I recently had dinner with a friend's brother who has a home on the California coast. He's toying with moving out of state and is wondering about leasing his home.
He asked me how to choose a property manager. I advised him to first see who is a member of Narpm in his area. www.narpm.org It's a professional organization of property managers and membership is a sign of quality although not a guarantee.
I would stay with a local company, someone who's within 1/2 hr of his property. Anyone further away than that will have trouble showing the property as frequently as necessary and may not have vendors located close enough to respond in a timely manner for repairs.
I recommended he interview firms and ask what their services cover. How will his property be advertised? What costs are covered in the management fee and what costs are extra? Don't agree to a low management fee only to find out lots of services are extra charges. Kind of like air travel today!
My friend asked if the property could be inspected monthly. I told him many firms will do an annual survey but not monthly--that would interfere with the tenants' quiet enjoyment of their home.
I advised him to look for firms that lease similarly priced properties in his area. They'll be experienced with owners who are leasing out their personal homes and although the decision to lease is financial it can still be an emotional challenge.
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