Investor · San Diego, CA · Member since 2012 · 309 posts · 18 votes
Hey guys!
I am looking for a property management company. And here's the types of property manager (PM) I found:
#1 PMs that do residential prop mgmt only, but have their own RENTALS in the area.
#2 PMs that do residential prop mgmt only, and NO personal rentals in the area.
#3 PMs that do both residential prop mgmt AND REAL ESTATE SALES
Real Estate Investor · Hampton, VA · Member since 2012 · 562 posts · 109 votes
13y
I would have to ask a few more questions..to me what they own/sell in the area would not be as important as a few other questions:
How do they handle emergencies, invoices?what would they consider an emergency?
The fee for property management? What does the fee include?
How do they handle non paying tenants, late payers, pay or quit, eviction, court dates and things of that nature?
Rental screening process?
Marketing and tenant selection-do you as the owner have a say so?
Credit/court document review, rent collection and how do you get the rent
Property inspections (quarterly-every 3-4 months)
Pets policy and verification of income
Just to name a few of the other concerns/question I would have prior to hiring/contracting any PM
Real Estate Investor · Hampton, VA · Member since 2012 · 562 posts · 109 votes
13y
I would have to ask a few more questions..to me what they own/sell in the area would not be as important as a few other questions:
How do they handle emergencies, invoices?what would they consider an emergency?
The fee for property management? What does the fee include?
How do they handle non paying tenants, late payers, pay or quit, eviction, court dates and things of that nature?
Rental screening process?
Marketing and tenant selection-do you as the owner have a say so?
Credit/court document review, rent collection and how do you get the rent
Property inspections (quarterly-every 3-4 months)
Pets policy and verification of income
Just to name a few of the other concerns/question I would have prior to hiring/contracting any PM
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
13y
It is more complicated than that. I initially started off feeling I couldn't choose a manager that had their own rentals because they'd focus their time on theirs, not mine. The one I ended up with in WA State has their own rentals, but was the best fit for me there, and has worked out very well. The one in NC does not own rentals, only manages, including apartment complexes. They are good, too. What I will not do is the real estate agent that manages properties and sells, especially if she is on her own or just using assistants, no other licensed property managers on staff. That was a complete disaster -- she did try hard, but just too overwhelmed, as her family emergencies and sales were more important than her property management.
Property Manager · Big Bear Lake, CA · Member since 2013 · 585 posts · 330 votes
13y
My guess is that you are concerned that the one with their own rentals will be more focused on renting them over yours. In my experience people always call about a particular house, and even if the manager pushed their own house on them, they will rent the one that they like the best. So, I really don't think that is a problem at all. I think you can go with either #1 or #2.
I don't recommend #3. Most people that I have come across that sell and manage are just managing while the economy and sales are slow. As soon as it picks up, the management part gets forgotten about.