Property manager in Bessemer?

[Albert L.]

Hey folks, can anyone recommend a reputable PM in the Bessemer area? Would love some local insights int the market there. 

Thanks! 

[Denise Evans]

I personally know the folks at Expert Real Estate and Watts Real Estate, who have been around for a long time and do an excellent job of property management in that price range. The company Expert Real Estate is relatively young, but the management team came out of another company that went out of business due to owner issues not related to the property management business.  Another investor I work with uses Barrington Real Estate, and says they are excellent. He manages owns about 50 single family rentals.  When interviewing management companies, ask :

1. For a copy of the management contract.  A thorough contract generally indicates a thorough mindset;
2. Explanation of the law related to default notices and security deposit refunds. This is a test question. If they can't answer it easily,  move on.
3. How often they inspect and what action they take if they discover an illegal pet, unauthorized occupant, or housekeeping issues.  Some companies inspect only when a tenant moves in and out. Others inspect at least annually. Some inspect quarterly or even monthly (when they do the pest control visit).  Ask if there are reports and photos generated from these inspections, and are you given copies without having to ask.
4. What percentage of their units are more than 15 days delinquent, on average. 30 days delinquent?  A manager who engages in the mailbox money school of management will have higher delinquencies. Aggressive managers who stay on top of things will have lower delinquencies, assuming they manage the same general demographic.
5. Have they ever had a complaint filed against them with the Alabama Real Estate Commission? What are the details? What happened?
6. Who is their E&O insurance with? Have they ever had a claim? What are the details?
7. Who is their evictions lawyer? How much does he or she charge for an uncontested eviction? What is that person's hourly rate if their is a contest?
8. When do they disburse owner funds?  
9. What software do they use?  (Well run management companies invest in good software)
10. How many people are on the payroll.  You might want larger with more depth. YOu might want smaller with more personal attention.  You should at least know before hand.
11. How are repairs performed? By independent third party vendors, or by management company employees or related companies? This is not always bad, but just something you want to know, so you can make sure pricing is competitive with third party vendors. Many investors prefer management company personnel perform routine repair and maintenance tasks because it is usually cheaper, and there is a single point of responsibility and no finger pointing.
12. Read property management horror stories on BP, from all over the country. Learn from other people's mistakes, and learn how to screen and interview a management company, and how to manage THEM so you are not hurt.