Choosing a property manager is one of the most important decisions you will make as a rental property owner. The right manager protects your investment, keeps good tenants in place, and makes your life easier. The wrong one costs you money in ways you might not even realize.
This is what to look for.
First, ask about repair markups. Many property managers add 10-20% on top of every contractor invoice. Over the course of a year, this adds up to thousands of dollars. Ask to see examples of contractor invoices next to owner bills. If they will not show you, that tells you something.
Second, ask how often they inspect properties. A good manager inspects monthly at minimum. If they tell you quarterly or "as needed," that means they are not keeping a close eye on your investment. Small problems become big problems when nobody is watching.
Third, ask how they screen tenants. Specifically, do they meet tenants in person at the property? Or is everything done online? There is nothing wrong with online applications, but someone needs to meet the tenant face to face before handing them the keys to your property.
Fourth, look at their fee structure. The lowest percentage is not always the best deal. Some managers charge a low management fee but make it back on repair markups, lease renewal fees, inspection fees, and other charges that add up. Get the full picture.
Finally, ask how long they have been managing in the area. Local knowledge matters. Someone who has managed properties in the Rogue Valley for decades is going to serve you differently than a franchise operation that opened last year.
We have been doing this for over 40 years. We are happy to answer all of these questions and more.