just starting out…where/how do I find a good property manager in my
area? (Tampa Bay).
Also, what should I specifically looking for? what do I need to avoid?
what do I need to ask?
A bad property manager can ruin a great investment and a great property manager can turn a very mediocre one into a cash cow.
Amongst other things, your management company should be responsible for:
A professional who manages your portfolio and your tenants well over a number of years is worth his or her weight in gold. The majority of property managers charge additional fees for placing a new tenant or renewing the lease of an existing tenant, so you should make yourself aware of these and input them into your calculations.
Your property manager is your eyes and ears on the ground so it is very important that you develop a good working relationship with them. They work for you so do not be afraid to ask questions and seek advice, but be polite and respectful.
Make sure your management company has a track record of keeping both tenants and landlords happy. Make sure they know the areas you are looking at. Request references from other investors and ask for a copy of their license.
I am assuming single family homes?
In my opinion, you match the asset class to the manager. I see single family managers take on commercial and I cringe at how they handle the properties. I have never seen a commercial manager try to take on SFR's, but if they did, I would think the results would be equally bad. Multifamily +50 units is a specialty all on its own. There is a lot of overlap in the smaller multi's and single families, though.
THANK YOU for the advice
Can anyone send me property managers that a reputable in the Northern Virginia area?
I have one I highly recommend, been using him for 10 years and he covers Port Richey to Sarasota, just PM me for details
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.