There comes a point in every real estate investor’s life that you start to consider hiring a property manager. It makes good financial sense to continue doing what you do best—investing—while your property manager handles the day-to-day business of keeping your renters happy and your property safe. The problem is: for every great property manager, there is a bad property manager looking to make money without really helping you at all. So how do you spot a mediocre property manager?
In episode 85 “How to Spot a Mediocre Property Manager” of SparkRental’s podcast, hosts Denise Supplee and Brian Davis, ask Janet Fields, our CEO and co-owner of Oak Trust Properties, her advice for landlords who are considering hiring out their management to a property manager or property management company. We discover that it’s likely more involved than you might think. She explains, “You want to get a hold of the management contracts because that’s basically a timeline of how your property manager is going to care for your property. If an issue pops up, it will fall under one of the parts of the management agreement, and that agreement should tell you exactly how it’s going to be handled. It’s also going to tell you what it will cost you, so you can start drawing out a timeline with your fees.” This is only the first step in ensuring that you’ve done your due diligence when choosing a property manager.
Of course, Janet’s experience and advice don’t end there. She also offers advice on:
- Tenant approval
- Property management fees
- Recording your processes
- Managing tenants when they complain of ghosts
- What to expect with bee swarms
Interested in learning more about how Oak Trust Properties works with our clients? Want to know more about our management style and fees? Contact us today. We’re excited to share our breadth of experience with you.