It's Worth Your Time !!
It's amazing that some people spend more time choosing a kitchen appliance than they spend choosing the person they will entrust to manage their property valued at $300,000 or (much) more! It is well worth spending the time to pick the right property manager. The fact that you are reading this shows that you're at least a few steps ahead of many property owners.
Using these interview questions will help you find an expert property manager the first time by keeping you in control. As long as a property manager is telling you about his/her company, you will only hear about the good things that they want you to hear. However, when you start asking the right questions - the important facts that you need to know will come out. You are the boss. Take the initiative and don't be intimidated by property managers who don't have the time to answer your 16 simple questions.
Before you start asking property managers any questions, be sure you fully understand what you will be listening for in their answer. Most likely, no property manager will answer every question exactly the way you would like. The idea is to find the property manager that best matches the way you want your property to be managed. Avoid telling property managers what you want before they answer your questions. It is more important to get honest answers than the answers you would like to hear. Trust is the key ingredient in a working relationship with any property manager.
When you have finished asking the 16 Key Questions, ask for references and be sure to call them. A more comprehensive way to check the references of a property manager is to ask for the name and number of their locksmith, or the person that they use for carpet cleaning. Those vendors are in many of their properties right after the tenants have moved out. They can describe the condition of their properties in as compared to other rentals they have worked on. That information will tell you a lot about the overall effectiveness of the management company.
A note from the Author:
As a real estate professional, I have spoken daily with countless property owners who have had unfortunate experiences with poorly qualified "property managers". Those owners were smart people but they didn't know what to ask property managers in order to discover which ones were competent. That's why I decided to write this booklet. It empowers you to quickly and efficiently identify the differences between a well qualified property manager and a poorly qualified one.
May all your investment properties be profitable and your nightmares never involve your property manager. Good hunting.