I'm starting to look into small multi-family properties in the San Antonio market, but I would like to get some input from local property managers. The northeast area of town has quite a bit of new 4-plexes for about $500k that look interesting and I also see a few 4-plexes near Leon Valley that look interesting. Can anyone please refer me to a solid property management company I can talk to get a sense of the neighborhoods?
Go to www.narpm.org and search their directory.
If you make a mistake and hire a bad Property Manager, it can ruin you for life. Learn the difference between a good PM and a bad one, try to interview at least three, and then make an educated decision. Remember: the PM with the highest fees may be the one that makes you the most money.
Things to do:
1. Review their management agreement. Ensure there are no hidden fees!
2. Calculate the total cost for a year. Some will charge a percentage of rent and nothing else. Some will charge a percentage each month but also a start-up fee, a leasing fee or lease renewal fee each year, administrative fees, maintenance fees, etc. Every fee should be fully disclosed!
3. Review their lease agreement and addendums.
4. Interview them about how they handle maintenance, late rent, unpaid rent, lease violations, evictions, etc.
5. Ask to speak to some of their current owners and tenants.
6. Google them and see what kind of reviews they have.
Thank you for the tips Nathan G. I will definitely follow your advice.
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