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Updated about 5 years ago,

User Stats

43
Posts
19
Votes
James H Webb III
Pro Member
  • Rental Property Investor
  • Columbia, TN
19
Votes |
43
Posts

How to hire a property manager?

James H Webb III
Pro Member
  • Rental Property Investor
  • Columbia, TN
Posted

I just closed on my first ever real estate buy and hold deal! I am meeting with a few property management companies in a few days and have a small quandary. I called two companies that service the area and got two very different responses. I will list them below.  ( paraphrased )  

Property Manager A: Very confident we can get your property listed and rented quickly for $1000 a month. I have actually sold that very house you are in and while I don't normally service that county we should be able to get it rented to a good tenant with little to no down time. We will charge a premium which will be 15%, but we do so because we are the best and provide a better service than all competing property management companies.

Property Manager B: Yeah that property is in a good location that I am very familiar with. We service around 100 properties not only in that county but your town specifically. $1000 a month is not out of the realm of possibility, however I will more than like list it for $750 a month and we only charge 10%. While other companies may quote you higher potential list prices you can assure the number I tell you can be taken to the bank. If I can get more I will. Our main goal is to get a great low maintenance tenant in place so you can lay back as the investment property does its job.

...Property manager B is an acquaintance of mine that has always been a pretty stand up gentleman. I have done real estate transactions with "acquaintances" before that didn't go well. I am trying to take an impartial approach to hiring a property manager and want to interview both. The ultimate question I have is how do I discern the best property manager for my situation? Any advice on good interview questions or alternative ways to make a good hiring decision are greatly appreciated. Thanks in advance! 
 

  • James H Webb III
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