Questions when interviewing Property Managers

[Adam Bellendier]

Hey all, 

WHAT QUESTIONS, red-flags, important criteria do you recommend and follow when interviewing and selecting a property manager?

*Brief Backstory*

In the last year we have moved from flipping to buy-and-hold. 

We close on our first rental this week which is a 4 door unit. We've made the decision to hire a property management group/individual in order to have an experienced associate coordinating with us as we navigate our first rental and multi family in order to scale up as possible. 

With awareness of the laws and moratoriums regrading evictions, its clear that we will need to evict or "cash-for-keys" 2 of the units right away. This along with our understanding that we don't have enough experience yet to manage this property and processes without an experienced hand helping. 

So we are meeting with individuals and property management groups to find the associated support and direction necessary to get this property rented and cash flowing properly. 

Thank you all in advance for your feedback and contributions to my question:)


  

[Davartay Miller]

As an investor, quality should matter! The quality of the team that manages your investment is paramount to your success. A great manager is one who’s playing offense and not defense (being proactive). Without a quality manager, you will find yourself involved in much of the day-to-day operations defeating the purpose of a manager. Remember when interviewing those companies there are other alternatives to help reduce expenses without sacrificing quality. The cheapest guy isn't always the best overall and unfortunately many owners find this out when it's too late. One of the biggest mistakes an investor could make is selecting the cheapest guy who fees matches their “quick calculations” but does align with two things: their expectations and reality. 

Here is an article that you might find helpful and I love sharing with clients and potential clients looking for us to manage their property. I believe this article will serve you and your team well as you are interviewing those companies. It lists 20 questions you need to ask a property management company broken down into there segments from learning about them and their experience, learning about their systems and how they operate and finally a few to help you make that final decision on if they are a good fit.

https://www.biggerpockets.com/...

Best of luck!