A few years back, I put together a post called Things to Consider when Interviewing Property Management Companies. While this has been a great reference for myself and others, I thought it would be helpful to turn it into a usable form that everyone could use. I guess I’d have to say that I was inspired by my recent property management situation.
With that in mind, I’ve been using the form over the past few days in my interviews with property managers in St. Louis, and it has been a HUGE help.
Here it is:
Property Manager Interview Worksheet
Here are a few more tips for finding the right manager:
- Be sure to be as detailed as possible when conducting your interviews.
- Call local investors and realtors and ask them for manager referrals.
Interview as many local companies / managers as possible. - Visit the manager’s office – you can get a very good idea of how people do business from seeing their office.
- Ask for references – If they don’t give you any, you’ve got a red flag! Be sure to screen these references and ask them enough questions to get a good idea what it is like working with the manager
Related posts:
- Things to Consider when Interviewing Property Management Companies
- A Few Lessons Learned on Working with Property Managers
- Property Management Survey
- A Rental Property Management SNAFU Story
- Meet the Investor: Real Estate Investing Interview with Ryan Waggoner
Article Author: Joshua DorkinJoshua has written 570 articles for us.
Visit Joshua's Website: http://www.biggerpockets.com/
Joshua Dorkin (@jrdorkin) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
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{ 7 comments… read them below or add one }
Good interview worksheet! It might be helpful to post a sample of a GOOD property management contract – one for a single residence, and one for a condo association. That way people can use them for comparisons. Lots of property management companies in Grand Rapids, MI. How do I know which is the right one?
Caron –
I’m glad you found the worksheet handy. I’ve seen so many different contracts from managers, and all are quite different. I couldn’t possibly post one without the permission of a manager. I’m quite sure they don’t want people to see the junk they throw in there.
As for finding the right company for you, I suggest calling realtors and investors in town and asking for referrals. Then start calling all those companies and interviewing them over the phone. If you find one that you like, visit the office and meet them in person. The condition of an office often will tell you about a company.
Finally, call around town again and ask everyone (realtors, investors, etc.) what they know about the company.
Hope that helps!
Great tips!
Rex
Hey Josh,
This is an excellent worksheet. I’m actually going through the process of finding a property manager for one of my properties in S. Oregon and its a pain.
The town the property is in has only about 3 management companies and none of them look good to me right now. I do well with the finances and getting tenants in the property… never had a problem with it. I’m just trying to get someone to take over my maintenance in a more reliable fashion.
I may just have to find a good handyman, pay him a decent wage, and rely on that guy to take over the maintenance burden.
I’m going to assemble my own team to manage the property. The team will consist of:
– handyman (to do the small repair jobs – pay him $12-18/hr)
– heavy repair man (to do the more major repairs – pay him $25-$30/hr)
– lawn maintenance
– eviction service
– and then a list of specialists (plumber, electrician, etc.) that I know do good work.
Once the team is in place, I’ll manage the team myself and save a few bucks.
I keep this property pretty well maintained and it has very good long-term tenants… so it is a very easy property to manage… even from 4 hours away.
Anyhow, nice list!
Trevor
Thanks for posting the worksheet. It will definitely come in handy. I made my own, but yours is more thorough and laid out nicer. Thanks again for sharing it.
Hi everyone
I am looking for a REA who can provide ML in Queens and Brooklyn, Bank owned, with 15% of the average price. If you know anybody, please let me know.
Thank you,
Might I also suggestion — along with references — to ask for a list of online services they use to publicize rental units?
I say this because internet sites like craigslist are important for advertising in college towns — but I was shocked to learn that a big property manager still only uses signs and the classifieds in the paper (like college students read the paper! yeah, right! Not that they don’t read local papers, but many more use online resources to find apartments.)
If your property manager isn’t online, you’re sunk.