Author Topic: First-time Property management / landlord ; professional management  (Read 519 times)

YoungStache

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I recently purchased a rental property in another state (PA), and am planning to have it professionally managed. I have a call with the property management company on Monday. I am wondering what are some screening questions that need to be done?

The property is a duplex, and has 3 leases because the garage is also rented out. I also plan on having the basement converted for rental. I wonder what the standard fee is, and if I can get any discount for multiple leases.

Also, what are some ways to screen for good/proactive property management practices? Any examples of questions that need to be asked?

Another Reader

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Re: First-time Property management / landlord ; professional management
« Reply #1 on: August 04, 2018, 04:56:39 PM »
Interview several.  When you go out there, drive the neighborhood and surrounding areas.  Jot down the phone numbers of managers on for rent signs.  Note the ones with several listings.  Call them and talk to all of them.  Try to get unbiased opinions from other landlords in the area.

In many states, property managers have to be licensed brokers.  Check up on the licenses of the broker and the managers if that's a requirement in your state.

Mother Fussbudget

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Re: First-time Property management / landlord ; professional management
« Reply #2 on: August 06, 2018, 09:31:20 AM »
Ask A LOT of questions:
* Ask about their fee schedule. 
* Do they charge a flat fee (i.e. $50/door) plus 1/2 the first month's rent? 
* What is their tenant screening system - what are their minimum requirements, what questions do they ask, what form(s) do they use, how much do they charge as an application fee?
* [Don't ask - but you want to know if they will put 'anyone' in your unit, evict them, and make their profits off 'churn'.  You want a PM that's interested in keeping tenants LONG TERM, and not 'churn'... but no-one will admit to causing churn because they place bad tenants.]
* Do they charge for maintenance calls?  (either you OR the tenants)
* Do they do regular checks on the property?
* Do they have a regular maintenance schedule?
* Do they have a system in place for tenants to report maintenance issues before they become emergencies (i.e. leaky faucets)?
* How many evictions have they done in the past 3 months?

That should get you started.  Good luck!