After many personal experiences – good and bad –hiring property management companies and managing properties on our own, we’ve figured out some key elements to keep in mind when choosing a property management company. Here are four that we think lead to a successful business partnership.

1. Integrity

It may seem like a cliché to put integrity on the top of the list; however, a property manager’s decisions and actions have an effect on the property owner’s profit. Tracing the actions and decisions that result in a lower return on investment after the fact is difficult.Therefore, integrity is the most important component to look for from the onset. The best way to find out whether the property manager in question is reputable to use the following tools:

• Have a face to face meeting to get a sense of the person or team and their attitude.

• Check references from current property owners who entrust their property to the property manager.

• Check the Better Business Bureau for complai...

I'm a huge proponent of the 80-20 rule wherein 80% of the tasks / projects must be outsourced or eliminated and only the most important 20% must be performed by entrepreneur. Even if the owner is in the same general vicinity, property management is one aspect that seems to fall under the 80% for a lot of investors. Over the course of the past few years, I've come to realize that managing one's own properties isn't just to save money, it has other advantages as well. With process streamlining and outsourcing key elements of property management, the tenant landlord relationship can be some thing an investor can maintain without a lot of time commitment. Here are the four key advantages that aren't always apparent.

1. Providing High Quality Service

The amount of money one can save by not hiring a property management company (5-10% of the rent) can be used to make both the tenant's and the landlord's life easier which helps provide high quality service. Time and again, my tenants tell me...