Property Management

Rehabbing, Fix and Flip, Rental Properties
1

Looking to get a property management firm. Including the obvious, what questions should I asking? Is there anything that should be a red flag.

Thanks in advance…

ratled

2

The main things to make sure of with a management co. are:

  1. What will they be responsible for?
    2.Will they provide you with a detailed statement of their services?
    3.Will they include minor repairs in the price?
    4.What services are included?
    5.Do they have a staff of maintenance people fpr repairs and/or can they save you money when things have to get done?
    6.Do they have a landlord protection lease agreement?
    7.Do they have a good eviction attorney?
  2. How many properties do they manage in your area?
  3. what if you want to get out of the management contract? How long are you locked in?
    If you need a property management contract, they have one at www.thelpa.com/lpa/forms.html. It’s kind of basic but I think it’s pretty good for someone who doesn’t go with a big management outfit.

If you decide to manage your own property you can get lots of info from this site REICLUB and a few others including
www.thelpa.com
www.mrlandlord.com
www.landlord.com

Good luck

3

Here are a few more questions to add to the list:

  1. Is the property manager certified (or, have a CPM designation)? Maybe less important, but a related question would be: Is the property manager a member of the National Association of Residential Property Managers?

  2. When will proceeds be distributed to the owner (In the same month as collected, or held back one month)?

  3. At the end of the year, what amount goes in Box 1 on your 1099-MISC – net proceeds after management fee and other expenses, or, gross rent collected. The answer makes a difference.