Dear Property Owners what's important to you?

Question

Property owners, we are finalizing our property management roll out for our brokerage and I would like to know what are some of the most important things you look for in a PM Company?

Nathan Gesner · Answer

Good, proactive communication.Strong policies and procedures to deal with maintenance, non-paying renters, and other issues. You can't ask them everything, but here's a good list to pick and choose from:1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

Drew Sygit · Answer

@Joseph Beilke we believe landlords should want experts that proactively handle issues and communicate effectively.Unfortunately, most landlords have a "penny-wise, but dollar-foolish" approach and focus on lowest costs. When they get burned, by getting EXACTLY what they paid for, they post onine that all property management companies are terrible:(

Joseph Beilke · Answer

@Shane J. RenardOh I plan on asking that question for sure. But what I am looking for it things to advertise as included services or make sure to point out how these item take priority. Keep the good advice coming!!!!

Shane J. Renard · Answer

@Joseph Beilke - I think this is a great question during your interview process on the new potential clients. For me, it is reliability. If I have a tenant in need of something, I want it handled asap. This of course comes with a premium. When I have interviewed some management companies, NOT ONE of them asked me "What is important to you in hiring the right management company?" This will be so different for so many other landlords. Might be evictions, or tenant complaints, or maybe admin work. Etc..

Debbie C. · Answer

@Joseph BeilkeI have sfh's, I have self managed and also have had a great management company for several years now. Here are some of what is important to me.Screening of tenants. They do a very good job screening, and I understand/ agree with the criteria they use.They have a maintenance department that is reliable and can handle emergencies. The vendors they use are good.They show my property in person. I would not sign with a company that only did remote showings.