Choosing the Right Property Manager - New Investor

[Adrienne Jordan]

What are some effective evaluation techniques when choosing a property manager? Are there different evaluation measures for 4 units, 40 units, or 140 unit buildings? Primarily interested in add-value buildings (B assets) so would like to know how to manage the property manager in selecting adequate tenants, making sure they understand my add-value strategy in microrepositing to raise rents as tenants leave, and making sure maintenance funds are used correctly.

[Ryan Murdock]

Find one with a portfolio that matches your types of properties and see if they will supply any references (other property owners) that you can speak with. 

Discussing your goals upfront is good but once you hire a property manager let them do their job. Your P&L and vacancy rates will reflect their performance. The quickest way to ruin a relationship with a good property manager is by micromanaging what you have hired them to do.

Chances are you don't tell your accountant how to add numbers or take deductions on your behalf. Likewise, don't tell your property manager how to screen tenants or set rent prices. If you are more in tune with your rental market than they are you either need to find a different property manager or self-manage.