When hiring a property manager, it's essential to look for experience, transparent communication, and a deep understanding of the local market. Be sure to ask about their approach to maintenance, tenant relations, and how they handle emergencies. Choosing the right property manager can make all the difference in ensuring your property is well-maintained and your investment is protected. We wish you the best of luck in finding the perfect fit! Below is a helpful checklist to guide your decision-making process.
Property Manager Selection Checklist
1. Experience & Reputation
Years of experience managing rental properties
Specialization in your property type (single-family, multi-family, condos, etc.)
Membership in professional organizations (e.g., NARPM, GCAAR, DCAR, IREM, NAR)
Positive online reviews and client testimonials
Knowledge of local and state landlord-tenant laws
2. Services Provided
Marketing & advertising vacancies
Tenant screening (credit, background, rental history)
Lease preparation and enforcement
Rent collection & financial reporting
Handling maintenance & emergency repairs
Compliance with fair housing laws and rental regulations
Property inspections (move-in, periodic, move-out)
Eviction handling and legal compliance
Managing security deposits and lease renewals
Vendor and contractor management
3. Fees & Contract Terms
Management fee structure (percentage of rent vs. flat fee)
Leasing fee and renewal fee
Maintenance and repair oversight fees
Termination clause and notice period
Insurance requirements and liability coverage
Any hidden or extra fees
4. Technology & Communication
Online portal for owners and tenants
Automated rent collection and financial reporting
Frequency of financial statements and property updates
Availability and responsiveness to owners and tenants
5. Legal & Compliance Expertise
Rental licensing and registration assistance
Knowledge of local rent control laws, if applicable
Fair housing compliance and legal protections
Handling tenant disputes and legal matters
Self-Managing Checklist
1. Leasing & Tenant Management
Marketing the property on rental platforms
Showing the property to prospective tenants
Screening applicants thoroughly (background, credit, references)
Drafting and executing legally compliant leases
Managing security deposits per legal requirements
2. Financial & Rent Collection
Setting market-competitive rent pricing
Enforcing lease terms and collecting rent
Handling late payments and potential evictions
Keeping detailed financial records for tax purposes
3. Maintenance & Repairs
Scheduling and overseeing routine maintenance
Handling emergency repairs 24/7
Maintaining vendor and contractor relationships
Ensuring the property meets health & safety standards
4. Legal Compliance & Risk Management
Understanding landlord-tenant laws in your area
Keeping up with local licensing and rental property regulations
Maintaining proper insurance coverage (landlord policy)
Handling tenant disputes and potential legal issues
5. Time Commitment & Availability
Being available for tenant concerns and emergencies
Scheduling and conducting property inspections
Managing turnover, cleaning, and repairs between tenants
Staying updated on changes in rental laws and best practices
Final Considerations: Hiring a Property Manager vs. Self-Managing
Hire a Property Manager If:
You want to minimize day-to-day responsibilities
You live far from the property or have multiple rentals
You lack the time or knowledge to manage effectively
You prefer professionals to handle legal, financial, and tenant matters
Self-Manage If:
You have the time, knowledge, and resources
You want to maximize profits by avoiding management fees
You enjoy hands-on involvement with your rental property
You are confident in handling legal, maintenance, and tenant relations
Choosing between hiring a property manager and self-managing depends on your availability, expertise, and investment goals. Use this checklist to help you make an informed decision.
We understand that selecting the right property manager is a significant decision, and we respect your choice. Should you ever have any questions in the future, don’t hesitate to reach out. We’d be happy to discuss how we can support you and your property needs. We wish you the best in finding the perfect fit for your property!
