A great property deserves a great property manager—and so does your real estate investment. Choosing the correct manager can be the difference between crisis and relaxation.
But how to choose the right one? First of all, make sure whomever you interview is worth the time. Résumés will tell you a lot, but personal recommendations will tell you more; ask around for potential employees.
Once you’ve got them in the hot box, make sure you ask all the right questions. Multifamily Insiders suggests that you ask the following over the phone before meeting in person:
What services do you offer? (leasing, maintenance, accounting, etc?)
What services do you offer? (leasing, maintenance, accounting, etc?)
What size and type of properties do you typically manage?
How many properties do you manage?
What property management/accounting systems do you use?
What are your fees and what is included?
How are they licensed and insured?
Do you manage or own properties in the area and if so how many and where?
How many property managers do you have and how many properties do they manage?
How long have you been in business and do you have references? (make sure you call them)
What is the average length of time you have managed your client’s properties for?
What type of information and reports do you provide your owner on a monthly basis?
What is your marketing plan for the property and how do you typically market similar properties?
How do you charge for repairs and maintenance?
What is your average vacancy?
Do you have a copy of the management agreement that I can review?
What are your tenant qualifications and how do you screen them?
Does your candidate sound good after all that? Follow up with an in-person interview. The above questions should tell you whether they understand the business; an interview can determine whether you trust their character as well as their business savvy.
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