Signs I should look for when interviewing for a new property manager?

[Vicente Hernandez]

What are some good and bad signs to look out for when searching for a new property manager? I what type of characteristics should I look out for when interviewing or what are some questions I should ask?  

[Lorien Rollins]

@Vicente Hernandez, welcome!

As a PM, I would be worried if a new owner did not ask me at least some of the following:

- Company Specifics: first question should be are they licensed (how many properties do you manage, what type/class of properties do you manage, how many property managers on the team, how many years have they been in operation)

- Pricing (what is the cost to manage the property (ies), is there a leasing fee (commission structure), is there an onboarding fee, is there an early termination cost, are there ad-hoc costs for maintenance, tenant screening, or miscellaneous costs - such as to appear in court if you have an eviction)

- Service offerings (do you have a maintenance team, do you come equipped with a list of contractors/vendors, do you offer the software and portal access for tenants/owners, etc.)

- Financial Services (you (owner) should think about what you want the PM to handle, if it is everything from paying bills to insurance procurement to P&L statements then ask that, if you don't want the PM so heavily involved in financials and just more on the surface level of the operations of the property then that is okay too! NOI/variance, weekly leasing updates)

- Tenant screening process (what software do you use to vet tenants and set them up once they are approved, how do you keep track of marketing/, do you handle lease preparation, how do you handle tenants that pay rent late (or not at all), etc.)

Feel free to connect! Good luck interviewing!

Artfully,

Lorien