What are investors looking for in there property manageme company

Question

I am an experience Charlotte NC real estate agent, and I have experience in buying and selling property. However, I am starting my own firm where I will focus on property management.  My question today is for everyone who has ever or will ever invest in real estate.  Assuming you useing a property management service to service your properties.  What are some of the most important things you will look for when interviewing your new property manager?

Assaf Furman · Answer

@Nathan Fesnak here's a partial list of questions I'd ask a property manager:

• How long are you in the business? how many properties do you currently manage?
• What is the full scope of services provided?
• How do you screen tenants?
• How often do you inspect the property? what do you look for?
• How do you handle late or no payment?
• How do you handle tenants who deviate from the contract?
• How will the eviction process work?
• How will maintenance requests be handled?
• What dollar threshold should we set before I need to approve the expense?
• What software (if any) is being utilized, and will I have access to it?
• Do you have a large network of contractors?
• How will monthly reporting be handled?
• What will our communications look like (how often, technology used, etc.)?
• What were some of your mistakes with investor's properties? how can you help avoiding it in the future?

The last question is the most important. If I hear there was none  the conversation ends at that moment.

The best thing any property manager can do before taking on clients is to purchase and manage their own rentals and put systems and processes in place that can be scaled to a larger portfolio of properties.

@Russ Mattson To me it looks like a dyslexia which points to nothing. My brother writes the same way and he's one of the smartest people I know with great attention to details.

Russ M. · Answer

One that pays attention to detail on things that are often overlooked nowadays.  If they can't do the little things like spell correctly, or use good grammar and/or correct punctuation (even in their forum posts), how will they represent my business to prospective tenants.  Remember, you don't get a second chance to make a first impression.

I think the hardest obstacle to overcome is experience.  What do you have to offer as new PM firm that all of the other PM's aren't already offering?  And can you do it for a better price?  Because after all, investor's are here to make money, and that means keeping their costs down, including PM fees.

Good luck to you!

Nathan Fesnak · Answer

Assaf Thank Sir I will take all of that into account as I work toward my new venture and yes sometimes my mind moves faster than my fingers and I agree punctuation and grammar is a must.  Things like putting question marks after a question, right Russ.