Questions to ask a property manager - What makes a good PM?

Question

Hi BP,

I am currently in search of a property manager for the RE investments I plan to make in Philadelphia. Although I haven't acquired my first property I would like to get aligned with a property manager so that I can leverage their knowledge while searching for my property. What are some questions you recommend I ask a property manager as I get to know them to decide if I should work with them? Also is their anything specific I should be looking out for to determine if they are a good property manager? What are some things you've experienced that you wish you would have known when looking for a PM?

If you have any recommendations on property managers in Philadelphia please feel free to message me. Thanks in advance!

Cara Kennedy · Answer

@Maricruz Romero - Hey Maricruz, Brandon Turner's book on rental property investing has a great list of questions to interview property managers. I haven't read it yet, but I gather that the Long Distance Real Estate investing book that BP puts out has some detailed notes pertaining to this topic specifically. I hope that helps! Good luck!

Joe White · Answer

As the owner of a property management company, I think I would want my property manager to post my vacancies on the MLS, with a commission to agents that bring a viable tenant. I also, would want the property manager to be a member of NARPM. I would want to hear about hidden fees. A fee if the property is vacant and also a markup on any repairs paid to contractors are common. I would want to know about these fees. Checkout their current vacancy listings and see if that is how you would want your unit(s) represented.Online reviews can also be helpful. For me, I value the few bad reviews we have been given as I think it gives owners true insight who we are.