Property Management Companies

[Sally Fairchild]

I'm interested in hearing about dealing with Property Management Companies. I've used a number in different areas. They all start off good but it seems with time they can go to sleep at the wheel. I want my tenants to receive good service but I don't want to be gouged either . When do you decide to drop a company and move on? What do you look for?

[Steve Rozenberg]

@Sally Fairchild I would suggest first looking any company up online. Now adays if they do not have a good business  model it will come out in some social media format. I would also have a frank discussion with anyone that I was going to do business and let them know what my expectations were and make sure they align with theirs. If you have you business plan created for your rental properties I would suggest you share that plan with them and also make sure that their policies and procedures match yours.

Here is a list of questions I would suggest to Ask Prospective Management Companies, I would also make sure you know what you want the answer to be first.

• What are your average days on market for vacant homes?
• What is your average rent amount for all properties managed?
• What is your average work order cost for the owner?
• What is your average make ready cost for the owner?
• Are all my invoices uploaded to my owner portal?
• How do you advertise your vacant units?
• Do I receive video of my pre and post make ready?
• Do you have a setup fee?
• Do you upcharge on maintenance?
• When do you make owner payments? How often?
• Are you a Certified Property Manager?
• Are you a member of NARPM?
• What is your Guarantee?
• Do you provide move in and move out reports
• How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
• Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
• Do you provide monthly newsletters to your tenants
• Do you hold investor education classes to help me become a better investor
• Do you have single point portfolio based management services?
• How many properties do the owners actually own themselves?
• What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
• How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?