Future investor asking - How do investors pick property managers

[Justin McIntyre]

Hey everyone,

I'm a future property investor with ambitions to travel a lot.

Therefore I believe property managers will play a large role in my investing strategy.

If you're an investor I'd like to ask:

1. 1. Do you use a manager?
2. 2. If so, how do you go about picking your property manager?
3. 3. What made you decide on your manager?
4. 4. Are you satisfied?

For any property managers I'd like to ask:

1. 1. Why do your clients work with you?
2. 2. What makes a great client?

[Nathan Gesner]

A good property manager will protect your PITS: Property, Income, Time, Sanity

They communicate well and take responsibility for their mistakes (and they will make them). They should lead the way when problems arise, and keep you apprised of how they are handling them to demonstrate their control. For example, I saw many Property Managers fall apart when COVID hit. They were calling their owners in a panic when tenants stopped paying, throwing their hands in the air as if there was nothing they could do. The wouldn't inspect properties for fear of killing someone. Meanwhile, professional property managers used their experience and get-'er'done attitude to lead the way with minimal impact on their owners.

You should be able to tie a fee to a service. If the PM tells you he charges a one-month leasing fee, he should be able to explain what value he adds that justifies that expense. When you ask them how they handle evictions, they should be able to explain the process in a minute or less and back it up with a written policy, if asked.

I'll let others chime in because there's too much for one post.