What questions to ask a PM?

Question

Hello everyone,

I'm trying to hire a PMC (Property Management Company) to know if they are the right fit. But I'm not sure what questions I should ask to know if they are a reliable. Any suggestions?

John Van Uytven · Answer

Have you dealt with a property management company before?

There are some great blog articles on this subject here at BP.

This one is a good start.

https://www.biggerpockets.com/renewsblog/2014/03/1...

You should also ask your friends and neighbors. Who have they liked in the area, who didn't they like?

When finding out these answers. Where they upset because the company enforced the lease or where they upset because they had to keep calling every day for 2 weeks about a water leak. Obviously, one of these managers you want and the other is responsible for water damage to your property.

I hope this helped.

Good luck and remember

*DFTBA*

Don't Forget To Be Awesome

Michele Fischer · Answer

This may be of interest: https://www.biggerpockets.com/blogs/4445/48639-que...

We managed ourselves for several years with no evictions and plenty of cash flow.  Now that some of our units are with a PM we are facing our first eviction and cash negative property.  Nobody cares about your properties like you do.

Jorge Rivera · Answer

John,

No, I haven't dealt with PM's before. I'm just starting out as a REI and this is my first investment property. I'm still debating if I should hire a PM or just managed it myself to get hands on expirence. I just wanted to know what type of questions I should cover.

John, Thank you for the link.