Tips On Choosing Property Management Company

I am gonna be watching this thread, I wanna know more on this subject..

YOu will want to know upfront the contract term that you will have with them too. Do they take a percentage or a set fee of the gross monthly rents? In some cases, there are proeprty managment companies that will offer ala carte services too. You should make sure you understand what the regular fees and services consists of, so you can determine if you will have to pay more of a managment fee if they have to market, show and fill a vacancy. It might be considered a different service from the normal day to day services they will provide. It is good to know how many units they manage to make sure they are going to give your units the right amount of attention needed. Also will they start the paperwork necessary for an upcoming eviction or help you go through the process?

If you have a good proeprty management company, you should not see a lot of deferred maintenance on the complexes they manage and the grounds should be clean and tidy. I have gone up to tenants in some of the complexes they said they managed and acted like a tenant to see if repairs and other management duties are done within a timely manner. It is amazing what I have learned by doing this. Also, I have also called the different locations they stated they managed to see how soon they responded to an inquiry or range of information provided to a prospective tenant.

I usually just ask them what can they do for me as an owner if I were to choose them as my management company.

This puts them in a situation where they have to sell you on their services. They will have to explain how they will make it easy on you to own property. That's their job. What kind of reports will they provide to you? What kind of occupancy to they run on other properties they manage? What kind of maintenance contracts and connections do they have that will help you keep costs to a minimum?

Let them do the selling. Take the pressure off yourself, and put it where it belongs... on them...

That is the best answer yet, isntead of trying to remember all the
questions which I have them written down, so now I just have to
check them off and have them put it in the contract.
buy how long should the contract be a month to month for a while
to see if they going to work for me or a yearly contract with an
escape cluase in it that I can get out due to poor performance

spelling might be aweful, but I'm looking for cash from real estate not passing an English test

Can anyone give me a good reference to an affordable
Property management Company that serves Queen Creek, AZ 85142?
Thanks!!

The rent we will charge should be right around $800 per month.

Rent $800 x 12= $9,600

This is my quote, sounds very high to me:

Monthly fee $85 x 12= $1,020
1 year lease commission $600
Annual maintenance fee $125
---------------------------------
$1,745 which is 18.17% of $9,600

one time set-up fee $75
---------------------------------
$1,820 which is 18.95% of $9,600

about things to make sure you ask your property management companies and/or what they need to be doing is here: http://www.deangraziosi.com/real-estate-forums/rental-and-cashflow-prope...

BE PICKY! Only hire a property management company that actually calls references, checks out neighbors, will check the local police department for any 'activity' at applicants current residence, will call supervisors and landlords. MANY DO NOT do these basic things, and it WILL result in problem tenants. The key is to have a company that doesn't just simply run credit and background and take the first applicant. Good tenants take care of your place and they pay their rent on time. Nothing is quite as important as getting good tenants in your properties!

CONGRATULATIONS on your contracts!!!

to that other thread. Last I tried to update it, I was not permitted to add an excel file. Just in case anyone is interested in it.

Find a company that will answer their phone on Sat/Sun. Find one that is in their office by 8 AM. Find one that does all backgrounds and verifications. A credit report is not the full answer. Many people in today's market are good people but dinged.

Find a company that is tenacious in collections and expedites evictions. Find a company that has good maintenance services, weekends and holidays. Find a company that will allow you to sit back and collect rents, while treating your unit as their own.

Do not be fooled by referals that the company will give you to follow up on. Would they give you someone to call for a bad referal? As with anything else, you want to make money, allow the company to make money. Your better off working with a company that will also help you find purchases. They will be able to find properties that meet your portfolio.

Find out how best the company can help you before asking what they charge. Come to the table with a sense of sophistication and look to build a long term relationship. Find a company that will explain and willing to teach, not some 'stuff shirt' that is an elitess.

I found a questionaire from Bigger Pockets you can use to interview property management companies. (I called one who advertised in the real estate club newsletter, too, which worked out well.) It's 4 pages and sometimes takes about 30 to 45 minutes to go through. Sometimes you can find answers on their websites, and others won't have any or all the info. You tell them who wyou are, and what you're trying to do. Make sure it's ok to ask them a few questions (don't say how many though). Get a feel for the conversation. If it's going great, you will know. Use the words, "If I chose your company..." on a few of them. Then, tell them, "Thank you so much for your help. If I choose to go with this great company, I will contact you." (or something like that)

Great response below! I've been shopping for management companies for a property I'm considering in New Orleans. I emailed his company today (Saturday), he called me back today (Saturday). I was impressed. They've been in business 30 years, the primary owner is a Real Estate investor himself (bonus), his "war stories" were compelling and relevant, regarding tenant relations, leases, how he fills his apartments in the NOLA area... All of the good advice you're getting on this board is applicable. I hope this real life experience corroborates it.

Same manager just followed up to another email I sent him after we spoke. It's 10:22PM my time, 9:22PM his time, still on a holiday weekend. That strikes me as a manager that will take a call from a tenant, and roll out a plumber in the middle of the night.

Take care,
Chad.

in Vegas and you live in Vegas, do you really need prop mgmt?