Property Management recommendations in Austin, TX

[Ryan Fenton]

Hi all-

I am looking into hiring a property management company for my properties and wanted to know if there are any recommendations for full service groups in the Austin area. Thanks in advance for your help!

[Wale Lawal]

Here is a comprehensive list of 32 questions I like to ask a potential Property Manager:

1. How long have you been in business?

2. What geographic area/s do you cover?

3. How many units do you manage?

4. How many properties does each regional office manage?

5. How many do you own yourself?

6. Do you specialize or concentrate in a particular class of property?

7. What kind of due diligence services do you provide? What is the potential cost if

the deal doesn’t close?

8. Do you take on value-add properties?

9. Describe your process for managing a moderate property renovation.

a. How is the status of the work tracked?

b. Who manages the contractors?

c. How are invoices tracked and verified against bids?

d. Who approves the work before the contractor is paid?

e. What fees do you charge for renovation/cap ex expenses?

10. What are some of the names of nearby properties that you are currently

managing?

11. Has your firm been sued by one of its clients in the last 5 years?

12. Have you managed any properties that went into foreclosure and if so, why do you

feel this happened?

13. What special training do your managers receive from your company?

14. How do you manage a property’s online reputation?

15. What do you see as the on-site manager’s duties? (turnover, cleaning, repair)

16. Can I interview and approve the on-site manager?

17. What kind of relationship do you want your property manager to have with the

owner?

18. How often do you communicate with owners?

19. What is the protocol for communication? Will I be talking to you, the regional or the

property manager?

20. Will you provide a written management plan?

21. What % of gross rent do you charge for management fee?

22. What is included with the monthly management fee?

23. Which property management software do you use?

24. How much time do you typically take to do a make ready?

25. Can tenants pay with auto-withdrawal? What other methods are available to them?

26. Do you require me to list the property with you upon its sale?

27. Will you give me your cell phone number or home number?

28. What are some of the reasons we should use your company?

29. What are the growth goals of your company over the next 5 years?

30. Describe some of your weaknesses and how you hope to improve?

31. Can you send me some redacted financial statements of properties you’re

managing?

32. Can you give me contact information for 3 current clients who have buildings like

mine?

Goodluck