Question on selecting property manager

[Shriram Sharma]

Hi All,

We are close to making our first OOS rental property purchase and now we are looking for a good property manager around the area. We have shortlisted a few but it seems they're more inclined on doing a handshake deal instead of a formal written agreement. 

We are new to this so we really don't know how this is done. Is it normal to do a handshake deal with the property manager? 

Any help or suggestion would be appreciated. Thanks

[Michele Fischer]

We have two property managers, one is run as a formal business and we have a signed agreement.  Another is much more unconventional and all we have is a discussion over coffee.  I was assured I could quit whenever I wanted, a local politician has all his properties with her, and she has a solid reputation in the area, so we rolled with it.  They have both been great, no regrets with either.  Yes, it's better to have expectations documented, but trust your gut.