All Forum Posts by: Michael Peters

This is a really good article that has a lot of questions to ask any potential property manager so I would start there: https://www.biggerpockets.com/blog/questions-to-ask-a-proper...

Michael,

First off, congrats on closing on the new rental. Hope everything goes well for you guys. 

I am a short term rental owner / operator and manage some properties for clients. I always recommend hiring local property managers over big management companies. I may be biased, but also have had various awful experiences renting from Vacasa especially, and once with evolve. 

Some questions I’d ask and get asked often

1.) like others mentioned, a major question I’d  ask is how many rentals they currently manage to see their current workload and see if they have the bandwidth to take on more properties. Another good question along the lines is how long they’ve been managing properties. Could always ask them to give them contact information of some other property owners they manage properties for and chat with their clients and see their strengths and weaknesses, etc. 

** I’d ask for their Airbnb or VRBO profile link to review their reviews, years hosting, etc. to ensure it lines up with what they’re telling you*

2.) with you guys being out of town, I’d make positive they have a team of maintenance guys for whenever something along the lines pop up. Something will pop up, and it’s important that they have team members to handle a majority of the repairs, and or have recommendations for local companies that can handle what you need

3.) I'd get clear outline of what they cover and what they don't cover. For example, we offer full service management but we don't do STR taxes due to liability and complexity… but is always a good idea to make sure you guys are on the same page on what's covered and what's not to avoid any miscommunication.

A huge key to a good relationship with your PM is vetting them properly, like you mentioned. “Trust but verify” is a great motto when it comes to PM’s in my opinion. Trust them and trust their work and their word, but when you can, verify it has been done and lines up with their word.

I think something that sets PM's above and beyond from others (especially in STR) is a group that is resourceful and has good local connections. Being in STR, there are all sorts of things that pop up and being resourceful and creative in problem solving is huge. You don't want a PM that can't do creative thinking and think outside the box, or else they'll be texting and calling you every week with problems.

Hope this helps! 

Up in the right corner near your picture there is a magnifying glass.....