What do you look for in a property manager

[Greg Gordon]

I'm a mixed use commercial property owner and I also own a 4-plex in MN.  I am interested in starting a property management company and I was wondering what you look for in a good property manager?  In MN you have to have your real estate license and I do.

I would very much like to hear your thoughts and advice.  When I listen to the podcasts I hear guest complain about bad property managers and I don't want to be that guy.

[Daren H.]

Here are a few things that are important to me (no particular order):

The understanding that while you are the property manager you will be managed by me

Proactive instead of always reactive

Timely financial reporting, timely response to tenant concerns, timely action when tenants break the rules, timely feedback to me

Be known and seen by the tenants (do property inspections, find out what is going on before its too late)

Be firm but fair

Have solid references

Own real estate investments (this is very important to me)

Expert in fair housing, eviction process, marketing, tenant screening and selection, etc.

Have an establish process and vendor pool for a large variety of repairs, be responsive to repair request (doesn't mean all request are granted)

Think of it as a partnership (we make money together)

Have staff that can step in (can't have a single point of failure)

I am sure there are others but this is off the top of my head.