What do you look for in a property manager?

[Nathan Krause]

Hello everyone,

I am located in Central Wisconsin and working towards my goal of becoming a property manager.

I do have a little property management experience but would love to hear your thoughts on what you look for in a property manager?

Maybe also some things that are red flags?

[Mindy Jensen]

@Nathan Krause , one of the biggest problems I see over and over is the compensation system. 

Property Managers charge 10% of rents per month, are not held accountable for bad tenants, and in fact are rewarded for a bad tenant by charging a lease up fee on top of the 10% rent.

Perhaps a different system, where you are rewarded for good tenants who renew their leases year after year? 

Communication is also key. If there's a problem, the minute you find out about it is when you notify the owner. I've seen owners who complain they didn't know the rent hadn't been paid until they didn't receive their check that month. 

Have a great group of service companies that will prioritize your call. If the pipes are leaking, you don't want someone there next Thursday, you want them there in 5 minutes. Furnace went out? You want your HVAC person there within the hour - I've lived through five brutal Wisconsin winters, an hour is the absolute max.