How much can you trust a property manager???

Question

Thomas S. · Answer

I trust only in my ability to manage and oversee a PM.

You will always need to be hands on involved in managing your PM. You will need regular reports and communication with them to insure they are following all your guide lines. You should be involved in selecting tenants, insuring all maintenance is done to your standard and all money is being wisely spent, you should be involved as much as possible in any eviction proceedings.

Investors should never allow their business to operate on auto pilot. You should know all your state landlord tenant regulations and be able to do all the items listed in Kim's post before you can consider yourself competent enough to manage a PM.

Brad Russo · Answer

Ask your friends and relatives to recommend you a reliable professional.

If you find an agent on the Web, read online reviews. But realize they don’t tell the whole story, since most clients, satisfied or dissatisfied, don’t write reviews.

Thus, interview is the best way to find the agent, who is the best fit for you. And @Kim Meredith Hampton submitted good list of questions.

Chuy Gonzalez · Answer

yelp

Leslie Pappas · Answer

Definitely ask and talk to references/existing clients.

Daren H. · Answer

It is  possible to find a good PM. I am confident I have one. We work well together. She allows me a to "manage" her. I would offer one point of caution, do you really want to be that hands off on a "business" that you own? Owning rentals is a business! There are too many people who fail because they outsourced their probability of success entirely to someone else. Think of athletes for example who get taken by managers, business associates and such because they were not watching the store.

Penny Clark · Answer

@RJ Jackson lots of good answers here already. Even with a great property manager, you will never be completely hands off as a buy and hold investor. I would start by asking other investors in that area who they use and why, go on Yelp and see which PM company scores high with good tenant AND owner reviews. Then when you're ready to interview, start with those questions posed by @Kim Meredith Hampton. I would also recommend you read my blog on Four Qualities to Look For in A Property Manager.

Good luck to you and share your experience!

Kim Meredith Hampton · Answer

Hi RJ,

Here is a blog post that i wrote this last year about questions to ask when hiring a property manager:

How far do you live from your rental property?

How much experience do you have with maintenance and repairs? Do you know the laws pertaining to them

How quickly can you show and rent the property?

Do you understand the ins and out of proper record keeping for tax and the implications of such?

Are available 24/7 for emergencies?

Do you have licensed and insured vendors to maintain the property and take care of emergencies and everyday maintenance?

Are you willing to confront tenants about their rent or complaints filed against them?

Do you how to properly serve a three day notice?

Do you know how to process a claim on security deposit?

Do you know how to file an eviction?

Do you know the rules and/or laws for your municipality or neighborhood HOA or COA?

Do you have the proper forms for applications, leases and complaints?

Do you have a Florida Bank account for the rent and separate account for the security deposit?

Do you know Florida Statutes?

These are a few of the items that are involved in managing an investment property in the state of Florida. Save yourself a lot of stress, Don’t get yourself in hot water, hire a professional Property Manager

How much can you trust a property manager???

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