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 ?