THINGS TO THINK ABOUT WHEN HIRING A PROPERTY MANAGER

  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?
  4. What property management services do they provide? Rent collection? Monthly/annual reports? Lease negotiations?
  5. Response time: do they have a 24 hour response time? Same day?
  6. Fees: are they a percent of rent? Are fees all inclusive? Sometimes the lower priced companies have add-ons or kickbacks. Ask.
  7. Certifications: is the property manager certified by any of the national property management associations, such as NARPM (National Association of Residential Property Managers)?
  8. How are vacancies filled? Do they do credit checks and check references of potential tenants?
  9. Will they handle evictions and/or problem tenants?
  10. How often will they personally inspect your property?