Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
Hello BP community, My fiancé and I are new to the investment property field. However, we recently bought property in Fort Worth TX, and want to continue investing but we want to find a new real estate agent that can help us with setting up our rental property once the deal closes. We live out of state but we feel the real estate it’s not meeting our needs. Any suggestions??
Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
7y
Adriana,
Check out the National Assocation of Residential Property Managers website, look under find a property manager. You can then look by state and area. Look for managers with special designations like, RMP, MPM, these are your most experienced and will be able to help with all your investment and real estate needs
Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
7y
Adriana,
Check out the National Assocation of Residential Property Managers website, look under find a property manager. You can then look by state and area. Look for managers with special designations like, RMP, MPM, these are your most experienced and will be able to help with all your investment and real estate needs
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
I agree with Kim that you should start with NARPM to 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. Regardless of how you find them, try to interview at least three managers. Another option: look for a local real estate investors group and try to get personal recommendations from successful, proven investors.
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 addenda. 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, late rent, evictions, turnover, etc. 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.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
Thank you very much for that valuable information. I will definitely look into that site. I’ve been doing some of the property management, however, everytime we buy property our real estate agent help us w/ the rehab and putting out the property for rent. I feel he doesn’t really care because I make suggestions and he gets bothered and does his own thing. That’s why we need to find someone who can help us make this process a much better experience by wanting to do the work and not taking 3-4 hrs to respond our messages. We live out of state and maybe that’s why he knows we’re not checking up on him. He does the deals and everything but when it comes to getting the property ready I feel he drags his feet. I want to learn how to manage my property but I still have a lot to learn. Thanks again for your great info!
Thank you so much for the great information. I was reading your recommendations and definitely will look into it. It’s a bit difficult since we’re in Calif. and our investment property is in Fort Worth TX, but I will definitely research companies that provide the services. I manage the property, however, when it comes to the rehab after the deal closes is when our real estate drags his feet. We decided to invest with him because we were referred by other people that they invest with him out in TX. But I feel when its time to find someone else because honestly I do the research and I look at the demographic area, and look at schools, rents, value of properties and I feel I just bring him the property and all he does write the offer and submit. I have been thinking of going into real estate. I feel I am starting to have a lot of passion for it. I like to help people, and I will love to continue our business but I want to learn the business well. My fiancé and I are trying to succeed in this field, but we need to put a good team together. Next year we plan to invest in 2 more properties but with someone new that can help us w/ the entire process.
Property Manager · San Antonio and Austin, TX · Member since 2016 · 377 posts · 380 votes
7y
Simply put - hire a Property Manager as the Realtor to help you find and purchase the property. By hiring an outside Realtor who does not handle the property after closing - you are possibly dealing with someone who wants to make a one time deal at any cost. A property manager, especially a NARPM member, knows that they need to find you something that fits your needs - AND - they can manage for a long time. In other words, they are not going to sell you a piece of crap and then be stuck managing it!
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