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How to Find A Property Manager for Your Single-Family Home Investment


If you are not favorably disposed to hands-on management of your single-family home investments, how do you find and hire an exemplary property manager? Please peruse these basic questions:

Research

> Have you talked to real estate agents for referrals? (Remember: referrals can be biased. The referrer can just be trying to give Uncle Joe a job.) > Have you spoken to other clients of the potential property manager? > Have you done your online research to find managers? (See: www.allpropertymanagement.com and www.mackcompanies.com among others, for potential property management choices. > Have you read property manager’s reviews on Facebook, Yelp, or the Better Business Bureau?

Basics

> How many properties does your potential property managers manage? > How long has the potential property manager been operating in the area?

> Do they have athe network of quality service providers to make repairs when necessary or tdo refresh a unit when a tenant moves out? > How many employees manage the units? > How many units does each manager manage? (Note: an experienced employee may generally supervise 30 to 40 units.) > Have you looked at properties they manage? > Have you talked to the tenants they manage? (Ask: How and when are tenant complaints addressed? Are they planning on signing a new lease, and if so, why? > Does the manager own rental properties too? (Best answer: No. You don't want to be competing with the manager to get the best tenants. If the manager has a vacancy at the same time you do, how can you know that your property will be filled first? )

Fees

> What is their management fee? (Most managers charge 7% - 10% of the rent. How about you?) > Is the management fee based on the total collected or on what could be collected? (Note: don't pay for want they don't collect.) > For maintenance work, at what dollar point do they want to do work without obtaining your permission, and if so, what's the amount. (Hint: don't make it more than $200.) > Do they add a fee for extra maintenance work, and if so, how much?

Reporting

> On what date of each month does the property manager commit to providing reports? > Will they show you an example of the monthly report you would receive? When and how do they commit to paying you? > Do they use an automated tenant management system, and if so, which one and why? > How frequently do they do formal inspections? (Check: if they say that routine property inspections are not part of their normal package of services, walk the other way.)

Agreement

> Does the management agreement clearly define their responsibilities and yours? > Are the same terms you discussed during the interview included in the contract?

For more information on why your should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452 or harold.willig@springviewinvestments.com

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

This post does not constitute investment, tax, legal, or real estate advice. It is not a recommendation or an offer to buy or sell. No warranties implied. Past performance does not guarantee similar future results.

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