Hey Guys! Today’s post is going to be teaching you newbies on how to find the right property manager. These are going to be advice’s from my own personal experience and you should definitely try to use your own experience and knowledge when choosing a property manager as well. Every situation can be different which could lead to a different conclusion.
The first and utmost important thing you should do is call as many property managers as you can. You can use all sorts of ways to find property managers. You can use websites such as:
These are just some of my personal suggestions that i would give to you to start your search for a property manager. I have personally just googled property managers near the houses i have purchased and called all the numbers that would show up. I have posted requests on thumbtack. On Craigslist, i have posted and called the posted request that property managers had put up. On BiggerPockets i had interacted with other users and asked them if they could recommend me to some and if they themselves were property managers and could help me out.
I personally found my property manager through my realtor, he gave me a great guy who works at a fairly decent rate. He charges me $50 a unit (This can vary based on your state, city, even country) and little fixes he does them for free. The other property managers i have contacted would mainly charge %10 of my rent. So if i was getting $1,500 in rent, they would take $150. I save money on this with my current property managers.
Now this may all sound perfect and whatnot but there are many things you should always notice and consider when you get a property manager. The main thing, which i stressed about in my post about my first buy and hold property i purchased, is that the house is yours, not theirs. They will never take care of it the way you will. Yes they will do their job. fix what they need to, collect rent, deal with the tenants, but what you would do, they will never reach that point. A good example of a time i can remember is that i needed a job done for my house and my property manager wanted to charge $3,000 for it. I knew, from experience, that he is charging too much for a simple job. I went out and found a good contractor who did the same work for $1,500. Now these things matter because i cut my cost in half and did not have to waste that cash and I was able to save that. Now my property manager wasn’t really trying to make money off of me, it was just that was his rate. He wasn’t going to go out of his way to find someone who could do the work for a cheaper price. These little things matter when you purchase a property and hire a property manager.
I know everyone’s situation may be different than mine, it is especially worse for me since i live about 6 hours away so i cannot always be there to make sure they are doing the work fine, and nothing is being done wrong or incorrect. You can always do surprise checks on the house yourself to make sure that your property manager isn’t just putting you aside for other clients. I few other things i would recommend is that you ask for monthly video and photo check ups for the house. This helps you have a visual understanding of the house instead of actually going to the location. With this they cannot lie either so it definitely helps because if your property manager is comfortable with doing it, he or she is most likely already doing a good job.
This was just a few tips from me on how to get a good property manager. If you guys have anything else leave them in the comments below and i will add them to the post for others to see. Also, if you have any good or bad experiences with property managers let me know in the comments below!