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20 Questions To Ask When Interviewing A Property Manager
Whether you are considering a specific property manager referred by a friend or from your own advertising, don’t let anything cloud your judgment.
This person or company is going to be managing the daily ins and outs of your property. This means that he/she will play an important role towards your bottom line in both the short and long term.
Sometimes because a manager is recommended by a friend, family member, or another investor, we tend to go easy and deviate from how we normally interview them.
This can be a recipe for disaster.
Because a lot of times, people around your recommend someone just because they know someone. Not because they know that someone is a competent and able person to hire.
So be complacent at your own risk. Here are some questions to ask when interviewing a manager or a representative from a property management company.
1) What licenses do you hold?
This shows how qualified they are and also identify any conflicts of interest.
2) What is your experience with managing rental properties?
If you are paying for help, surely you want someone who has a track record of doing what you are hiring him to do.
3) How many years have you been managing rental properties?
Not only does he need to have the ability. He needs to have experience too.
4) Who is the person who will be the actual person on the job?
It is paramount that you know who will actually be on the ground.
5) Who will be my contact person?
Sometimes it can be a different person than the person attending to the property.
6) How many houses are you currently managing?
The bigger the portfolio, the lesser priority to your property.
7) What are the fees you are charging?
This is an area where you cannot afford to overlook.
8) How will you be marketing the property?
You might not want certain marketing channels to be used. On top of that spamming is loathe upon.
9) What is your process of screening potential tenants?
Does it match up to your standards.
10) How are maintenance issues and repairs handled?
This is important as sometimes service providers only work office hours to attend to tenant issues.
11) Name some of the contractors you work with who will attend to my property.
There might be people and companies you don’t want to work with due to bad reputation.
12) What are the terms on the management agreement that you are flexible on?
This allows you to pinpoint where your leverage is when negotiating.
13) Is there a standard lease that you use? And can I use mine instead?
Your lease is an asset. So don’t allow yourself to get complacent here.
14) What can I expect in terms of financial reporting?
Monthly statements? What type of statements? Format of reports?
15) What can I expect in terms of non-financial reporting?
Log cards. Situation reports. Key logs. Basically what is happening at the property. Especially events that are unusual.
16) What types of insurance do you buy for the property?
Identify the gaps so that you can get more comprehensive coverage if necessary.
17) Do you deal with fidelity bonds?
This is a way to protect yourself should an evil employee decides to collect your rentals and disappear.
18) Tell me 3 properties that you are currently managing.
This allows you to make reference checks if you find that necessary.
19) What other services do you provide other than property management?
Service providers tend to offer other related services for the convenience of their clients. You could very well save some money by signing up for other services as a package.
20) What accounting software do you use?
This might be critical if you intend to export data and import into your own software.