Hiring a property manager is no simple feat. After all, you are about to make a huge financial decision. It’s not a process to skate through or take lightly.
Property managers offer a wide range of services. It can be difficult to know whether you’ve found the right management company to partner with.
The good news is, you don’t have to face this intimidating process alone. Because of this, we’ve created the ultimate property management questionnaire to help you find the right property management company for your needs.
At the end of the post, we’ve included a downloadable spreadsheet to help you organize your answers for each property manager you’re looking at and compare them side by side.
These questions will give you a baseline comparison of the property managers you’re looking at. As basic as these questions may seem, they will help you eliminate companies that aren’t the right fit right off the bat.
For example, if you own single-family homes and a particular property manager only manages HOAs, you can cross them off the list right away, and save yourself some time.
The goal is to work with a property manager on a long-term basis. By getting to know your prospective property manager a little deeper, you’ll be able to tell if they’re in it for the long haul or looking to switch jobs in the next couple of years. You don’t necessarily want to be passed from property manager to property manager within a company and have to rebuild a personal relationship every few months.
Now it’s time to get down to the details. How much is this going to cost? It’s important to dig deep to uncover all possible fees a property manager might charge you. To get a detailed picture of what you’ll pay, ask the following questions:
Working with a property management firm isn’t just a one-person partnership. They’ll hire out jobs and bring other people onto your property from time to time. It’s best to find out beforehand who those people will be.
You might not need to make use of all the services a property manager offers, or you might find yourself wanting services beyond those covered by a standard rate. That’s why it’s important to understand how the PM you choose approaches services, how flexible they are if your needs change, and how they delegate responsibility.
Finally, find out what makes each property manager tick. What makes them different? With these final questions, you should get a clear idea of who will work best for you long-term.
Download the questionnaire in a printable form here to have handy when conducting your next interview.
We recommend a phone interview with a minimum of three property managers. Please feel free to contact us if you need additional companies to interview or help with finding the right property management company for you.