How To Hire The Right Property Manager

Hiring the right property manager to manage your real estate investments can truly make or break your business.

You've probably heard horror stories of nightmare property managers leaving your rental property vacant, destroyed, or simply taking your money and running.

But in this video, Jesse Fragale shares the pros & cons to property managers & tips for hiring the right one to manage your rentals!

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*Jesse is a commercial real estate broker and investor. He began investing in student rental properties over ten years ago. As his passion for investing grew so did the number of properties he owned. He currently focuses his investments on multi-family apartments.

To learn more about his investment experiences and informed advice on real estate check him out at:

[biggerpockets]

Thumbs up for Property Management 👍
Comment why not! 😬

[davillab]

Great content! I'm having the most difficult time with my property manager now. Most crucial piece of information I took from this is to create a business bank account where the money can be deposited. Right now I'm recieving what's left over and dont like it! I can go on and on. In short, I learned to get home warranty and to have a business account set up before tenants occupy the space.

[Muldoonassociates]

Thanks Jesse, it's nice to get some appreciation! PM can be a pain. Thanks for your perspective on this! Glad you mentioned the owner needs to manage the manager. Some owners think they can just drop the "baby" off on the doorstep and run away. Well, that's an option but ultimately the manager is not in the owners shoes and there's no way of knowing exactly what the owner wants unless they are involved!

[gsftom]

Great comments. I own 2 single family properties (small stuff), but don’t want to deal with tenant complaints. I am brand new and don’t know much. I inherited one property manager and could clearly see that he didn’t care at all abt anything. I hired another and things went well for a while and then went bad 18 months later.

I don’t want to manage tenants so willing to pay, but need integrity and a good working relationship. And I understand that this is just a small part of their income stream so they are not very invested in the outcome.

I work very hard to deliver a property that is nice, sound and won’t have issues. I need someone that will be honest and do what they say they will do.

Watching this video helped me understand the relationship between owner and prop manger much better. Things that I saw happening were pretty much confirmed watching this video. Lots for me to learn. Thanks for the video!

[pgmrealestate]

As a manager of 500 doors 140 clients. I can’t imagine trying to access funds from a shared bank account. That would be an accounting nightmare and not realistic. Otherwise, all good stuff. We’re pretty damn good at it after 15 years.

[tonyj]

Unless you're a landlord with multiple properties the PM will not treat you with the same respect. I've owned OOS property and the PM wishes and hopes for vacancies and turnovers because collecting 8-10% of rents for the PM fee is not much. The PM will charge more than a licensed professional for a service call, they send a handyman kid for a job (toilet snaking) and charge as much as a licensed plumber.

[doradominguez]

Thank you for the great content, Jesse! Any tips for smaller landlords looking to self-manage for the time being? I'm especially interested in hearing PMS recommendations, as I've been looking at DoorLoop and Entrata. Much appreciated!

[edrem]

Great info, question... Does the property manager will take care of all repairs expenses?let's say the AC broke, and it is few thousand dollars to get it repaired, will that be covered by them or from my pocket? I guessing is some sort of agreement that you have before hiring them. super new here, just want to get it right. Thank in advance

[RealEstateWealthCoaching]

Most property management companies are only good to the investor if there is a good tenant in the home who pays on time every time. If the home stays vacant for over 30-45 days they are also looked at negatively. Tough business but you have to value what your time is worth. Good video!

[rentospropertymanagementso]

Very true that the property manager saves money and time. This way you can start adding many more properties to your ownership list.

[lylecrews]

Interesting commentary. Not in agreement with some of the points as a person who owns and runs a pm company. There are a bunch of rules per state about bank account management in terms of transferring $$ between accounts for example. But it is definitely necessary to have a good relationship with the property manager for sure and to have a clear understanding of the goals of the property owner. The other aspect is time is money and what as a property owner is your time worth?

[CaseyBurnsInvesting]

I think I’m going to get a property manager to manage me in my first rental. Need to start expanding my network in the meantime!

[livingstonfinancial]

Thanks for uploading! I'm about to buy my second property this year and despite it being only my second property, I have some mild anxiety about how much of a headache it will be.

I'll try to hold off on hiring a property manager as much as possible :)

[wsiiipsgaming]

I'm interested in buying my first property this year do you all have a training course or direct mentors ?

[Keldren.]

Okay but how the hell do I actually FIND a property manager? Sure this is a good video if you already know a hundred of them and can't decide but never in my life have I seen or heard that they even exist except in youtube videos.

[piercesanders]

Only 2 years in, but it seems this career gives a lot of experience.

[jivpqpe]

Looking to wade into the rental property market. My first concern is getting trapped by a bad tenant that stops paying their rent. How quickly do you start the eviction process? I live in Colorado and a few property owners have warned me about tenants having more rights than owner. I just want a fair relationship with my tenant and mostly likely that will be the case. I appreciate any feedback you can provide. Thank you.

[gerardwilson]

I'm a property manager and concur.

[sameerforyou]

I live in Lowell Ma and have a condo and planning to hire keyrenter property management to rent my place and manage it. Do you think they are good ?

[jasonadkins]

So one of the property management companies near me went out of business for stealing the landlords money.
That doesn’t detour me from using another property manager for properties I acquire out of my range.