The Ultimate Guide to Property Management Companies for Real Estate Investors

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Let’s start from the beginning – hiring. How do you hire a property management company? I think the best way is by referral, but I understand that’s not always an option. So if you’re starting from zero, you’ll have to do some research. Read reviews online, make some phone calls, get quotes, and set up meetings. Select a handful of companies that you’d like to interview.

Here are the best questions to ask during those interviews:
-What is your tenant screening process like?
-What is the background check process like?
-What is your monthly fee, and what other types of fees could arise?
-What is your preferred communication method? And when can I expect a response from you?
-What is your tenant turnover process?
-What role do you play in the event of an eviction?
-What is your vacancy rate?
-Is there anything you think I should know about this market?

And from those interviews, here’s what I like to see, personally:
-Timely and effective communication. A great property management team needs to be comprised of strong communicators. Remember that this team will essentially be your tenant’s customer service team, so you want to ensure they’re kind, will respond to requests in a timely manner, and are pleasant to work with.
-Thorough background check process. You want your property management team to comb through everything during a background check: credit, criminal background, employment, and more. They should be able to provide you with a full picture of the tenants they screen.
-Plenty of experience in the market, along with a strong awareness of things like vacancy rates and local employment.
-Reasonable vacancy rates that are consistent with what’s normal for that market.
-Pricing consistent with the market rates.
-Fair pricing and frequency when it comes to fees.
-Proactive approach. Listen, I’m busy and I bet you are too. I like to work with a property management team that is taking a holistic approach – do they have my best interests in mind? Are they looking out for the well-being of my tenant? An excellent property manager is proactive in taking care of everything on site.

At Morris Invest, we interview property management teams during our market research process. What this means for our clients is that we send them a list of our approved property managers to choose from. Of course, this doesn’t excuse anyone from doing their own due diligence, but it certainly helps narrow things down.

If you’re interested in investing in done-for-you real estate, come on over to our website, https://morrisinvest.com. You can schedule a free call with us to learn more about our markets, our programs, and our streamlined process for helping investors like you build wealth.