Author Topic: Advice/Questions to ask for interviewing a property manager?  (Read 1266 times)

Left Bank

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Advice/Questions to ask for interviewing a property manager?
« on: April 22, 2014, 08:54:20 AM »
Hello All,
I have two, 3-family properties that have been performing really well financially but my wife and I are moving across the country soon and would like to have a property manager.  I was recommended someone through an acquaintance and would like to make sure I have thought of everything I need to know before I sign a contract with him. 

Are there common problems with using a property manager that could be addressed up front?  What is your experience with PMs? 

Please don't offer the advice of doing it myself because I will be away and I am kind of tired of "lording th'land" anyway.
Thanks
LB

AlexK

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Re: Advice/Questions to ask for interviewing a property manager?
« Reply #1 on: April 22, 2014, 09:03:26 AM »
Ask how much they charge per hour for handyman work. I had one property manager tell me they do the work themselves for $50/hr. Another one hires an outside company for $20/hr.

Ask who keeps late fees. You would be surprised but most PM's keep these, I know it's crazy. Mine gets 60% of these.

Ask to see a sample copy of a monthly and year end statement. It will show you how organized they are.

Ask to talk to one of their customers (landlord and tenant if possible).

arebelspy

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Re: Advice/Questions to ask for interviewing a property manager?
« Reply #2 on: April 22, 2014, 09:08:08 AM »
Some good articles to read on this topic:
http://www.biggerpockets.com/renewsblog/2014/04/19/1-question-everyone-forgets-ask-property-manager/

http://www.managemyproperty.com/articles/hiring-a-property-management-company-25

Some metrics to look for when hiring a PM company: http://www.biggerpockets.com/renewsblog/2012/08/08/investment-property-management-metrics-to-track/

Some questions to ask:
   * How much do you charge for the following: monthly fee, tenant placement fee, re-leasing fee, maintenance labor?
   * How do you handle maintenance calls: send a handyman, call a contractor, do it yourself?
   * What are typical maintenance charges in terms of labor?
   * What kind of statements will I receive each month?
   * How accessible are you on email and/or phone? (not kidding, sad I even have to ask)
   * Are there any times you won’t ask for my approval for maintenance repairs?
   * How many properties do you currently manage? Do you have references?
   * What are qualifications do you look for in tenants?
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