Property Managers
As you build your Real Estate Investing Power Team you may want to have several questions that you ask each potential member. There is not an exact script to interview your Property Manager, but here are several questions you can consider asking your Property Manager Candidates:
1. What local areas do you currently manage properties in?
2. What is the average length of time it takes you to fill a vacancy?
3. How many vacancies do you have right now?
4. How many total units do you manage?
5. How do you advertise your units to find qualified tenants?
6. How do you screen prospective tenants? What type of background checks do you perform on applicants?
7. Do you ever offer incentives to rent units? If so please explain.
8. What percentage of your tenants pay the rent late? How do you handle this? Please explain late fees, etc?
9. What percentage of tenants do you normally have to evict?
10. How long does it take to get the tenant evicted?
11. What is the average cost to the landlord in repairs, attorney fees and lost rent?
12. How is your management fee structure based?
13. Do you provide itemized monthly statements? How do I receive the statement – email, mail, etc.?
14. Do you have a website and can I access information or updates for my account from your website?
15. Do you access a management fee above and beyond the cost of each repair?
16. Do you personally invest in real estate in the local area?
17. If you have multiple available units within the same area, how do you decide which vacant units to show first?
18. What type of units do you most frequently rent: single family houses, condos, townhouses or multi-unit buildings?
19. Can you provide me with a list of references? (Remember: Trust but Verify! Also a great way to find other investors in the area)
20. Can I get an email and secondary number (either cell phone number or office phone) to contact you with further questions?
A Property Manager is an extremely important member of your Power Team. When you begin to purchase real estate to hold as rentals, do not try to do it all yourself. Be sure to create a business, not another job for yourself! It is also a great idea to interview at least 3 potential candidates that you might consider and compare and contrast each potential Property Manager experience in the field, costs, background and level of services they provide. Good luck with your search!
Remember every day you need to say and repeat…THIS IS MY BUSINESS! Keep working on ways to make your business better. Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing! Follow your passion and make your dreams a reality! Follow your real estate passion and make a change to make it happen! Live your life in the moment with no regrets! Believe and Achieve! – Joe Jurek
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