Well, All Property Management, LLC was audited by the Washington Real Estate Commission yesterday – and it wasn’t awful at all! I knew an audit was bound to happen sooner or later, but hadn’t expected it this soon (I just got my broker’s license in December 2006).

Just hearing the word “audit” sent a shock wave of adrenaline into my system when I got the call to head into the office because the auditor was on-site (it’s summer, and I was at home with my seven year old daughter) . Of course, to say I tend to worry a wee bit too much about things would be an understatement. That’s why I’m not a lawyer anymore. (more…)

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1. Does the property management company have the property licensing? In most states, property managers must have, or be working under someone who has, a real estate broker’s license. The rules vary from state to state, but you can always call your local real estate commission (google “real estate commission” and the name of your state).
2. Check the references of any property management company you are thinking of hiring. Call current clients – did they have a good response time, provide timely reports, do what they said they would do?
3. Experience – how many years has the company been managing property? What types of properties have they been managing?

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