Hiring a Property Manager

By
Services for Real Estate Pros with Manage My Property

Property Management Hiring Guide

Note: This guide primarily addresses single and multi-family management companies.

A good property management firm can easily become one of your greatest assets, second only to the properties that they steward on your behalf.

As Robert C. Kyle states in his book Property Management:

A property manager’s role is far more complex than simply showing space, signing leases, and collecting rents.  In reality, the property manager attempts to generate the greatest possible net income for the owners of an investment property over the economic life of that property.  Thus, the property manager has three goals:

  • Achieve the objectives of the property owners.
  • Generate income for the owners.
  • Preserve and/or increase the value of the investment property.

This company will make critical decisions on your behalf, and in the same way choosing wisely will yield great benefits, making a selection without doing your homework first could lead to unnecessary pain and misfortune. The key is knowing how to properly ‘vet’ the companies in your area.

The Purpose of This Guide

This guide is designed to empower property owners with the knowledge and tools necessary to confidently evaluate each property management company they interview, and select a manager that can competently meet their needs.

This information will serve a broad cross-section of real estate investors, who all have slightly different needs. Newcomers, veterans, and those favoring the hands-on or hands-off approach to dealing with their management firm will differ in which sections will benefit them the most. The initial articles introduce what property managers do, as well as when and why to consider hiring one, while the later content is geared toward what to look for when hiring one.

The first article in this series is "Should You Hire a Property Manager?".

Originally posted on managemyproperty.com under, "Hiring a Property Management Company"

Comments (8)

John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

OK, I wasn't expecting the release to be thius quick - so keep the information coming...

Oct 24, 2009 07:32 PM
Jordan Muela
Manage My Property - Austin, TX
Manage My Property

Will do, plenty more on tap.

Oct 24, 2009 07:38 PM
Nancy Deichman
Re/Max Premier Realty, Inc. - Ocala, FL
CDPE

You have just made my property manager's life much easier. Thnak you for posting.

Oct 24, 2009 10:31 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

While Kyle's books are EXCELLENT are often used for real estate courses, Melissa Prandi's book The Unofficial Guide to Property Management is the BIBLE for property managers.  Every property management firm in the US should have a copy of this book on their bookshelves AND every new property manager should read it.

 http://www.amazon.com/Unofficial-Guide-Managing-Rental-Property/dp/0764578189

Oct 24, 2009 11:38 PM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Excellent Jordan - we appreciate you sharing this in the Property Management Group.  Thanks to the moderator who featured it!

Wallace:  Thanks for the link! 

Oct 25, 2009 02:26 AM
Mercedes E. Santana
Santana Property Group - New York, NY
NYC Multifamily Properties

The key to being an exceptional Property Manager is of course to provide outstanding service to protect and improve the Owner's asset, but to also develop a solid working relationship with Tenants.  This will ensure timely rent payments and will provide you with additional eyes and ears monitoring the property you manage.

My tenants, and I have a few hundred of them, call me immediately when something is wrong, including not being able to pay rent. They know I am accessible, hands on, responsive and friendly. I am timely with repairs and expect all of my tenants to pay on time.  And I stay on top of the daunting paper work. I will do what it takes to provide both Tenant and Ownership with exemplary management.  I learned all of this, not from a book, but from many years of attending the School of Hard Knocks.

Oct 27, 2009 09:39 AM
Jordan Muela
Manage My Property - Austin, TX
Manage My Property

@Wallace thanks for the recommendation, sound like a book worth picking up.

@Mercedes Agreed, being able to maintain a good relationship with tenants helps solve and prevent problems before they escalate.

Oct 27, 2009 10:50 AM
Tracy Lee Parker
RE/MAX Heritage/PLATINUM PROPERTIES & MANAGEMENT - Royse City, TX
Buy*Sell*Lease

While we all learn from doing the job,  it is great to read and make sure we are doing it "right" or to find a better way to do it, or an easier way...! Thanks Jordan.

Oct 30, 2009 11:38 AM