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?
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Enjoy! Lisa Phillips
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