Hiring Property managers

[Daria B.]

I have a pretty good questionnaire that I use to interview property managers. It's simple and gets to the point of the important things that I look for and want in a PM.

Recently, I came across a situation and wanted to know if this would be unfounded to do.

For those that utilize PMs, have you ever hired a PM and had as part of the contract that if they are not able to get the property rented in x days that you the owner have the right to terminate the contract? In this example it relates to hiring a new PM that is not managing any of your properties and you have one that you just bought and want them to manage and get rented.

In the contracts that I have with my PMs it simply states that either party must give 30 days notice to the other if they want to terminate. I have also "never" stipulated when I hired them that they had x days to get it rented or I would get another PM. I enter into the agreement with the thought in mind that they are qualified until I see they are not qualified. 

I've only had to switch PMs one time. I hired them and they prooved in 4 months after ring hired that they were incapable of performing the job. But that's a story for another time. :)