Property Manager Interview Questions and Screening Process

[Billy Zhao]

It seems that every successful real estate investors say that an effective property manager is the key. And yet, I haven't seen a comprehensive metrics to measure what makes a PM better. I've seen countless anecdotal evidence of a bad PM. 

I was thinking that I need a standard to screen for a good PM. Perhaps starts with asking for references from other real estate investors who used the same PM, and maybe a list of interview questions to see if the PM answer them correctly. 

Are there any such metrics that exist? Or should I compile one and share it with everyone?

[Jason Leavitt]

Be sure to read all the online reviews you can find (they can’t please all the people all the time but do they respond to negative feedback? Do they treat people with respect?). Check better business bureau records. How long have they been in business? How many units do they manage? Are the units similar to yours? Breakdown of all fees. How often will they inspect your property and do they provide photos or videos? How much will they involve you in the day to day and with tenant turnovers (how involved do you want to be)? Aside from those items it’s mostly just building the relationship over time and how responsive and proactive they are which you just get a feel for over time.