List of questions to help interview potential team members
3 Replies
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
Property Managers
- How long have you been in business?
- How many properties do you manage?
- How many employees do you have?
- Who will I be speaking to regarding leasing accounting and maintenance?
- How long does it take you to lease a property?
- What platforms do you advertise on?
- What is your property management fee and leasing fee?
- What reserves do you require?
- Can we cancel the contract at any time?
- Do you charge a fee for move in or move out inspections?
- Do you mark up on maintenance services?
- up to what dollar amount can you make decisions without my permission?
- How do you handle evictions, and if any, what costs are associated?
- If tenant security deposit is seized when do I receive it? (Do they take a cut?)
- How many quotes do you get before proceeding with a vendor?
- Is there a portal where I can see all my statements?
- Meet once a month for property review
- Send me a copy of your property management agreement, lease agreement, and monthly financial reports.
- What security deposit do you require for your tenants?
- 3yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Please send us any feedback via email, as we do not use the DM feature here.
Also, if you like our response, please don’t be shy about giving us a vote😊
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