Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
8y
You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!
Alexandria, VA · Member since 2018 · 36 posts · 7 votes
8y
@Nathan Gesner Nathan, Thank you very much for the "basic" guide"; Sounds more like gold to me. I sure will be reading this several times as I go about my process. Thank you again and my best wishes to you.
Rental Property Investor · Fuquay-Varina, NC · Member since 2013 · 381 posts · 308 votes
8y
Hey @Michael V Akbar I am using @Lisa Doud's company - Doud Realty. I have them managing a 40 unit in Portsmouth, and they are doing a great job. They know Norfolk and Portsmouth very well and were an incredible value to me while evaluating properties to purchase, and have been highly efficient since we closed in May of this year. Feel free to reach out and I'd be happy to share more details.
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