July 18, 2010
13 Questions to Ask When Interviewing Rental Property Managers
First and foremost; ALWAYS ALWAYS ALWAYS ask experienced investors in your area who they use for property management. If they don't use a manager, ask them if they know of any other good managers other investors they know use.
The following is the list of questions I ask a property manager when I first interview them over the phone before setting up a meeting. If you don't like their answers, it will save you from wasting your time on a face-to-face meeting. There are plenty of managers in any decent sized metropolitan area, so there is no excuse for just hiring the first person who is willing to manage your properties for you at a reasonable rate.
1. What are your management fees (% of rents, new tenant fees, lease renewal, etc)?
2. What services does that fee cover?
3. What does your company charge for other services(evictions, finding new tenants, lease-options exercised)?
4. Is the maintenance you use in-house, or just a contractor frequently used? Do they charge by the hour, or the job? How much?
5. Do you manage properties in the (area you own property) area? If so, how many?
6. How many property managers do you have?
7. How many units does each manage on average?
8. How long has your company been in business?
9. What is the average length you’ve managed the client’s properties for?
10. Do you manage any lease-options/rent-to-own properties? (if you have any or plan on having any)
11. What info do you provide the owner with on a monthly basis? What do you need the owner to do on a monthly basis? How many phone calls to the owner per month on average?
12. How do you advertise and market the properties?
13. Could you email me references right now? (Make sure you call their references!)
Good LUCK!
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Comments on 13 Questions to Ask When Interviewing Rental Property Managers »
These are all great points and I think that #13 is extremely important: Get References. You also need to verify that these references are real as many will use false references!
I think you've hit the mark. I agree with Richard that #13 is the best. They can tell you anything they want at the agency, but you'll really hear the truth when you talk to their other clients.
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