All Forum Posts by: Nick Mertens

Thanks, @Aaron Howell!

Here is the list of questions I tell our potential clients to ask any other property management firms when they are interviewing them. Anyone have anything to add to the list?

• 1.Do you think your Property Manager is paid in a way that aligns your interest with theirs?
• 2.Most Important: Can you provide references - names and numbers of other investors who work with your company?
• 3.What is the structure of the personnel in your organization and what type of support staff do you offer the actual Property Manger? (Examples: Is there an Accountant? Is there a Regional Manager? Handyman? Who/what do you use for a system of checks and balances to make sure that your Manager is on top of renting/quick turns/collections?)
• 4.What is your average turn time on repairs and replacing a new tenant and how long are your units typically down?
• 5.What is your annual renewal rate?
• 6.How long does your average tenant stay?
• 7.What are all of the hidden fees and costs associated with this? (Examples: The company/representative may state or advertise that they only have a 5% management fee, but this is typically just a small part of the equation as they are actually more like 7-9% of total EOI. Do you have additional charges for maintenance and, if so, how much? Do you have a per unit monthly fee? A new lease fee? A renewal fee? A resident manager fee? A janitorial fee? An accounting fee? A split on late fees? Marketing/Advertising fees?, etc.)
• 8.Do you require inspections on a regular basis from your staff? (They should perform at least a quarterly inspection.)
• 9.How do you handle capital improvements?
• 10.Do you charge me a monthly fee for a unit that is not collected and/or occupied?
• 11.What reserves do you require per unit?
• 12.How will you be transferring funds to me?
• 13.What property management software do you use? (Examples: Yardi, Buildium, Quicken, Rentec Direct)

• 14.How do you market the units to residents?
• 15.What does your website offer? Is there a resident portal or third party site for online payments or maintenance requests? Are there tools, reports, or other resources for investors?
• 16.What do your tenants say about your property management services/have you ever done a survey to your tenants on your PM services?
• 17.What kind of lease do you use and what are the addendums? Please send it to me.
• 18.What is the eviction process like in this state? Timelines?
• 19.What attorney do you use?
• 20.What do you believe sets you apart from your competitors?
• 21.What does your monthly statement look like? Please send an example.
• 22.Are they a CPM (Certified Property Manager)?
• 23.Please send me a copy of your contract.
• 24.What do you look for when screening a new tenant and what is the tenant screening process?
• 25.What do you charge tenants for an application and what is your cost? Who captures the rest of the money?

If you have moved to calls with her every day, then this is moving in the wrong direction and I agree with your decision to find someone else.

Mike, you shouldn't have to manage the units, that is what you hired someone for.  I agree with the others, that you should start with open lines of communication and set your expectations.  If it continues, time for someone new. It may help to create a weekly call list with specific questions that you can send to her such as: Can you send me a copy of the current rent roll? How are vacancies?What do collections look like? Any major ticket items that need to be repaired? etc.  Frankly, you shouldn't have to do this with a good manager, but just to set expectations, it is worth doing up front.

If you decide to hire someone else, I have about a 30 question PM interview guide I use for all of the questions I want to know when I am interviewing them that I am happy to send your way.

Brian Bellew, I would call Matt Vos. 

Hi, my company  recently picked up over 200 new units of property management in Colorado Springs. A few of the buildings have hail damage, and we are working on insurance claims to get free roofs for the owners. Does anyone have any good recommendations?