Hiring Your Property Manager
Property managers should respond promptly within 24 hours. To ensure consistent service, it is advisable to have a backup property manager in each market.
This is a relatively low-skill role, but the level of commitment and experience makes a huge difference
Interview questions
- What is level of work they’re allowed to conduct
- What is the extra charge for maintenance calls
- Average vacancy/expense/cash flow numbers
- Hold any licenses? There's usually one for PM and their broker needs to allow it
- Time in the business? Longer isn't always better, but there's a minimum
- Who manages the property? PMs will often hire out labor for this
- Number of properties managed
- Fees
- How are they listings
- How are they screening tenants
- How are they handling repairs and maintenance
- Will you be using standard property management agreement
- Will you be using standard lease
- How will you send financials? More of a software question
- Insurance carriers. Need business insurance*