How to Shop for a Property Manager

It’s scary, really. Here you are ready to give over one of the biggest assets in your financial empire to a total stranger! How do you pick the good from the bad from the ugly? Here are a few tips.butler_vector1

  1. Website. Go to their website. Is it rich with content? Does it read like an open book? Basically you want to ask the question “Are they good communicators?” If their website isn’t doing a good job of communicating key points then likely their staff won’t either.
  2. Screening process. Far and away this is the one single task property managers do that separate the good from the bad. THE one question every property owner should be asking prospective property managers – “What is your tenant screening process?” You should go into detail on their process and compare.
  3. Communication. 4 of the top 5 complaints of property management companies deal with poor communication. Look for multiple, parallel communication channels. Email. Phone. Text. What about an owner portal? Will you receive email alerts on activity on your account? Property updates? Inspections? Market updates? Find out how they communicate.
  4. Referrals. No company in their right mind would give you the name and number to a bad referral. Nevertheless, information can be gained by calling referrals. That is why people ask for them. Sometimes you get lucky and learn nuggets that can help your decision.
  5. Maintenance. Is it done in-house or with vendors? What kind of rates do they charge? More importantly, try to find out the quality of work. In-house maintenance is preferred because there is accountability and they can control the quality. Vending it out tends to be more “open season”.

These are some of the more important points. You may have other “hot spots” you want addressed. You will notice that Fees is NOT one of the tips. Why? You’ll have to read our next blog for that! 🙂

For more information on Full Service Property Management, visit our website.

2 thoughts on “How to Shop for a Property Manager

  1. I want to say that I have been a renter since 1990. Long time…I feel like FSPM has been one of the Best group I have ever rented from. I appreciate Dan so much for always answering the phone, returning calls so quickly. Always helping me with issues that have come up. I have never ever been dissatisfied with you “guys” ….I think Peter must be a wonderful human being because he treats everyone so well. I appreciate where I live, what I live in – quality included!!!

  2. Thoughtful discussion ! I loved the points , Does someone know where my business can acquire a fillable Property Mgmt & More Move-In / Move Out Inspection Checklist example to use ?

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