property managers - Posted by Ray

Posted by phil fernandez on May 04, 2000 at 15:53:59:

Why do you need a management company to manange your rentals? How many rental units do you have? How long will you be away?

And why can’t you manage your properties from where you will be?

These are all questions you have to answer. No one will manage your properties as well as you can. You have a stake in the preformance of them. Your management company only cares about their fees.

property managers - Posted by Ray

Posted by Ray on May 04, 2000 at 14:09:12:

Hello everyone.
Im looking to put a couple rental properties under the care of a manager for a few months while I am out of town.
Other than the managers fee and the occasional repair is this asking for hassle? what have been your experiences with managers? how do you go about finding quality ones?
Thank-you for your responses.

Re: property managers - Posted by Dave T

Posted by Dave T on May 06, 2000 at 19:05:44:

Just a few ideas.

  1. Ask if the property manager is certified, or check the business card for the CPM designation.

  2. Ask an out of area property manager for a referral in the area where your property is located. Managers that belong to the local chapter of the National Association of Property Managers all know each other and know their reputations.

  3. Ask several prospective property managers for client references. Call those references and ask who they were with before hiring their current property manager and also ask why they discharged the former management company.

  4. Ask other investors who they recommend, and who they would avoid.

  5. Interview the property manager and ask for a written proposal. A well written proposal with the suggested rent supported by rental “comps” may indicate a detail-oriented manager well versed in his market. Sloppy proposal may indicated a lacklusted performer.

  6. Ask if the property manager also lists and sells real estate. Personally, I want a manager whose only business is property management and does not do sales on the side.

  7. Call the prospective firm at odd times through the day and at night. If you get a live person during the day and an emergency number (or answering service) at night, then your tenants will too when an emergency repair arises. If you get voice mail all the time, so will your tenants – and what happens to that emergency repair?