Most important things to ask a PM before hiring

2 Replies

I'm looking into potentially purchasing a 12 unit apartment complex and am trying to figure up my deductions. One of the most important things for this deal is getting a property manager lined up. I've scheduled a meeting with a potential manager later this week and was wondering if anyone had some advice on what the essentials are for a PM. Mainly pertaining to rates and what all services are included. Thanks in advance!

@Trent M. Hi I know there is a lot to ask before hiring a Property Manager but here’s my top 5:

1. How long have you been a property manager?

The length of time is important to know. However, a strong company ethos coupled with employees who care, can out perform any service a veteran of the industry will provide if he no longer finds joy in his work.

2. How many units do you manage?

Size can be a benefit, it can also be a detriment. The most important aspect to consider is a ratio of staff to doors.

3.What is the average length that clients stay with you?

When clients remain with a property manager for longer than a couple of years, it usually means they are pleased with the service.

4. Do you just manage or do you sell too?

This is an important question. Many property managers are active licensed agents. This can be a conflict of interest.

5. What is your monthly charge?

Every management company calculates their fees differently. Some charge a flat percentage that includes everything. Others do percent plus added charges, so make sure you are looking at everything so that you are comparing apples to apples.

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