Professional Property Managers & Picking Good Tenants

I wish I had known these wonderful words 15 years ago Robert when my Mom was renting out her parent's home.  We had nothing but problems with the tenants and the property manager putting people in that shouldn't have passed must.  I hope your words of wisdom are helpful to others.

Look at percentage of properties versus vacancies, and also look at how many evictions are done in, say, a year.

It`s never easy dealing with landlord/tennant issues.

In Florida we have Community Assoc. Manager Licenses.

Track record is important, but I don't agree that the newer, smaller company should always be passed over. Often the smaller company will work harder for your business and has a more satisfied clientele. We all started somewhere.

I don't do property management.  I let a super lady at Long and Foster take care of mine.  She is a professional and does her job much better then I ever could.  You guys don't have an easy job.

Do you have a referral for me in Orange County Ca? It is difficult for me to find someone my clients can trust.

Your posts are always filled with good advice.  Thanks Robert!

My tenant selection is usually homeowners elsewhere or prospects who have just sold their home so landlord references are fairly uncommon....I do run credit reports and I KNOW how to READ the reports I get.  Reading between the lines on 30/60/90 day pays, deliquent cel phone and medical bills and college loans is just as important as getting their FICO score.

Knowing and seeing their financial obligations RELATIVE to their employment/income is CRITICAL in predicting problems during the tenancy.  Seeing which bills are PAID and which are allowed to go UNPAID shows their priorities and one-time credit glitches - medical problems, change of employment, divorce - go a long way to screen out BAD PROSPECTS v GOOD PROSPECTS who have had a blip in their credit.

Good note!   Picking the "right" tenant is the most important job we do for our own sanity, not to mention the old pocket book.  Nothing I hate more than to have to boot a dead-beat.   Jerry

Good Posting and I can't agree more.  We credit and criminal check our prospective tenants and it takes all of the guess work out of it. 

We are a new third party management company and I would add one thing to the discussion concerning how to pick a management company.  We are new to third party management but we are owners that manage our own properties.  I beleive that managing with the view point of an owner is one of the most important things to consider when talking to prospective management companies.  Ask those who manage for their own investment dollars and you will find another level of care and true asset management.

I don't think a small company is necessarily bad. I have found larger firms sometimes have TOO much going on and you can get lost in the shuffle. Although I am bias, we are a small firm :)

More good advice as usual.  Opinions... everyone has one.

Robert, How true!  One does get thur once in awhile.   I have a Passive Agressive tenant who passed all the tests except the sniff test and he got thru anyway and now I am paying the Piper.  Uggghhh!  Jerry