Property Management

4 Replies

I'll be closing on my first deal soon. A duplex in the Gentilly area of New Orleans.

I'm posting to see if anyone has any recommendations for finding a Property Manager.

I work offshore which makes managing myself very difficult. 

@Chace Mott  Congrats! Here are a couple of general suggestions and things to watch out for:

1. Inquire about their entire scope of services.  Understand what is included (pay bills, showings, leasing, visiting, noticing, evictions, etc.)

2. Ask for a fee schedule.  It's very common for management  companies to bait you with a low monthly % of rents...only later to discover the additional fee services or that they contract or use their own employees at an inflated rate.

3. Read their agreement and provide yourself with an out based on their performance.  In other words, don't sign a 12 month agreement with a PM without identifying each party's duties and responsibilities.  You should be able to terminate the agreement based on their lack of agreed upon performance.

4. Ask for referrals of some of their clients that have similar sized or types of properties.

5. Check social media and other online Yelp-type of review websites.  Keep in mind usually tenants only post on those when there is something wrong.

That should get the juices flowing anyway...best of luck to you.

One other thought I forgot to mention for you specifically would be to make sure they are using cloud/web based property management software.  This will allow you to remotely 24/7 check in on the financials, download invoices, run reports at any time.  

Check out www.narpm.org     You should be able to find a top pm here

Did you find a Property manager you are happy with?

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.