How to screen Property Management Companies?

Question

Hey everyone,

I am looking to rent out my first property, and am wondering what kind of criteria/questions I should have prepared when screening Property managers. In the long run I'd like to do the management myself, but being my first go-around I have decided to go with a Property Manager. Any suggestions?

Ran Fridman · Answer

Hello, Josh! Congratulations on renting your first property.

When screening property managers for your first rental, consider these key questions:

How long have they been in property management?

What types of properties do they usually handle?

What services do they provide for property management?

How do they handle tenant screening and selection?

What are their management fees, and are there any additional costs?

How often will they update me on property status and issues?

Can they provide references from previous clients?

I hope that it will be helpful for you in some way. Good luck!

Michael Smythe · Answer

@Josh Haney search here on BP for a three part series we did on "How to Screen a Property Manager better than a tenant"

Can't share the link because one of the over-active moderators will chastise us for "self-Promotion":(

Dennis McNeely · Answer

I'm about 50 /50 when it comes to using a property manager. I tried one manager that was highly rated (according to her reviews), and who seemed to have it together when I interviewed her. Things rapidly went south when she couldn't understand why I needed to have income / expenses reported independently for each unit though. Really??

I also had an online service fall apart on me (Nestegg).

In both cases it was a bit of a pain to try to unwrap the problems the PM created.

I did finally score with a PM in Manatee county, Florida for a duplex we have there. He's been gold, which is great since we're in Michigan.

My next venture has been with Innago, but I don't have enough experience with the software to be able to comment on the good, the bad, or the ugly.

One other thought - avoid PMs that ask for an on-boarding fee. IMHO,they should be earning their keep by managing your property, not by simply collecting money from you before they've done any property management.

Best of luck with it!

How to screen Property Management Companies?

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