How to select the right property manager for your building?

Finding a good property manager to take care of your so-hard-worked-for investment property is just like interviewing someone for a job. You would want to make sure that their values and character co-inside with yours. Your entire property value is on the line, given that the manager will be responsible for filling vacancies, maintenance, accounting etc. Here are a few questions to ask a prospective property manager before signing on the dotted line: 

1. How many units do you currently manage? 
2. How many vacancies do you currently have? 
3. How long does it take you to fill a vacancy on average? 
4. How do you advertise your vacancies? 
5. Can I see your web-site? (if they have one) 
6. What screening methods do you use for qualifying a prospective tenant? (ex. credit report) 
7. Would you rent to a tenant who meets some of your qualifications, but not others? 
8. How do you keep track of the accounting for the building each month? (ex. software, handwritten journal etc) 
9. How long have you been involved in managing properties in this area (where ever property is located)? 
10. How do you stay updated on current real estate laws and regulations? 
11. Can I see some of the other properties you manage? 

These questions will help you determine whether the person is actually committed to managing your buildings, or whether they are just looking to make some money and have no real concern for your investment's growth. Do not be afraid to ask as many questions as you'd like. If the person you are interviewing is honest, ethical and has a high degree of due diligence, they will welcome any question or concern you may have.
 

2 Comments on How to select the right property manager for your building?

Mina, I love your questions!  I recently hired a property manager to manage my personal rental and I wish I had asked several of questions on your list!  Welcome to activerain.

02/28/2008 07:12 AM by Omaha Real Estate -- David Matney, CRS,GRI (Alliance Real Estate)

Thank you, David! If I can be of any help in the future, please let me know. I will continue to post information on property management, tenant selection, leaseing etc, so please continue to check back with my postings. I will be glad to answer any questions you may have. Have a great day!

02/28/2008 10:33 AM by Mina V Garrey - Commercial Capital Properties, Los Angeles, CA (Commercial Capital Properties)

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Property Manager: Mina V Garrey - Commercial Capital Properties, Los Angeles, CA (Commercial Capital Properties)
Mina V Garrey - Commercial Capital Properties, Los Angeles, CA
West Los Angeles, CA
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Commercial Capital Properties

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