Vetting and selecting a property mgmt firm?

[Chris Stromdahl]

Hello,

We own 2 SFH that are full time rentals, we self-manage at this time. We also have a personal residence. Our 5 year goal is to have everything paid off, move out of the area and turn our personal residence into a 3rd rental.

I have considered managing the properties remotely vs hiring a prop mgmt firm. I am still on the fence about it but am leaning towards hiring this out. Any thoughts on this specifically?

Re the vetting/selecting of a property mgmt firm, are there any factors I should take into consideration? I have done some initial research/networking and have identified at least one organization that would be a good fit. I have not engaged them yet but do plan to. I think that form the most part, finding a firm that has an established track record will say enough about them as an organization, but maybe I am incorrect in this assumption.

Any help would be appreciated.

Chris

[Mitchell Luban]

@Chris Stromdahl I have found that not every company is a good fit for everyone. Some of the bigger outfits work for some people some of the small Mom and Pop shops work for others. In my opinion what it ultimately comes down too is TRUST.  Can you TRUST that manager to make the right decision with what is likely your or others largest investment of their lives. Make sure your interests aline with your management companies. Especially being out of state it is important. I would be curious of the fees obviously. Do they have in house maintenance? What types of releasing fees are there? Who keeps extra fees? Etc...  There are several articles on here that have lists of good questions to ask potential PM's...