Where to begin looking for a reputable property mgt company?

Question

Hello ,

I live in Burleson , Texas and will like to eventually upgrade to a slightly larger home (nothing terribly fancy ) but keep my current home as a rental property .

I'm sure I could be my own landlord if I really wanted , however I am inexperienced and I'm not willing to let my free time be consumed by common rental property headaches.

I do keep my property in good condition and I bet I can manage whatever repairs that will pop up in the future if tenets occupied it.

So my main two questions:

1. Where's a good place to start to look for reputable property management companies?

2. Do companies allow landlords to have a more hands on approach (In the interest of saving the landlord money) by letting the LL manage simpler tasks (collecting rent, managing repairs) while the Company manages more complex tasks (tenant screening, evictions, handling other legal stuff )?

I think the answer to my second question is yes. I'm not sure if this is a common practice. I do like to save money when I can but don't want to be bothered by excessively frequent problems.

Bonus question:

In general, when a home is damaged by tenant negligence or a simple accident (ie towel bar is accidentally ripped out leaving a hole in dry wall) , who is ultimately responsible for paying to fix that repair? Me or the tenant ?

Thank you so much ,

Chris

Ryan Werner · Answer

I was just listening to an episode of the BP Podcast (forget which one) but the person being interviewed started the search for a property management company by calling all of the local property managers as a prospective tenant. This allows you to see how they handle potential tenants, if they answer the phone, schedule a showing and seem knowledgeable about the property they may warrant investigation to use as your manager.

The guest was amazed at how bad the ads were for many companies and how many never even called him back regarding the units. The PM must handle the tenants well otherwise the unit will go unrented and you will lose money. This is the strategy I plan to use when I begin the search for a PM.

Brandon L. · Answer

@Christopher Ward at local REI meetings. It might take some time to weed out the good groups from the bad, but time will be well invested.

Also you might be able to get some decent referrals from BP members in your area right here on BP.

Christopher Ward · Answer

Thanks Brandon. Where's a good place to look for other investors ?

Brandon L. · Answer

@Christopher Ward I would get referrals from other investors in your area that have properties similar to yours.

Christopher Ward · Answer

Thanks . Will do

Robert Melcher · Answer

I'd visit NARPM find local members. We have an office that serves your area, if you would like an intro. Our service is all-inclusive. Normally, the tenant would be held responsible for repairs like your example.

Where to begin looking for a reputable property mgt company?

Where to begin looking for a reputable property mgt company?

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