what this means and maybe go out and meet a Building manager for lunch, or just go for the quick talk. Then sit by the fire and have a beer thinking of what this would be like each day? Its not like you are the trades person, but you are the guy that will be overseeing the work done by vendors. This could mean that you need to know what to do hands on and what to expect as the job is in process, you become "the man" and when you see something not so so, you need to stop and ask them to re do or make changes, perhaps fire some joker that does poor work. Afterall you are the eyes of the company, if its poor, its on you to have not done something. Some things come to mind that would be good. Look at some videos of what the work sould be like "HOW to tile, plumb a sink, paint trims and carpet. as examples Read up on the subjects, talk over the ideas with your boss. Check out the budget, he may be paying so low that you will get low quality work. Its the money that will drive the work! Quality workmen know what to do they do work at its best when paid properly. Get to know the sub-contractors and talk about the work and the jobs as they are doing them, you will find they will respect you more and do a better job, even not require you to come over as much to check. Get references for the contractors and the work that they have done, require that they post a bond if necessary ie, alot of work means alot of cash, they will do the best jobs when they can see that the work is their and that the pay is right. Look for sloppy workmenship, less steps shortcuts and partly done work means poor quality! Make things clear from the begining! Get your boss to back you up when times are needing advise and don't allow outsiders to mess up your employment, afterall you are an employ yourself following the bosses directions. Look for the best work for the best price, good work costs, yet, contractors will in most cases have a good idea what to charge, by the foot, yard, gallon, even hourly. If you are the manager that you say, you can pick up on the bull, so with that in mind, your workers will know how you think, work and meet, expecting things so so, they will work fine. Management of trade work is special in that you not need to manage so much, but you need to understand expectations and quality when you see it. Part of this can quickly be learned by doing, reading or VCR, dvd all can be gotten in one visit to the liabary. I segest you have a few moments to invest before you jump into this job especially if it going to be for a while. You want this to last for you and to do a good job for the boss, continued down the road employment and a relationship will most likely occure if all is well and perhaps you may have to do this at anouther point of you employment, som in all its experience that you will gain not just a job. Again being in the feild gets you out of the office while some people wish to stay in the compounds of the office, a major consideration. I wish to think that to best round yourself you would want to be able to do bouth, if you have experienced it, then you can say if you like it or not. Its all on you, work is work, some dirty some clean, and in this case grouth can be GOD, who knows perhaps you are heading for that promotion, bigger step to higher levels of management and your boss is setting you up for the oppertunity.
Good luck,

[mgrjenny]

You posted this weeks ago, did u take the job. I think everyone probly scared you, but I dont think 30 units is a big place to run and manage as long as you have time during the day, to run it, which it sounds like you would. If your a people person and can handle contractors with ease, you should be fine. Renovation on this place shouldnt be too hard, your probly just there to oversee that contractors do the work on time, if there suppose to get something done by the end of the week, your there to ride there butts and be sure it gets done. And who wouldnt love a free place to live, that will help your monthly living expenses ALOT. I say go for it, but make sure boss knows your unsure if youll like it and have option to stop, if it dont work out and you wont lose your regular job over it...I would do it if I lived in CA, I am looking for that type of job in MN and not having much luck.Good luck, I would love to hear what you decided and how its going...

[Barking Spider]

I noticed you are in Thousand Oaks. You may want to check with the local building dept., because they may require permits on some of the work since it is a commercial building.

[Shikaka805]

I took the job and so far things are going well. Basic repairs and maintenance, but that is it! I'm just dreading the time a big repair/emergency pops up in the middle of something important. Also, it's not a lot of extra time, but rather it's inconvenient times. I may only work an extra 10 minutes a week than I normally would, but then that extra 10 minutes is in the middle of a Saturday...showing somebody a vacant unit. Besides that I cannot complain because I saving lots of money.

My advice is to find a building with good tenants. Good tenants are usually in a good neighborhood. My coworker is a resident manager, but in a different part of town with harder people to manager. I would probably do this again, but next time probably with a smaller building.