Landlord need agency/manager to manage property

Member since 2019 · 135 posts · 25 votes

I have a free house now, ready to rent. This is my first time renting a house. I also love the house very much, so I have a higher demand for tenants, but this also leads to a long time vacancy. Should I find a property manager?

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Travis Holmberg
Queen Creek, AZ · Member since 2019 · 7 posts · 4 votes
7y
Well, what is your goal? To rent out the property or to keep it vacant until you decide to rent it to yourself? OK, just kidding, a little. You need to decide on a tenant yourself, which may not be 100% up to your standards, or continue waiting and keep it vacant until you find the perfect tenant then manage it yourself, or find a property management company to find a tenant for you which will probably not be up to your standards but will be up to industry standards. I'd argue some cash flow with a property management company is better than no cash flow.
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Steve RozenbergPro Member
Specialist · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
7y
as @travis
@Travis Holmberg said start with a goal in mind. Work it backwards

I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach out
Questions to Ask prospective management companies
- 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?
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Faraaz Hashmi
Property Manager · Newport Beach, CA · Member since 2016 · 5 posts · 1 vote
7y
I would definitely hire a manager with good credentials, they are experts at finding good comparables in the area so they know exactly what to charge for rent and can usually feel out the tenants. Depending on the area, it is sometimes very difficult to find the 'perfect' tenant. Good property managers will let you know exactly what to expect from a potential tenant given their experience in the game, which in turn will bring you more revenue in the long term.
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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
Higher demand? Meaning you want tenants to stay there for 18 years, treat it like their very own, let you stop by every week to check on it, and complain when the tenant drops their coat on the floor instead of hanging it on in the closet? That's what every Landlord wants and it's not a good business model.
If you're that emotionally tied to the home, it's probably not a good investment.
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Thomas Dougherty
OP
Member since 2019 · 135 posts · 25 votes
7y
@Travis Holmberg Thanks for your advice Travis! I decide to find a property management company to help me now.
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Travis Holmberg
Queen Creek, AZ · Member since 2019 · 7 posts · 4 votes
7y
Originally posted by @Thomas Dougherty:

@Travis Holmberg Thanks for your advice Travis! I decide to find a property management company to help me now.
Hey not a problem! Best of luck with your rental!
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