Key Points To Consider In Hiring a Property Manager
Get the full name and contact information of the person or company you employ.
Check the property manager’s Bureau of Real Estate license, which must be valid and active to collect rent and manage your property. (Note: Resident property managers don’t need a real estate license.)
Ask the property manager for professional affiliations or certifications with property management organizations, and then verify those on the organization’s website.
Find out how long the company has been in business.
Ask how many properties are being managed and by how many employees. Make sure the answer is reasonable.
Get information on how tenants are screened, to include employment verification, prior rental and eviction history, etc.
See how many tenants have been evicted in the last year. This can also help you find out if tenants are being properly screened.
Ask how long it takes to fill a vacancy. Make sure the answer is reasonable.
Find out what insurance or bond the company may have.
Make sure the property manager has a trust account for security deposits and rents if they’re not held in an escrow account or given directly to you.
Call the Bureau of Real Estate at (877) 373-4542 or go to
to check the license. Make sure the license status is “Licensed” and that an agent with a salesperson license works for a broker. Look into any prior disciplinary action or restrictions on the license.
Check the Better Business Bureau, Chamber of Commerce, and other sources for reviews and complaints.
Review your insurance policy to see if you’re covered against fraud by a property manager.
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DAVID S. FISHER, ESQ.
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