Secrets of Hiring and Managing a Property Manager

Newport News Real Estate Investing & Real Estate Financial Planning™ Podcast

Learn the secrets to hiring and managing a property manager in Newport News.

This class is Module 8 of 46 in a series called Real Estate Investing Secrets.

Topics covered in this module include:

• A small tweak to your mindset around renting your property that will change all aspects of your property management... for the better... to make it easier, to lower risk, and improve profitability.
• How do you find a quality property manager you can trust to handle your valuable assets?
• Should you go with a one person “mom and pop” superstar as a property manager or a team?
• A warning sign that your property manager will have a hard time being “firm but fair” with your tenants and advocate on your behalf
• A detailed list of property manager interview questions...
• What’s one thing that you should insist your property manager has and why?
• What are typical property manager services offered and what is more unusual, niche offerings that you may (or may not) be able to easily find?
• What are the primary and secondary profit centers and fees charged by property managers?
• What does a typical property manager charge? And, what additional gotcha fees might there be?
• How do you determine their leasing policy? And, what should you insist on?
• What is the property manager’s walkthrough policies and what is recommended?
• How do property managers enforce occupancy limits and how this can save some real estate investors $1,000 per day per person in fees/fines!
• How does a property manager address tenant qualifications for screening? And, a list of questions to ask them to limit risk, reduce vacancies and evictions and improve profitability in your properties.
• How much do property managers charge tenants? And, how does that work with the owners?
• How do property managers deal with maintenance on your properties and how can this be a profit center for them?
• How do property managers deal with service animals, emotional support animals and pets?
• How will your property manager disburse rents collected? When? How frequently?
• When does your property manager start marketing your property for rent to minimize vacancy, maximize rent and reduce risk?
• How do property managers deal with evictions and the fees associated with them?
• How do property managers deal with collections when a tenant can’t pay?
• The ridiculously insane way that some property managers deal with late fees... and what you might do about it.
• How do property managers deal with rent comps before you buy properties and after they’re managing the property?
• What if things don’t work out? How do you exit out of a property management agreement?
• A “gotcha” with hiring a property manager that can cost you upwards of tens of thousands of dollars per property—and a lot more on expensive properties—if you don’t deal with it appropriately.
• How does your property manager add an additional layer of asset protection to real estate investors? And, what else do they do to reduce your risk and liability exposure?
• Plus much more...

Check out the video and additional resources related to Secrets of Hiring and Managing a Property Manager.

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