What to look for in a property manager?

5 Replies

As an investor, I found that many realtors and property managers just did not get it when it came to investors goals.  Result: i just started my own real estate brokerage and property management firm, On Demand Realty.  You can view my PM pages on my site and provide responses to question below.

Question: I know what I am seeking in a property manager, but would like to get pro's and con's from other investors and those in the PM field of what sets the good ones apart from the bad ones in the minds of investors and industry peers.

All opinions are greatly appreciated.

I am a property manager and have almost non-existent turnover of clients. I believe the main reason is my communication. I always let the owner know what is going on at his/her property. Even if nothing has been happening, just collecting rent, I still send them a periodic e-mail stating that all is good. I also really care about their properties. If something needs to be taken care of, I let them know and I take care of it.

If you do these things, you will be way ahead of the rest of the pack.

Originally posted by @Bob Lowry:

As an investor, I found that many realtors and property managers just did not get it when it came to investors goals.  Result: i just started my own real estate brokerage and property management firm, On Demand Realty.  You can view my PM pages on my site and provide responses to question below.

Question: I know what I am seeking in a property manager, but would like to get pro's and con's from other investors and those in the PM field of what sets the good ones apart from the bad ones in the minds of investors and industry peers.

All opinions are greatly appreciated.

Here is a link to a few BP blogs on PMs: http://www.biggerpockets.com/renewsblog/2014/09/27...

Kudos,

Mary

The short answer is the PM is there to represent and advocate for you, keep on top of legal issues, keep abreast of the market, minimize costs, maximize income and minimize liability. 

I am a PM, and hope to resemble the above. I started investing out of town about a year ago and had trouble finding someone like me.

Kathryn

Honesty, they are managing your asset, liabilities associated with it, and your MONEY.

Knowledgeable especially on local issues, local inspection protocol, and landlord tenant laws and restrictions. 

Good Communication, answers the phone or email promptly and professionally. 

All the proper licensing, insurance, ect required for your state.

 Try asking the same question a the same time over the course of separate conversations and write down the responses. 

Hi @Bob Lowry  , I also started a property management company after being dissatisfied with the service I was receiving from PMs I had hired. The more investors that become PMs, the better reputation we (as PMs) will have. As you said, the key to good management is helping your client reach their investment goals; including cash flow, asset preservation and value creation. A good PM can easily create more value for their clients than the cost of their fees, over a reasonable period of time. 

As Michelle Na mentioned, I think professional communication and transparency are top characteristics for a property manager. It is shocking how many people in this industry struggle to return calls and emails to their own clients. 

I just did a blog post on One Key Concept for Hiring a Property Manager - https://www.biggerpockets.com/blogs/5644-rentpros-...

I welcome your comments or feedback. Let's keep in touch and Good Luck!

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