Selecting Property Management

Selecting a property manager is a serious professional decision. Word of mouth recommendations are taken personally and are dependent on the trust level between the two parties. Some people consider that to be enough. If someone they trust points them to their personal choice, that's all they need. What's good enough for you is good enough for me. What exactly does 'good enough' mean? It's a decision worthy of some research to see if there is a better candidate.
Include companies recommended by others in your decision making process and developing your list of employable managers. Signage of property similar to yours may include contact information to jot down. Phone books and the internet are simple methods of compiling a list of names. The length of that list will be proportionate to your determination and patience. Bare in mind, it's possible to over-research everything. Don't put yourself in a position where a decision can't be reached because you've convinced yourself that a little more research will reveal a better answer. That becomes a vicious circle.
Set some guidelines regarding the number of interviews and/or the time frame for your decision. Make a list of questions based upon your expectations:
- How would they market the property? - What occupancy rate would they realistically expect? - Can they work within your maintenance budget? - What are their fees? - Would there be any additional charges? - Will they provide references? - What market would they target? - What do they expect from the tenants or guests? - What do they provide for tenants or guests? -How will they handle emergency situations? - Are they available after regular working hours? - Can they provide you with copies of all contracts?
As the interviews are scheduled, keep a close accounting of anyone who is difficult to contact or is resistant to your schedule. If you're experiencing trouble already it will only become worse later. They are going to be working for you...remember?
Hopefully, the person interviewed will be your contact person and will be the one to represent you to tenants. Compare personalities to get a feel of how they would deal with stress or a crisis. Imagine yourself as a prospective tenant. Would you rent from this person? Try to get a sense of their communication skills. Articulation is very important if this person is to represent you. It's great if they have a sense of humor without being silly. They should also be able to express themselves so as to be taken seriously when necessary.
Of course, many of these points would pertain to any employment interview. One point unmentioned is to find out what their goals are. Those goals should run parallel with your own. They need to know your goals and strive to work toward them.
Test their ethics. Suggest that you don't intend to spend any money on maintenance. You're only interested in a financial return on your investment. If they have no problem working for a slum lord...scratch them from your list. Likewise, if they promise to obtain a specific number of tenants, bookings or monetary return...scratch 'em.