I’ve Been Self-Managing for 10 Years: Here’s How I’m Interviewing My 1st Property Management Company [Video!]
Hey there, BP! So believe it or not, I’ve been in business for 10 years and never had to hire a property manager. We have been able to do that by keeping it close to home with investments inside of a 30-minute radius of our office. We’ve made a strategic decision to move forward this way and have done well with it. As a result, we have learned firsthand what works and what doesn’t, mostly because we did what doesn’t work in the beginning!
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That being said, we are expanding our portfolio to areas where managing ourselves is not possible. We currently have a 49-unit building under contract located two hours from our office. We are really excited about the opportunity, but it puts a task on our plate for the first time — having to hire a property manager. As we’ve done it for so long ourselves, we have a pretty good idea what it takes to manage real estate.
In today’s video, I talk about an interview I had with a potential property manager for our new purchase. I share some important questions I asked and what I learned from their answers.
So we are still interviewing, and I’d love some feedback on this. What did I miss? What are YOUR most important factors to consider from a property manager? For those of you out there that have a successful management company running your rentals, what do they do well? Any management horror stories?
I look forward to your comments!