All Forum Posts by: Phil Earley

Hi Satish, asking for advice on Bigger Pockets is a great place to get started.  

I came across this guide published by Fannie Mae a couple of years ago.  It is not one sided either way and will help you determine what is best for you.    I think you can google it also if the link doesn't work.  

Fannie Mae Guide To Becoming A Landlord  

If you do decide to hire a property manager, you can go to our website to find a list of questions to narrow them down under "owner resources."   Finding a company that meets your needs and not theirs is the next hurdle.   

Good luck and I hope this helps!

Hi Rajiv

Hiring the right property management company is important for everyone involved. If you and your property manager aren't on the same page, it is miserable for you, the property management company, and the tenant. I've learned that not all of us are meant to work together so its better to find out before we do:)

Here is list of questions to help narrow down your search.  I can also send a pdf if it would be better for you. 

Top Questions To Ask Before You Hire A Property Manager

Once you have it narrowed down to 2 or 3, set up a time to visit the offices. Walking in the front door is the best way to gauge the professionalism of the company and to determine if the are a good fit for you or not.

Fees are important but we all know the real costs happen after the tenant moves in.  

Good luck and I hope this helps!

It seems like the number one complaint about our industry is the lack of timely communication.   Our company evolved into not having property managers.   All of us touch the file and are responsible for parts of it.    If we have maintenance, owners and tenants know to contact Jan and Jenn.  If there are finance questions, owners know to contact Lisa and Todd.  We do have a full time receptionist to catch 95% of the initial calls and can probably handle 80% of the questions.    We have dedicated leasing people and new home acquisition people.   None of us really get pulled away from what we are good at and can all pitch in if necessary.   All 12 cylinders are firing.....most of the time:)    We all get to go on vacations and leave the computer behind knowing the team has it under control.   

I've noticed that if a property manager is buried with a 100 broken air conditioning calls in the middle of August, 10 flooded basements, or out showing properties all day,  the other non-emergency inquiries tend to go on the back burner until they can come up for air.   And I bet they have to stay in touch on their vacation.   

I don't know which way is best but I can say our owners and tenants don't complain that they can't get a hold of anyone.

In Georgia, law says that we cannot collect the security deposit until the move-in inspection is signed off on by the tenant which usually means at the day of move in.   Ask for it in certified funds if that is the timing in Pennsylvania.  

Our lease discloses that we keep all interest from escrow accounts that the tenant signs off on.  I think you are looking at about .25 cents over the next 2 years:)

Here is a guide published by Fannie Mae I came across a couple of years ago.  It has lots of good info for you.   You can google it also if the link doesn't work. 

Landlord Guidance From Fannie Mae

I don't think anyone has the intentions of doing a poor job.   My guess is that their is too much volume placed on one person.....just my 2 cents. 

We use a company called Night Tenders for our 24 hour emergency and after hour lines None of us can be on call 24/7 without some help.  We came across them through our membership with NARPM.

One of our most controlling clients had what he called was a life changing moment for himself last year.  Some of our clients we don't hear from all year.....David, we heard from everyday until he sent the email,  "Effective Leadership is to Decide, Delegate, and Disappear."   @Kelly Sennholz is spot on.   Now we only hear from David once a year when he needs another copy of his 1099:)  A win win for all of us. 

Here is a guide aIcame across years ago published by Fannie Mae.  Lots of great information to get you started out in the right direction.   Even a seasoned landlord will benefit from the info.  

Good luck!

Fannie Mae Guide To Becoming a Landlord

you can probably google it also

You can also go to narpm.org (The National Association of Residential Property Manager) to get started.  I think you can search by zip code to find companies close to your property. 

Hiring the right property management company is important for everyone involved. If you and your property manager aren't on the same page, it is miserable for you, the property management company, and the tenant. I've learned that not all of us are meant to work together so its better to find out before we do:)

Here is list of questions to help narrow down your search.

Questions To Ask Before You Hire A Property Manager

Once you have it narrowed down to 2 or 3, set up a time to visit the offices. Walking in the front door is the best way to gauge the professionalism of the company to determine if they are a good fit for you or not.   

I came across a guide put out by Fannie Mae a few years ago that will also help you with your decisions.  Its an easy read with lots of great information.  You can also google it and should pop up.

Fannie Mae Guide Becoming a Landlord

ps.  narpm.org  is a great place to find property managers in your area.  

National Association of Residential Property Managers.  

Hiring the right property management company is important for everyone involved.  If you and your property manager aren't on the same page, it is miserable for you, the property management company, and the tenant.    I've learned that not all of us are meant to work together so its better to find out before we do:)

Here is list of questions to help narrow down your search.

 Questions To Ask Before You Hire A Property Manager 

Once you have it narrowed down to 2 or 3, set up a time to visit the offices.  Walking in the front door is the best way to gauge the professionalism of the company and the staff.   Fees are important but we all know the real costs happen after the tenant moves in.  

The bitterness of poor quality remains long after the sweetness of low price is forgotten.