How to Select a Property Manager

How to Select a Property Manager

Posted on 21. Nov, 2011 by in Business

Yes, I’m aware that this is an unusual title for an article on this website. A recent set of circumstances helped me to realize that property managers might want to know how owners and investors go about selecting a manager for their property.

A close personal acquaintance called me last week and said, “I just purchased a residential property that is far from where I live. Can you give me some suggestions and criteria concerning how to find a really competent property manager? After referring them to this web site (www.propertymanager.com) I discovered another organizational website specifically tailored to the needs of landlords. Take a look at http://www.landlordassociation.org/management.html. Take special note of the information and section titles as well as the origin of this organization. Landlord Association.Org is an online company developed by property investors and landlords who want to extend information and services to others who are involved in real estate investing throughout the United States. Their self-expressed primary objective is “… to become your best single point of entry for information, ideas, knowledge, and resources which can help you make or save thousands of dollars each year. Landlord Association believes the “tricks of the trade” can often best be taught by business peers.”

They navigated me to an article titled “How to Choose a Property Manager” which is publicly available at http://www.rentalprop.com/prop-mgmt/property-manager.htm. This was the first time in awhile that I’d considered this topic from the point of view of those who are looking for competent property management. They say the best way to understand what your residents, clients and owners need is to “put yourself in their shoes”, or to “walk a mile in their moccasins”.

Well, it happens to be good advice, and this article helped me see what potential clients of yours are looking for. In fact, it was one of the articles that I sent to the above-mentioned acquaintance who was asking me for my help as they began their search. The first thing that caught my attention were the six questions that were posed by an individual who was thinking of turning his house into a rental and needed to find a good property manager:

  1. What are my responsibilities as the property owner?
  2. What are the responsibilities as the property manager?
  3. Approximately how much would it cost to have the property managed and maintained by a property manager?
  4. What kinds of questions do I need to ask when trying to choose a property manager?
  5. What expenses would be tax deductible? Is the interest paid on the mortgage (or any part thereof) still deductible?
  6. If you can provide me with a list of available resources that can help me answer these questions and the many others that I have, I would greatly appreciate it.
    If we keep in mind what clients and residents are looking for when it comes to property management, we could be the answer and the solution. Be prepared and you’ll be just that!
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