How do you vet your property managers?

[Mary Gansallo]

Looking at a few different markets and wondering how folks currently vet PMs? Do you create contracts for your PMs? Or you let them structure the agreement?

Thanks!

[Soh Tanaka]

I would say most of the time the PM will have the contract (property management agreement.) There might be a few things you can negotiate but probably not too much. I would actually worry if the PM let you modify the contract a lot. 

Regarding vetting, you can ask for recommendation on BP. NARPM in general should be a pretty good place to find a good property manager. Check the reviews if available. Bad reviews, especially if they are from angry tenants, may or may not mean that they are bad companies. Ask questions about how they do XYZ (eviction, record keeping, maintenance, screening, etc.) 

Finally, don't be afraid to fire one. You can do everything upfront and ended up with one that's not right for you. Or it could turn into a bad company (because someone left the company or grew too much, etc.)