Property managment info

4 Replies

I'm looking for info on what the role of an out of state property manager is. What would be there responsibility and what would be mine?

Originally posted by @David Goldberg :

I'm looking for info on what the role of an out of state property manager is. What would be there responsibility and what would be mine?

Property Managers functions are pretty standard. Advertising the property for rent, Collecting the rents,  Dispatching professionals to carry out the repairs, Occasional Eviction.  The role of PM doesn't change just because you are out of state, but it definitely brings it to forefront.  When you are out of state, you can't just jump in the car and go do what PM should be doing. 

What you are looking for is someone who is knowledgeable, trustworthy, efficient, and an excellent communicator. I will never invest into OOS property unless there is a vetted PM to look after the property.  

Your responsibility is to ensure that PM does his/her job, and let them do their job.. You need to delegate, but not be disengaged at the same time. 

Is there a good step by step vetting process  when it comes to a pm. For example, Brandon turner put out a video the 4  steps to great tenants.

Originally posted by @David Goldberg :

Is there a good step by step vetting process  when it comes to a pm. For example, Brandon turner put out a video the 4  steps to great tenants.

 References from other landlords (possibly investors) is the only way to vett a good PM. It doesn't work like vetting a tenant. 

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