What makes a property manager and good one? I am sure many of you have not even thought of that when hiring one. You simply see someone advertising his or her services and give them a shot only to find out later that they charge to much or are embezzeling from you.
The one thing that should be at the top of your list is honesty. Does your property manager keep you informed about everything going on with your property? Does he get multiple bids for a job on your property? Does he attend these repairs to make sure they are done correctly? Are your rent checks made out to you? Who pays for the repairs?
Second, does your property manager make himself available to you regularly? When you really need him can you actually call without having to worry about getting through in an emergency?
Third, does he do everything possible to get you the right tenant with minimum risk of an eviction, including a background and credit check? And, if that were to happen is he there to help you through the process?
Can your manager provide you with references in writing and a list of past and current clients with their contact information? If not, he is not for real. A good property manager should be proud of their work and happy to share it.
And finally, does he charge too much? As an investor you should be making money on your investment, not giving all of your profit to your manager even if he or she is tax deductable. I have seen others charge as much as a startup fee + 10% a month + other miscellaneous fees including late fees which go to the manager instead of you.
Want to learn more about property management or what I do? Contact Morris Massre of Prudential Florida Realty at 954-214-6014 or simply read my ActiveRain profile for more information. Visit my website at www.WestonWonderwall.com
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