Property Management Questions

3 Replies

Good Afternoon BP,

My wife and i are fairly green when it comes to real estate investing. Since i am in the military we currently have one rental property and it is out of state. We are planining on buying another rental near the orignal. We feel we need to hire a property manager to manage our current property and our future ones as well. What are some tips when searching for property managers or good questions to ask to evaulate our options. Thank you in advance for your time.

David:

I recommend looking at NARPM.org for property managers.  Start by looking for ones with lots of credentials.

Originally posted by @David L Castro :

Good Afternoon BP,

My wife and i are fairly green when it comes to real estate investing. Since i am in the military we currently have one rental property and it is out of state. We are planining on buying another rental near the orignal. We feel we need to hire a property manager to manage our current property and our future ones as well. What are some tips when searching for property managers or good questions to ask to evaulate our options. Thank you in advance for your time.

Good question, David. 
Just like many other things in life, bigger isn't always better. Don't be afraid of trying out a smaller PM company as they can typically offer you better (individualized) services. As a property manager in CT with clients in WA, NY, TX, etc. my clients love how easy it is to reach us at any time with a quick text, email or call. If when you are researching PMs you find that they are only open during "business hours" I would recommend passing. Most "issues" at the property don't happen during business hours, as tenants (hopefully) have jobs too!  

In terms of fair questions, here are a couple I suggest:

1- Do you upcharge service calls from plumbers, contractors, etc. 

2- What is your average vacancy time when filling a unit?

3- What are your fees? Is it a flat fee, or a % of gross rents?

4- What is your brand differentiator?

Let me know if you have any questions, I'd be happy to help!

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