Giving Property Manager Screening Criteria? Rethinking Percentage Payments.
I have owned a 4-plex for less than a year. Recently I just finished rehabbing one unit and now it is up for rent. I am having horrible dreams of our property manager getting the wrong person in the unit and all that work going down the tubes (My property manager is great thus far by the way). What steps could I take to make sure my property manager has the proper tenant screening criteria in place? Any recommendations on conversations I could have with my property manager on how to proceed?
Also, Is there a way to structure payment to a property manager in such a way that motivates them to get the best tenant in the unit as opposed to a flat percentage? Trying to think ahead. Thanks in advance for the input.
-David F.