STR property manager qualifications
Morning! When searching for a property manager what are some of the green flags you look for during the interview process that signals this person(s) would be a great property manager. Alternately, what are red flags that tells you to pass on them. Lastly once you have selected your PM, I'm curious to know how you engage with them. How do you have them provide you updates and keep you informed of everything happening at your property. For example, status updates, regular check-ins etc? Thanks!! FYI The property is in Fort Lauderdale.
Im following because I would love to hear too. I self manage and plan to always, but am always intersted in learning. Tanisha. Why are you looking for a property manager?
I like to check their Facebook reviews, and also look through posts of people looking for rentals and see in the comments what property manager is getting tagged the most.
Make sure they have good relations with contractors. If they do enough business with plumbers, exterminators, and things like that they usually get a better price, and they will pass that savings on to you.
HI @Tanisha E. when looking for a PM you want to see their listings that they currently manage and their reviews this is what will make or break your listing. The proof is in the details, they can tell you whatever you want to hear but you want to make sure they are actually delivering for there other clients. I manage down here in south florida feel free to send me a PM to discuss
Green flags: they own/invest in property also, good references, their ratings, have systems in place
Red flags: no systems at all, when they dont interview you (a good business is a partnership so they should screen you as much as you're screening them), pressure selling
@Tanisha E.
I am PM and owner of STR as well. Red flags are managers who do not own rentals in the market the are managing. I want them to have skin in the game and be able to see both sides. Renter and owners.
We communicate with owners and guests by texts, emails, phone calls.
It always surprises me how many RE brokers agents, managers and advisors do not actually own rentals yet claim to know the market.
I am pivoting a little but the same thing goes for Real Estate Agents when im looking for STR properties. I only work with you f you actually own in the area your selling. You need to believe and understand the product and market you are in!
Hey @Tanisha E.!
Honesty and transparency throughout the entire process. Without either of those the PM, you'll be working with could turn your property into a horror scene.
As for a red flag, I would be concerned if the company you are looking at uses out-of-house companies for their operations. If everything is outsourced they won't truly know what's going on in the properties and you will have to have an eye on it constantly.
OTHERWISE... If this is your first STR I would recommend self-managing and getting to know all of the operations that go into having your own STR. Then you will be able to really tell if a company is BSing you or not on what they offer.
If you have any other questions please don't hesitate to reach out!
Cheers,
Josh
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Real Estate Agent Pennsylvania (#RS364365 )
- 484-986-5012
- [email protected]
I am a property manager since 2005 in the Branson market. Make sure your property manager has a trust account and has an accountant watching over transactions.
I think there’s a lot of criteria you could consider, but at the end of the day it’s about results. Look at a PM’s listings - are the reviews great (not good)? Is the occupancy at or above average? Are both achieved with a competitive nightly rate?
A secondary piece of criteria might be the PM’s client base - do they work primarily with investors or second home owners? Those groups have very different needs and I’d be cautious about a company that claims they cater to both groups really well.
Hi Tanisha.
Communication, communication and more communication! Make sure you get a clear understanding of the commitments they will make to keep you well informed at all times. Happy to chat anytime.
Thank you all for your insight and responses! This is super helpful.