How to select a Property Manager

I’m not too thrilled with my property manager on the 2 houses I bought in Indiana. Since I did such a lousy job the first time around, I guess I need to pull out the old books and see how to choose a better one. Who better to find a good property manager than Adiel Gorel who promotes distance investing. I flipped through his book Remoted Controlled Real Estate Riches: The Busy Person’s Guide to Real Estate Investing.

Adiel calls himself a facilitator and helps newbie investors invest in different states and of course charges a commission. While I may not fully agree with his choice of location for investments, his advice is rock-solid.

Here’s some questions to ask a potential property manager:

  1. How long have you been in the business?
  2. Are you a member of any professional associations?
  3. Do you specialize in residential properties?
  4. Do you work weekends?
  5. How many properties do you currently manage? Whats the total number you’ve ever managed?
  6. Are these properties in the same area as my property?
  7. Can you supply references?
  8. which services do you offer?
  9. What is your fee?
  10. Do you charge a leasing fee?
  11. Do you have additional fee for lease renewals?
  12. How do you advertise and market the properties you manage?
  13. Whats the average time for renting a new property?
  14. Whats the average turn-around time for a property(cleaning, repairs, move-in)?
  15. How often do you check on a property?
  16. How do you handle late payments?
  17. Have you ever evicted a tenant? Whats the procedure? How much do you charge the owner?
  18. Do you issue annual and monthly statements?

This list is quite comprehensive and I failed to ask my property manager most of them. I should know better by now!

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