Author Topic: Selecting a rental management company  (Read 2648 times)

ivyhedge

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Selecting a rental management company
« on: June 24, 2014, 02:10:57 PM »
We'd like to rent our loft unit as we move up to a larger place. It's not paid off, but only because we chose not to do so. Rentals in our building are in the $2950 - $3650 range. New condos in our size class are $650k-$700k and our area is severely capacity constrained.
For those of you who rent property in a major metropolitan area, would you share your checklist for vetting a management company? We haven't decided whether we'll rent it or use such a company: just initial diligence. Thanks in advance!

arebelspy

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Re: Selecting a rental management company
« Reply #1 on: June 24, 2014, 06:42:49 PM »
Here's two options:
1) Hire your own person for property management: http://buildbankroll.com/2012/08/the-joys-of-insourcing-property-management/
2) Hire a property management company:  http://www.managemyproperty.com/articles/hiring-a-property-management-company-25

Here are metrics to look for when hiring a PM company: http://www.biggerpockets.com/renewsblog/2012/08/08/investment-property-management-metrics-to-track/

Make sure you ask what happens when they don't pay: http://www.biggerpockets.com/renewsblog/2014/04/19/1-question-everyone-forgets-ask-property-manager/

Other questions to ask, from here: http://www.biggerpockets.com/renewsblog/2013/01/26/surviving-hell-property-management/
Quote
   * How much do you charge for the following: monthly fee, tenant placement fee, re-leasing fee, maintenance labor?
   * How do you handle maintenance calls: send a handyman, call a contractor, do it yourself?
   * What are typical maintenance charges in terms of labor?
   * What kind of statements will I receive each month?
   * How accessible are you on email and/or phone? (not kidding, sad I even have to ask)
   * Are there any times you won’t ask for my approval for maintenance repairs?
   * How many properties do you currently manage? Do you have references?
   * What are qualifications do you look for in tenants?

Previous discussion here, but it basically consisted of my links, plus one comment from AlexK: http://forum.mrmoneymustache.com/real-estate-and-landlording/advicequestions-to-ask-for-interviewing-a-property-manager/
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ivyhedge

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Re: Selecting a rental management company
« Reply #2 on: June 25, 2014, 07:34:09 AM »
@Arebel: Thanks very much. I look forward to reading the sites you enumerated.

Icecreamarsenal

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Re: Selecting a rental management company
« Reply #3 on: June 25, 2014, 09:11:25 AM »
This is a great resource. I'm in a similar situation price wise, and I'm looking forward to the future where I may rent out the condo. My building already has a property manager. Am I obliged to use their property manager?

arebelspy

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Re: Selecting a rental management company
« Reply #4 on: June 25, 2014, 09:39:45 AM »
This is a great resource. I'm in a similar situation price wise, and I'm looking forward to the future where I may rent out the condo. My building already has a property manager. Am I obliged to use their property manager?

Very likely not.  Check your CCRs for what's allowed tenant-wise though, you may not be allowed to rent it out.
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Icecreamarsenal

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Re: Selecting a rental management company
« Reply #5 on: November 13, 2014, 06:22:03 AM »
What was the followup on this, ivyhedge?  Did you successfully use property management?