Property Management Advice

[Kimberly Daughtrey]

Good Morning BP, 

I am a start up property management company here in Houston, Tx and so far things have been going very well!  Just a few questions for investors, my company currently has helped quite a few investors out by helping them grow their portfolios in the rental side of things:

What is the number one thing you look for in a PM?

What do you find the best quality in having a PM for your portfolio?

I want to expand my client list and help other investors continue to grow their success within their portfolio. What are some options that you would suggest a PM manager to do that others dont offer. 

[Owen Dashner]

Communication is key, as with most business relationships.  On demand reporting is a must, not sure what PM software you are using, but I like to know what is going on at my properties without having to constantly talk to my PM.  

Some other things - quick attention to maintenance/repair issues, fast turnaround on getting vacant units rented, high quality tenants using established and agreed-upon screening criteria, a decent vendor list with pre-screened subs that carry the proper insurance, documented processes and procedures - including how evictions, late rent, personal property disposition, lockouts, make-readies, etc. are handled.

Setup regular calls with your property owners to review any open issues, upcoming vacancies, P&L, etc.