Questions to Ask when Interviewing Property Managers

By
Real Estate Agent with Remax Excellence - Silver Spring, MD Maryland #318884

Purchasing investment properties in Silver Spring, MD have many unique challenges that require a comprehensive understanding on behalf of both the investor and the Silver Spring Realtor, but buying a property is only half of the process.  For many investors, the second half involves property management – an equally important, yet equally challenging component.

If you plan on using a professional property manager for your rental property, then here are some questions you need to ask when interviewing candidates:

  • Experience

An experienced property manager will know how to handle tenant issues, maintenance issues, minimize vacancy, etc.  When interviewing candidates, find out exactly how long they have been in the business and ask for references.

  • Services

Ask for a list of all services the company/individual provides and cross reference that list with what you need/want for your property. 

  • Customer Service

Not only will you expect good customer service as a client, but you will want to ensure that this level of service is extended to your tenants as well.  You certainly don’t want to lose a responsible tenant because they had a bad experience with your property manager.

  • Licensing

Property managers need a solid understanding of discrimination, fair housing and eviction laws.  Don’t put yourself at risk by hiring someone who could create a liability for you by inadvertently doing something illegal.

  • Tenant Screening

Are background checks and credit checks conducted when an application is made for your property, or just credit checks?  If not both, ask why.  What is the income to rent ratio they require?  Do they verify employment and contact prior landlords?

  • Advertising

Renters don’t always use Realtors to find rentals, so these properties often require more advertising avenues than homes for sale.  Ask what else the management company does besides listing on the MLS.

If you are a real estate investor and would like to search homes in Silver Spring, MD, contact Emcee Arah of DeeCee Real Estate online or call 301.452.5252.  Emcee is both a Certified Investor Agent Specialist (CIAS) and a Certified Distressed Property Expert (CDPE). 

CIAS is uniquely qualified to find, create, and close with residential real estate investors using the knowledge and innovative tools earned through comprehensive education and experience.  CIAS-designated agents can streamline the process of real estate investment to increase returns for investor clients by helping real estate investors navigate:

  • Investment Strategies
  • Self-directed IRAs
  • 1031 Exchange
  • Leverage Options
  • Key Calculations
  • Return-on-Investment
  • Capitalization Rate
  • Average Returns
  • Cash Flow
  • And much more

Don’t forget to leave your comments below and on the Facebook page!

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Wallace S. Gibson, CPM 09/24/2012 11:55 PM
  2. Michelle Cooks 04/07/2013 04:46 PM
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Rainmaker
1,085,421
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I would stress EDUCATION....without EDUCATION there really is no experience in property management as you are doing the same thing over and over and it may well be WRONG.

Sep 24, 2012 11:55 PM #1
Rainmaker
132,436
Shanna Day Mega Team Leader (UT & AZ)
Keller Williams SLC (UT) and Keller Williams Realty EV (AZ) - Park City, UT
Keller Williams Realty

I have a question.  This came up with one of my property management companies this week.   I called the property management company that I had just referred my investor to to check the availability of one his homes for one of my tenants.  The property manager said, we just received an application for that property.  I said, okay, but what if my client will offer more than asking price for the rental property?  He said, "Well, it is our policy to take the applications in the order that we receive them and process them".  If we do not accept this tenant then we will move to the next application.  Well, that seemed odd to me - that's not necessarily how we do things as listing agents when we have multiple offers come in on a property.   Is there some standard that is different for property managers.  It seemed like his fiduciary to his landlord was a little off there.   What do you think?   Please advise.   Shanna

Sep 25, 2012 12:00 AM #2
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Emcee M. Arah

Realtor w/Architectural Dimension, CRS, CDPE, CIAS
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