CATEGORY 1: EXPERIENCE
Let’s start with some of the obvious questions for your potential property manager. Finding out their experience in and around property management is going to be essential. #1 How long have they been in the industry? #2 What types of properties do they manage? The first question is pretty self-explanatory and helps you determine if they know the ins and outs of the business. Question #2 gives you, the investor, insight as to whether or not they will even be a good fit for the properties you are going for. For instance, if you need a 20-unit apartment building managed and they only have experience with single family homes or duplexes, that is not going to be a good fit. The same is true the opposite way around.
CATEGORY 2: SERVICE
The next category you want to consider is service: #3 How do you market vacant units? #4 What is the typical tenant placement timeframe? As an investor, one of your biggest expenses is vacant units. This is why it is extremely important to find a property manager who is super proactive at marketing vacant units for you. You will also want to find out the typical amount of time it takes them to place a tenant into a property on the market. This allows you to plan on vacancies when you are running your numbers.
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