Interviewing Property Managers

[Cornelius Brady]

Hey there friends, 

I've got a SFH in San Antonio, TX that I'm using as my primary residence. I will be moving come July. I plan on renting out the property and want to use a property manager (PM). This will be my first time renting and wanted to ask those who are more experienced what I should be looking for in a PM.

What kinds of questions should I ask when interviewing? What's the best way to go about finding a PM? What are qualities you want in a PM? What are qualities you don't want? 

Additionally, If anyone has any advice at all they wish they knew for their first rental I am all ears! 

Thanks so much. Looking forward to the conversation! 

-Neil 

[William Sing]

Hey Neil, 

This was the slew of questions I asked Property Managers. Make sure to review their contracts and see what fees they have. I'm more of a fan of having a higher rental % with less fees. It helps things stay a bit more consistent. Hope this helps!

What is your experience with Property Management?

What areas of town are you familiar with and manage?

Have you dealt with evictions before? If so, how did they go?

How many properties do you manage? What is your goal?

How will you scale?

What are the property fees? (8-12% for SFH, 4-8% for multi unit)

How long has the company been in business? At least 3 years required.

What is the accounting software and capabilities? Understand what the accounting reports look like and how many people they use (preferably more than 1)

What are your banking references? Check these references.

Can I get a list of properties you have worked with? Contact them all or a large sample so they don’t cherry-pick only good references.

Can I get a list of policies and procedures? Want to vet all policies and procedures.

What professional affiliations and associations are they a part of? Should have AMO, CPM, and local Renters Association

How do you help train employees?

Do you or anyone in your organization have any real estate licenses?

Do you have any vendor negotiations.

How is your business structured?