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Quick Guide to choosing a Property Manager

A Message from the CEO of RentLucky

Thank you for visiting our site! If you’re reading this, you’re likely considering hiring a property manager or have already decided to do so.

The decision to hire a professional property manager comes down to making sure that your personal needs are met. Not all property managers operate the same way, and it is important to understand where the differences may lie.

With decades of experience managing rental properties, I get questions about property management daily. What follows is my attempt at a simple guide to help you differentiate between property managers and make an informed decision.

Key Differentiators Among Property Managers

Market Focus & Expertise

  • Experience in the local market, necessary licenses, and industry knowledge.
  • Specialization in single-family vs. multi-family properties.

 My take:

Reputable property managers today are fully licensed, insured, and subject to regular government audits. Experience often depends on the individual managing your property. For single-family homes, the focus should be on securing a long-term, stable tenant. Transitioning between tenants in a single-family home can be time-consuming, so thorough applicant screening is crucial.

Value

  • Upfront and ongoing costs.
  • Rent income achieved.

 My take:

Property managers generally have three major cost buckets: monthly management
fee, tenant placement (lease up) fee, and lease renewal fee. The biggest cost for an owner by
far though is a property that is not generating rent, because it sits empty or the tenant is
having financial difficulty. This is why in-depth tenant screening is so important.

Systems

  • IT systems for work orders, owner payments, and tax forms.
  • Advanced technology (AI interfaces, automation, etc.)

My take:

Most property managers use standardized platforms like Appfolio, so differences in IT systems are minimal. Some larger companies are beginning to use AI to streamline processes, but I believe personal interaction still outperforms automation.

Size and Services

  • Number of units under management.
  • In-house vs. externally contracted services.
  • Call center vs. personal relationships.

My take:

Very large property management firms have the advantage of resources like in-house maintenance, but they often sacrifice personal communication and attention for cost savings. The sweet spot is mid size service providers that are professional enough to have their ‘in-house’ maintenance staff, but small enough to provide real time personal attention to each of their clients. 
 

References

  • Google ratings and reviews.
  • Personal referrals.

My take:

Personal referrals are always the best way to choose a property manager. Google ratings are the next best indicator. Start with the bad reviews. Owner reviews are generally more telling than tenant reviews, but tenant reviews can also provide good insight.

Processes & Communication

  • Reliability, speed, and accuracy of communication.
  • Level of property owner engagement.

My take:

Poor communication is the number one reason property owners switch management companies. Some owners prefer a hands-off approach, while others like to stay involved. Ensuring tenants receive respectful and reliable communication helps improve retention.

Where Does RentLucky Fit In?

Market Focus & Expertise

  • We specialize in managing single-family homes, which make up 80% of our portfolio.
  • Our team consists of seasoned industry veterans with deep local market knowledge.

Value

  • Single family homes typically generate high monthly rents, so our low flat management fee – as opposed to a percentage of rent – means a big cost reduction.

Systems

  • We utilize Appfolio, providing workflow management and 24/7 portal access for owners and tenants.

Size and Services

  • We are a mid-size, locally owned and managed business with 350 properties.
  • Unlike many smaller firms, we have our experienced in-house maintenance team, allowing for faster and more cost-effective repairs.

Processes & Communication

  • No call centers: you will have a dedicated RentLucky Property Manager as your permanent liaison. You will have the cell phone number of your liaison for quick and easy access.
  • All work orders are reviewed in person by our Maintenance Manager.
  • All property inspections are conducted in person by our Maintenance manager.
  • Our CEO and Owner is accessible by cell phone for any escalated topics.

References​

  • We are happy to connect you with existing clients.
  • Check out our Google reviews for more insights!

In Summary

As the owner of RentLucky, I personally stand behind our business and the service we provide. This guide is meant to help you understand how we compare to other property management companies.

If you’d like to learn more, call me directly at 206-349-0597, or fill out the contact form below. I’ll get back to you today.

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