1. Do Your Research​

​

The best way to start looking for a PM company is do a simple Google search to narrow down prospective companies. While you're at it, take a careful look at each PM company website for these key components:

​

• List of Services (tenant screening, rent collection, etc.)​

• Management Fees, Fee Schedule, and any Ala Carte Services/Fees

• Staff and Leadership Information

• Special Features for Owners and Tenants

• Contact Information

• Client Testimonials

• Tenant Reviews​

 

2.  Stick with Local Expertise  

​

When it comes to effective property management, understanding the local market is critical.  The best property managers have proven local experience in –

​

• Applicable Laws and Licensing Requirements – Each jurisdiction may have specific laws that govern rental properties. That said, these may include rental licensing, inspections, or lead certification.

​​

• Market Demographics – Filling vacancies efficiently comes in part from understanding who your tenant pool is. For example, is the area popular with students? Is your property likely to attract a family? A good PM will target their marketing efforts for maximum exposure.

​​

• Vendor Relationships – Every rental will need repair or maintenance eventually. That said, it is important to partner with a manager with established vendor relationships. Therefore, meaning your property can receive the attention it needs promptly.

​​

3.  Prioritize Organization and Technology 

 

Managing rental property involves a lot of communications and record keeping.  The property manager you choose MUST have the process and technology to handle these demands. 

Here are a few tips on narrowing down your options.  

​

i)  Interview Multiple Candidates  - Here are some helpful questions to ask...  

• How long have you been in business?

• Will the company allow you to review key documents such as the PM Agreement and lease?

• What is or is not included in the monthly management fee?

• Is the management fee based on rent collected or rent due?

• How many properties does each manager typically oversee at a time?

• What are the standard applicant requirements and basic screening process?

• How do you perform property inspections?

• Do you have an online portal for tenants and owners?

• Do I receive monthly and annual financial statements?​

​​

ii)  Test Candidates with Very Specific Questions  

​

An ideal property manager is someone who is flexible and experienced enough to handle a wide range of property issues. Therefore, test candidates by asking them specific questions that assess their skill set.

These may include:

​

• What is your process for after-hour emergencies?

• Do you have any marketing strategies to limit vacancy?

• How would you deal with sudden or severe property damage?

• What would happen if a tenant needs to be evicted?

• What is the company’s eviction rate and how quickly do they typically fill vacancies?

​

4.  Personal Impressions Matter

 

A company should care about doing business with you and return your calls or emails in a timely professional manner.   Also, trust your gut.  As with any other relationship, its important to have a good feeling about your PM, since they'll play an important role in caring for your property.