How to make sure your property manager is doing a good job

[Mell046]

Hi All,

just renting out my first apartment with and I'm using a property manager.

However How do you make sure you property manager is doing everything is what they should I.e checking the place is not being damaged etc?

what do you seasonal investors do to keep on top of your PM's?

thanks
Mell

[Anthonyacat]

Find one you can trust; from a referral from another investor plus a face to face conversation or two. Then leave them to do their job.

They should send you regular inspection reports with photos at least four times a year, and answer any questions you ask them. Beyond that, if you're wanting to do their job for them, get rid of them entirely and do it yourself.

[Don't believe the Hype]

Anthonyacat is right. It's about interviewing the PM before you award them your business. Make sure they meet your expectations on how they work, how they treat tenants, how they communicate with you. Be clear on your expectations of them then get out the way and let them do their job.

Having said that you need to review their monthly statements - reconciliation of what is owed vs. what is paid to you, question any rent arrears if they haven't actively chased it (but you should have made that clear in your initial expectations setting meeting), review maintenance costs and ask questions after each inspection report showing that you're actually paying attention to what they send on.

Oh - and some praise from time to time is a great motivator.

[Keys]

..... ask questions after each inspection report showing that you're actually paying attention to what they send on.

Being a hands off landlord is one thing. However, doing as this suggests is vital to a PM. If you have a low threshold for automatic repairs/maintenance, your attention to the recommendations of your PM is vital. Especially when it comes to water condensation.

[Perry]

There are plenty of comments and threads on PT, touching on this matter.

A loose general rule is the a REA with a PM section is less likely to work as well as a PM who / that does nothing else but PM work.

Read the fine print.

[BigWal]

I know it's not exactly what you asked in your first post, but I posted some suggestions a while back here on what to look for when choosing a PM.

[Rosco]

Hi Mell046,

My ideas

1) Ask for there Health and Safety policy - this seems to be a newish risk area for landlords, so important to make sure you are covered

2) Make sure inspections are done every 3 months

3) any late payments from property manager to you - I wouldn't accept any excuses. You should get paid ontime, everytime.

4) I would check they operate a proper Trust account (ie their bank acknowledges it is a Trust account) - otherwise if their loans go into default, their bank could hook into the rents!

5) What is their Meth policy?

There is some good ideas above such as searching tenancy tribunal.

Ross

[FJW]

Hi All,

just renting out my first apartment with and I'm using a property manager.

However How do you make sure you property manager is doing everything is what they should I.e checking the place is not being damaged etc?

what do you seasonal investors do to keep on top of your PM's?

thanks
Mell

Hi Mell

Like with what the others said always interview them in person to get a gut feeling about them.

They should send you through photos with the inspections which will give you an idea of how the property is being looked after. Even ask them if you can accompany them at an inspection so you can see for yourself.

If you end up micro managing them though it might pay to just do it yourself or if you don't feel they are doing a good job which gave rise to micro managing them then get a new one.

[Rentex]

Yes it's great to ask questions if unsure.
Acknowledging receipt of emails in a timely manner and whether you agree to any proposed actions or require alternative action taken is useful too.
Expect inspection reports with photos, statements and payment on time.

I like FJW's suggestion of accompanying for an inspection, especially if you haven't seen the property for a long period of time. Some owners will find that the maintenance suggested but not agreed to needs to be done.