Taunton, MA · Member since 2015 · 45 posts · 24 votes
I just recently found out I don't need my brokers license to be able to manage properties in my state, so I'm thinking about moving forward with it sooner. What are the biggest things that you look for in a property manager? If you could describe the perfect property management company, what would it look like? Thanks everyone!
Then like any business you start I would create policies and procedures that you adhere to. Look at scalability of your business model.. Meaning what works at 50 doors might not work at 200 or 500. You may want to create a business model that can scale and expand instead of revamping your company as you go thru growth and bottle neck challenges
Steve Rozenberg thanks for the info on NARPM! I wasn't aware there was such an association so that's a great place to start. Scalability has been on my mind from day one even though is going to be just me to start. I appreciate your reply
@Nick Montville I think you need to decide what market you're going after. I haven't seen many successfully market A class rentals and D class neighborhoods. I have different PMs for my SFRs and for my apartment buildings as well, as they have a different clientele usually.
Jason Hirko thanks Jason. I think I have a pretty good idea about the actual planning/business aspect of it. I'm mostly looking for people's insights on what makes them happy/unhappy with their property manager
Nick, got it. How about this: I hate getting calls from my PM telling me something is broken before they get a bid ( they only have to check with me first if it's going to be over $300). I always ask, did you get a bid? They say no, but we will. I say fine, call me when you have it!
Joey Noel thank you
Jason Hirko makes sense. Why even have a property manager at that point, it's not much better than getting a call from a tenant.
So in that case, the better call would be "Hey just calling to let you know that the garbage disposal at 123 Main St broke, it's getting replaced tomorrow by Garbage disposals R us, and it's going to cost $50."
So the vibe I'm getting is good communication but not calling to ask stupid questions. Thanks to everyone who answered so far, keep em coming!
Well sort of. I can wait until the end of month statement for a $50 repair... I'd rather not get bothered with a call. What made me think of it was I got a call earlier saying the tenant has reported a leak in the roof. I live 5 hours away so it's not like I can go check it out. I asked what's your plan? They said to get a bid. It must does me no good unless they can say you have a leak it'll cost $1,000. Then I can decide ok go fix it, or I'll have to figure something out. But yes, good communication is key, as long as it is succinct and serves a purpose. Asking me if they can get a bid is pointless - of course they can and should!
Like other's have said, the ability to communicate clearly and effectively is the number one quality you should look for in a property management company. In your initial meeting with a new company make sure to ask a lot of questions. It’s your property and your income, so don’t feel bad about taking up too much of property manager’s time. Ask as many questions as you want until you have a clear understanding of the company and its property management process. If they seem annoyed or unwilling to answer your questions then keep looking.