Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Bion Grady, a Realtor/Property Manager at Transitions Property Management & Real Estate, for his tips on hiring a residential property manager.
6. Find a property manager reasonably close to your property. If the manager has to drive a long way to get to your rental, they will be less likely to rent it quickly or to inspect it.
5. Look at a representative sample of the properties currently being managed by the property manager. Ask for the addresses of a few of the other homes the person is responsible for and go take a look! Are the properties in good shape?
4. Are the management fees reasonable? There is no such thing as a standard management fee. However, depending on your market area, you may expect to see fees ranging from 8 to 10 percent of the monthly rent amount charged as a management fee.
3. Find a property manager who knows maintenance. Is there a contractor on staff or other knowledgeable maintenance staff? Are they able to give over the phone tips to complaining residents that may save a service call? Do they maintain a list of vendors that is used over and over? How do they insure they get the best price and service?
2. Does the property manager have an emergency phone response after working hours. How serious is the company about emergencies at your property?
1. Look at some of the property manager’s current rental ads. Are they professional, compelling and free of discriminatory statements? Do they advertise in a variety of places, or are their ads limited to free sources like Craigslist or community bulletin boards?
Bion Grady is a Realtor/Property Manager at Transitions Property Management & Real Estate. An Atlanta native, Bion served the United States Navy and later attended Temple University, studying business administration. A licensed Realtor, Bion is a multi-million dollar producer, and has a number of certifications, including Accredited Buyer’s Representative, Certified Distressed Property Expert and
Real Estate Property Manager Certified.