AUTHOR ' S COMMENT:
Appendix A
NEW PROPERTY MANAGEMENT BUSINESS MODEL GARY GEIST
Finally, as the condition of the rental property deteriorates, so do the class of available tenants who are willing to rent the property. Generally a property will have a long history of this type of neglect before the Investor finds out about the problems with the property. Then when action is finally taken, it costs a significant amount of more money to correct all of the " so called " problems and damages to the property. So good property management is essential to keeping good cash flow.
AUTHOR ' S COMMENT:
If this paper has stirred some thoughts you would like to share and become part of the campaign to change the property management business model to make it performance driven, please share your thoughts by emailing to: ggeist @ homereplay. com
Appendix A
Key Questions to Ask a Property Manager
Listed below are questions you need answered before hiring a property manager. Many profess to meet these qualifications, but you need to verify their performance by talking to current and past clients. As an out-of-state investor it is essential that you find a good property manager- it will make or break your investment.
General Business Questions
1) How long have you been in the property management business? 2) How many properties do you currently manage? 3) How many staff members do you have working for the company? 4) What type of property management software do you use? 5) Do owners have on-line( read only) access to the property records? 6) Do you have properties of your own that you manage? 7) How do you prevent a conflict of interest arising in filling vacant properties? 8) Are you a member of property management associations or support groups? 9) Can you provide references( must include current investors)? 10) Can I tour some of your managed properties?