E9: Interviewing Property Managers
Interviewing property managers is a skill that every landlord needs to have. The property manager can make or break an investment property from making profits. As a result, there are many deeper questions a landlord can ask and understand what they mean when with their answers. As the saying goes, "You pay for what you get" and a property manager is way more than a "line item on a budget".
Jan 16, 2020
Kassandra Taggart, Eik Boltman, & Dave Stroh
The Landlord's Almanac
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Hiring the right manager is the key to being profitable.
Asking many questions about their “why” will help differentiate the different professionals.
How do you know if the property manager is impacting your profits in a negative way?
Story of a property manager being overworked and cost the landlord money.
Does reputation matter in the market place?
Check reputation by what others say, not just what the property manager says.
The words behind what tenants and owners say on google reviews.
How needs to have a higher bar?
The property manager needs to have systems in place to be consistent.
How many references do you ask for?
We like 5, you can obtain it from the title, inspectors, other landlords, Facebook, and more.
What does success look like with a property manager if you can define it?
You shouldn’t hear from your property manager because they got everything in control where it is smooth.
Does property management have to have their finances in order?
Yes, there are a lot of regulations on how the money must be managed.
A management company can outsource their books or have it done in house.
Example of replacing a refrigerator. How do you classify it so the Tax professional can review it?
Does the number of rentals they manage matter?
Hiring a property manager that’s to small can be split focus with another line of business.
An example of keeping up with the laws can financially hurt the landlord.
Do you like property managers to have investments?
Yes, in fact, ½ of our company has employees that own rentals. This helps the team understand fears, budgets, and market trends.
Does a professional property manager know how to market your rental property?
Yes, knowing how to market your type of rental is key to renting it faster.
Compare small or large companies vs companies that have solid systems in place.
Do you expect a pitch on the marketing plan to rent your unit?
Yes, every property is a type and should have a particular marketing plan that fits that property with actual staSupport the show