Power Questions to Ask a New Property Manager

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.

1. How do you track repairs? 
2. Can you help with capital improvements? 
3. How do you work with delinquency? What’s that timing look like?
4. Do you help tenants apply for programs? RR, Heat assistance, Section 8. 
5. How many properties do you manage?
6. What does your financial and property reporting look like? Portal? 
7. How does your rate structure work? Fill fees, markups for services, hourly rate
8. Do you receive and pay all bills? Taxes, W/S? 
9. How do you disburse rental income to me? What timing should I expect? 
10. How do you keep track of improvements needed? 
11. What success metrics does your company watch in house? Vacancy, delinquency, turnover times, attrition/duration of tenancy, etc.