First and foremost; ALWAYS ALWAYS ALWAYS ask experienced investors in your area who they use for property management. If they don't use a manager, ask them if they know of any other good managers other investors they know use.
The following is the list of questions I ask a property manager when I first interview them over the phone before setting up a meeting. If you don't like their answers, it will save you from wasting your time on a face-to-face meeting. There are plenty of managers in any decent sized metropolitan area, so there is no excuse for just hiring the first person who is willing to manage your properties for you at a reasonable rate.
1. What are your management fees (% of rents, new tenant fees, lease renewal, etc)?
2. What services does that fee cover?
3. What does your company charge for other services(evictions, finding new tenants, lease-options exercised)?
4. Is the maintenance you use in-house, or just a contractor frequently used? Do they charge by the hour, or the job? How much?
5. Do you manage properties in the (area you own property) area? If so, how many?
6. How many property managers do you have?
7. How many units does each manage on average?
8. How long has your company been in business?
9. What is the average length you’ve managed the client’s properties for?
10. Do you manage any lease-options/rent-to-own properties? (if you have any or plan on having any)
11. What info do you provide the owner with on a monthly basis? What do you need the owner to do on a monthly basis? How many phone calls to the owner per month on average?
12. How do you advertise and market the properties?
13. Could you email me references right now? (Make sure you call their references!)
Good LUCK!
Popularity: unranked [?]
Filed under Rental Properties by mattmiller
November 27, 2008
Guidelines For Assembling Your Real Estate Investing Team
Why Have A Team?
It can be quite a daunting task, when you’re starting out, to consider hiring accountants, lawyers and other professionals. Not only is the expense a concern but knowing who to consider and how to make a decision about who to utilize puts many people off. And it is for these reasons that many would-be investors try to do it all themselves.
However, you will find that the short term benefits of doing it all yourself will very quickly be dwarfed by the cost of lost opportunities, bad deals, and a simple lack of manpower turning just a few deals into a full-time job. So instead, let’s discuss some effective selection techniques and ways to minimize costs in the early days.
At this stage, don’t worry too much about how you will afford to have these professionals “on your team”. There are definitely going to be some costs in getting started but initially you will be calling on these people far less frequently than the phrase “on your team” might suggest.
Full article… Guidelines For Assembling Your Real Estate Investing Team
Popularity: 15% [?]
Filed under Getting Started, Team by Scott Roemermann
