Items involved in property management

• Tenant management (leasing units, evictions, move-outs)

• Marketing for properties

• Managing repairs and issues

• Managing capex projects

• Ensuring bills are paid (utilities, taxes, insurance, HOA, landlord registration)

• Collecting rent

• Financial tracking and reporting

Self Management

• While it is possible to self-manage a property, it may not be recommended if you live away from the property (out of state), or if there are many properties to manage. One of the things to keep in mind is that if you choose to self-manage, you should verse yourself on the housing laws in the jurisdiction of where your property(ies) are located. 

Vetting a Property Manager

• Here are some things to consider when choosing to work with a property manager:

  • Experience: number of years they've been in the business, and if they have experience managing your type of property (e.g. single family, short term rental, multifamily complex, class C, etc.). Regional expertise.

  • License: depending on the state, it may be required to have a real estate license to be a property manager

  • Fees: Monthly percentage, monthly flat fee, repair fees, leasing fees

  • Size of portfolio: how many properties they manage

  • Reputation / references: online reviews and references from other property owners

  • Size of their team: if you will have dedicated team to your properties, or if support bounces around to different people

  • Comms: frequency and style of communications to ensure they're on the same page with the owner

  • Software / system: what system are they using to manage the properties and owner communication

  • Contract: Review the property management contract and make sure you understand how the contract works, and what the rules are for termination in the event you wish to change property managers. 

Operations