Ok, BiggerPockets people, question for the week:
What is the best way to vet out of state property managers in order to ensure that, as an out of state investor, one selects the most appropriate property manager? All information from anyone knowledgeable regarding this topic would be great.
Hi @Robert Perez and welcome to BiggerPockets!
I work with a number of out-of-state and overseas investors, all of whom would readily agree that their relationship with a quality property manager is the single most critical factor in their investment success.
As with most things, the best way to vet a PM is to get referrals from successful investors doing what you plan to do yourself, interview candidates thoroughly and then make an informed decision.
Depending on which U.S. markets you are considering, I might be able to make some suggestions. DM me here if I can help.
@Robert Perez For me it has been putting in the time and effort upfront (for several months) meeting them in person, touring their properties and building relationships with them. The first thing I did was interview as many PM's (through referrals) as I could and narrowed down to the top 3-4 that I felt comfortable with after my first interaction with them. From there it took several phone calls and market visits over the course of 4-6 months until I finally landed on the PM I wanted to go with. I know it may seem like a lot of upfront leg work but PM's will make or break your deal and it's important to go with the right one. As they say, fire fast and hire slow.