Management ServicesHow to Choose a Property Manager
How to Choose a Property Manager
Choose a property manager that embraces your management philosophy, has knowledge, and experience. A property manager is your representative. The right property manager does more than fill out leases and fix toilets. The right property manager reduces your risk and liability. The right property manager protects your investment. Choose wisely.
Are you a licensed NM real estate broker?
In NM anyone who manages property for others must be a licensed real estate broker or report directly to the Qualifying Broker.
How much do you charge?
What is your management commission? Are there other fees? Ask for an explanation of ALL fees. Do you want a property manager that bundles all services into one price or do you want to pay separately for the services you will use? Here are some common items/services that are charged above and beyond the management commission:
- Advertising Fee
- Leasing Fee
- Re-Leasing Fee
- Commission when the house is vacant
- Fees for paying bills for the property
- Fees for sending a statement, 1099, documents, or other reports
- Fees for inspections
- Mark-up on maintenance costs
- Annual Administrative Fees
How do I cancel the management agreement?
How many days notice is required to cancel the contract? Is there a fee for terminating:
- Before a tenant is placed
- During a lease
- After a tenant has moved out
How many homes/units do you manage?
The real question should be – what is the property to manager ratio? Is one person taking care of 50 homes or 200 homes?
Who do I talk to when I have a question?
Property management companies are organized by department or by portfolio. One way is not better or worse than the other. But you should know which your chosen company uses. With a company organized by department there will be different people that have specific jobs: accounting, leasing, maintenance, etc. In a company organized by portfolio one person is in charge of all aspect of a group of properties.
How long has the company been in business?
All companies were brand new once! However, property management is a skill that is learned and mastered over time. You want a knowledgeable and experienced property management company.
Is your property manager a Professional Member of the National Association of Residential Property Managers?
The National Association of Residential Property Managers (NARPM) has a Code of Ethics & Professional Standards. Professional Members must abide by these standards. NARPM members tend to be motivated and better educated in their field than non-members.