Real Estate Broker · Apopka, FL · Member since 2017 · 492 posts · 528 votes
8y
@Kim Meredith Hampton would be great to help you out on Central Florida property management. Check out her website at LeasingOrlando.com and she's got honest prices listed out in the open. I've learned a ton from her posts here on BP and have called her to pick her brain on market rents in specific areas I'm not as familiar with and have limited MLS rental data in Orlando. She seems to be the local PM expert in these parts :)
Real Estate Broker · Apopka, FL · Member since 2017 · 492 posts · 528 votes
8y
@Kim Meredith Hampton would be great to help you out on Central Florida property management. Check out her website at LeasingOrlando.com and she's got honest prices listed out in the open. I've learned a ton from her posts here on BP and have called her to pick her brain on market rents in specific areas I'm not as familiar with and have limited MLS rental data in Orlando. She seems to be the local PM expert in these parts :)
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
8y
You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!
Real Estate Broker · Apopka, FL · Member since 2017 · 492 posts · 528 votes
8y
@Nathan G. that was such a thorough write up! Good points for any investor to consider when selecting a PM, and I especially like the warning to take negative reviews with a grain of salt....wouldn't have considered that immediately.
San Diego, CA · Member since 2018 · 4 posts · 2 votes
8y
Thank you Nathan! I'm interviewing a few this week and next and have my set of questions much like the ones you provided above. Really appreciate all this info!
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