Investment meeting with a local PM company, questions to ask?

[Skip Gilliam]

I have set up a meeting with the owner of a local property management company this coming Tuesday to discuss investment opportunities in our area. I am just starting out, still looking for the first property, I thought it would be a good idea to try and pick the brain of a local PM company for ideas and resources. Seems as though it's a good place to start, since they would most likely be trying to earn my business if I am trying to acquire multiple properties. 

I want to get as much out of this meeting as possible, what are some of the questions I should be asking? 

Thanks

[Walter Key]

Here are some things I asked mine when I was shopping for the right manager...

How long have you been managing properties? 

How many properties are you currently managing?

Do you own properties yourself?

How large is your staff? ( this relates to how many properties they're managing...are they appropriately staffed to be able to maintain a high level of customer service)

What is your current management fee?

What kind of discount will you offer me if I put multiple properties under management with you?

How often do you physically view the properties you manage? Drive-by and inside check-up.

Do you offer tenants an online payment option?

Do you have an online owner portal?

How would you handle this scenario...(pick a scenario; busted pipe, late rent, late night maintenance call, etc)

Who do you use for maintenance? (They should have multiple people that specialize and are licensed and bonded for the work they do. You don't want "we have a great handy man" kind of answers here). Get contact info for those people they list.

What is your current turn-over rate? You want to gauge how quickly they're filling vacancies since that can really drain your cash flow. However, take their answer with a grain of salt and compare it to the other companies you interview.

How do you feel about me providing my own preferred maintenance company? (I keep home warranties on all my rentals and have written the management contracts so the PM will go through my home warranty for repairs and I allow them to pay my deductible straight to the warranty company then take it out of my monthly income. This gives Me peace of mind and reduces my CAPEX).

What are the main ways you recommend to your clients to maximize their rental income potential?

Since there are numerous PMs in this market, what make your service better than theirs? What sets you apart from your competition?

There may be more questions that you think of as the conversation unfolds but hopefully this has given you some food for thought. 

I interviewed 3-4 different companies in NE beforemi decided on the one I chose.