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Updated almost 4 years ago on . Most recent reply

Question on selecting property manager
Hi All,
We are close to making our first OOS rental property purchase and now we are looking for a good property manager around the area. We have shortlisted a few but it seems they're more inclined on doing a handshake deal instead of a formal written agreement.
We are new to this so we really don't know how this is done. Is it normal to do a handshake deal with the property manager?
Any help or suggestion would be appreciated. Thanks
Most Popular Reply

We have two property managers, one is run as a formal business and we have a signed agreement. Another is much more unconventional and all we have is a discussion over coffee. I was assured I could quit whenever I wanted, a local politician has all his properties with her, and she has a solid reputation in the area, so we rolled with it. They have both been great, no regrets with either. Yes, it's better to have expectations documented, but trust your gut.