Hey there, BP! So believe it or not, I’ve been in business for 10 years and never had to hire a property manager. We have been able to do that by keeping it close to home with investments inside of a 30-minute radius of our office. We’ve made a strategic decision to move forward this way and have done well with it. As a result, we have learned firsthand what works and what doesn’t, mostly because we did what doesn’t work in the beginning!
That being said, we are expanding our portfolio to areas where managing ourselves is not possible. We currently have a 49-unit building under contract located two hours from our office. We are really excited about the opportunity, but it puts a task on our plate for the first time — having to hire a property manager. As we’ve done it for so long ourselves, we have a pretty good idea what it takes to manage real estate.
In today’s video, I talk about an interview I had with a potential property manager for our new purchase. I share some important questions I asked and what I learned from their answers.
So we are still interviewing, and I’d love some feedback on this. What did I miss? What are YOUR most important factors to consider from a property manager? For those of you out there that have a successful management company running your rentals, what do they do well? Any management horror stories?
I look forward to your comments!