Checklist to Find, Hire and KEEP a GREAT Property Manager

Are you the investor that needs a property manager but are unclear on the best process? Maybe you're unsure of how to locate one, which questions to ask, or how to know if what they say during the interview process is to be believed? As a property manager of over 15 years, I have spent a lot of time answering questions like these for potential clients.

At some point you've likely face the same cross roads that most investors face and probably fall into one of these categories:

1) You've outgrown self management and are burnt out

2) You aren't sure if you are at the point that you need a property manager 

3) You are acquiring a new property and want to set it up correctly from day one

4) You have a manager and need to make a change. 

These scenarios are where us property managers come in.

A good manager handles the minimum and checks off all of the boxes. 

A great manager optimizes performance, makes decisions based on data and reduces friction in your life. 

A poor manager will quietly erode returns, trust, create unnecessary stress and expose you to risk. 

When the relationship with your property manager goes bad, it shows up in the following ways:

- Increased tenant turnover and longer vacancies

- Deferred maintenance leading to higher repair costs

- Poor screening resulting in late payments or evictions

- Weak communication causing missed opportunities and frustration

- Unclear fee structures reducing cash flow

- Lack of knowledge in order to protect you from compliance and liability exposure

- Reactive management instead of proactive asset protection

From these and similar concerns, we developed a checklist as an assessment for our own suitability to our prospective clients. And I must say, providing a simple list of answers accompanying this questionnaire has been one of the biggest affirmations with potential clients of our authenticity and qualifications.

I believe that this checklist will help you to not only identify what kind of manager you would work best with, but also help you understand the type of working relationship that you would most benefit from. Knowing what responsibilities to delegate and which ones to retain control over can be difficult to define. Please let me know what you think if you find the checklists below helpful. Thanks for reading!