Property Management Interview Questions

[William Tindol]

Currently I am looking in a new market and looking to find some property managers. There are no property managers on bigger pockets in the city and Yelp reviews are little limited so it is tough to know who the good property managers are. Most investors I know in the city self manage their own so referrals are limited.

Does anyone happen to have a template of questions that you would ask property managers in an interview so I can get a feel for which ones are the best?

[Devon Marx]

William - can you PM me your personal email? I'll shot you over the hiring packet I have for when I hire property managers. 

[Logan Turner]

William, which market are you talking about? If Midland, I have a top notch PM. 

[Brent Kawakami]

William Tindol

Hi William,

Don’t know what size/type of properties you’re looking at, but here’s some generic questions I like from template:

- How many units do they manage by Class A, B, C?
- What is the smallest and largest property they manage?
- Do they specialize in a certain class, size, etc type of property?
- Do they know the subject property you’re looking at?
- Ask them how they think they are different than their competitors.
- Do they have their own construction crew?
- If you have them manage rehab project, how much do they charge?
-How many employees do they have?- - Ask them for a sample report they provide with their monthly reporting.
- Ask then for a sample management agreement.

Hope that helps.

[Nathan Gesner]

You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!

4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!

[Mark Hughes]

Great answers everyone. Thanks

[Michael Howell]

Hi William,

https://www.gkhouses.com/

This is a top shelf outfit, unfortunately, they do not service TX. However, I might be worth a phone call to see if they may have ideas or recommendations for you.

Best of luck,

Mick