Over the years I’ve worked with several property managers. In fact, I won’t enter a new market unless I’ve got a good feeling about the property manager I’m planning to use. This is because a good property manager will connect you with resources needed to make your property a success. The right property manager can make a bad market ok and a good market great.
So with that in mind, I’ve developed a list of 11 questions that I ask when I get them on the phone or in a meeting.
- How do you track repairs?
- Can you help with capital improvements?
- How do you work with delinquency? What’s that timing look like?
- Do you help tenants apply for programs? RR, Heat assistance, Section 8.
- How many properties do you manage?
- What does your financial and property reporting look like? Portal?
- How does your rate structure work? Fill fees, markups for services, hourly rate
- Do you receive and pay all bills? Taxes, W/S?
- How do you disburse rental income to me? What timing should I expect?
- How do you keep track of improvements needed?
- What success metrics does your company watch in house? Vacancy, delinquency, turnover times, attrition/duration of tenancy, etc.