Here are the standard set of questions I will send to property managers when deciding which one to choose. This is an EXTREMELY important part of my Real Estate Investment Strategy since I own properties 35-90 miles outside of where I live. The right property managers will make things flow smoothly where you can be on vacation in Germany and have them taking care of things (been there, loved it). Just because you own rental real estate, does not mean you have to handle all the headaches. However, a bad property manager can leave you feeling cuckholded, so getting a few questions out the way first can get you on solid ground. Also, check out the National Association Of Residential Property Managers (NARPM.com) to find a licensed Property Manager for your investment city.
Here are my questions and the video followings shows WHY I ask these questions:
1) What are set up fees and monthly fees after that?
2) My property is a 3 bed 1.5 bath home on ____ Blank St, RANDOM CITY, VA (so they can zillow the property)
—Have you rented in this area before?
—How long does it take for you to fill vacancies in this area, if yes
—Do you get mostly Section 8 renters or market renters for this area?
3) What are your maintenance fees/limits?
4) How many full time staff members manage your properties?
5) How many properties are you responsible for?
6) How many of these properties do you own?
7) Is there an early termination fee if our mutual business needs aren’t matched?
8 Comments
Hi Lisa,
Thank you for this video. We plan to purchase several SFH in NC, VA and GA
and will need a PM because we live in NYC. We are in the start-up stage in
our business and this video helped to get us organized from a distance.
“You are my UNOFFICIAL MENTOR!”
Thank you.
Dana N.
Lol. Thanks Dana.
Lisa, you gotta get some rest girl! It seemed like you were just going
through the motions in that vid. Just constructively-observing criticism
out of sheer concern for your health. Whatever the case may be, very
informative vlog. Do you have a “Find a Property Manager” tangible (pdf)
questionnaire or check-list form on your website? And any new inspiring
additional questions to ask the Property Manager from the time that you
last posted this video?
Excellent Tips! Thank you
thanks..it is very usefull
very nice advice.. thanks for your insight!
I am a property manager and licensed broker with 9 employees. I like your
honest video. We are only the 2nd out of 53 property management companies
who are BBB A+ rated in Pierce County Washington. My wife and I have been
doing this for over 30 years and I chuckle hearing some of your ideas.
However, your thoughts, tips and advice is right on the money for the most
part. Of course there are a few exceptions to every rule. — May the Lord
bless you and yours!