Whether you’re dealing with your first real estate investment or you’re already a seasoned buyer, it’s important to make sure you get the best possible return on investment. That’s why it’s crucial to ask the right questions during property manager interviews to feel confident that the property manager you select is the best fit.  

Below are 10 questions that we recommend all rental property owners ask a potential property manager: 

1. Who is your ideal customer? Just as you hope to have a successful working relationship with your property manager, it’s important to find out what type of owner they like to work with. Asking about their ideal customer helps to determine if you have similar management philosophies, and in turn, if your working styles will mesh. If their ideal client doesn’t sound like you, it’s probably best to carry on with the search.   
2. How long have you been operating in (city/state, etc.)? Asking about experience is similar to asking for a resume in a job interview. You’ll want to establish track record and local market expertise to ensure they’re the right fit. If your candidate hasn’t worked in your area before, it may not be a deal breaker—but expect a bit of a learning curve. For example, rental homes are often located in HOA communities, which can have very specific rules/regulations. You’ll want to be sure your property manager is up to snuff. 
3. What is your management philosophy? To make sure your best interests are top of mind, you’ll want to determine whether your property manager has what we at Haven Homes calls an “owner mindset.” We define that as a dedication to helping owners reach their goals, which is accomplished through things like enforcing lease terms, conducting regular interior and exterior inspections, and educating residents about their responsibilities. A resident perspective is more focused on keeping the residents happy, which isn’t wrong, but can reduce the performance of your investment.   
4. How Do You Drive Financial Performance? Discover whether your property manager is performance-based or fee-based. Performance-based managers focus on reducing owners’ expenses and increasing their cash flow, while fee-based or traditional property managers are motivated by increasing and owners’ overall fees. It’s important to ask questions that will make the manager’s approach to fees and returns totally transparent. 
5. How do you determine and enforce lease conditions? It’s crucial to work with a property manager who has a detailed lease designed to protect the owner. Furthermore, you’ll want to find out if the property manager actively enforces all conditions of their leases to make sure you, the owner, are adequately protected. Consider this a precautionary question to minimize downstream issues once the home has been leased. 
6. How do you handle inspections? It’s important to know if your property manager performs routine home inspections since this is an often-neglected part of the job. Performing regular inspections can minimize costly renovations when a resident moves out. If your property manager passes the test, don’t forget to ask if there’s a tracking system in place to ensure that any issues are resolved promptly. 
7. How do you handle maintenance? Find out if your prospective property manager handles repairs in-house or uses third party vendors. Do they diagnose problems over the phone before dispatching a vendor? Most property managers don’t, but troubleshooting over the phone is a great way to save time and money. 
8. How are damages and repairs handled? Check that every lease has a specific outline of the repairs for which residents are responsible, and how they should be should be billed back for maintenance. This will not only protect you from unnecessary costs, it will ensure residents understand their responsibilities. 
9. What is your screening process? Selecting the right resident is one of the most important services a property manager can provide. Conducting a thorough screening can set you, the owner, and the applicant up for future success. You should ensure they ask pertinent questions of the applicant and get on the phone to verify all information provided is accurate. It’s critical to make sure your standards align in order to reduce any potential issues. 
10. How do you document various verifications? Whether your property manager is overseeing a large complex or a small home, it’s important to your success as an owner that he or she is organized and thorough. From the initial resident screening process to day-to-day management, confirm that there are checks and balances in place and verifications are documented. (You’d be surprised how often they aren’t.) 

Finding the right property manager is rule No.1 in real estate management. Make sure your daily operations are in good hands with someone you can trust to have your best interests in mind.  

If you’d like to measure how your property is currently being managed, download our Rental Property Management Scorecard to see how we do it at Haven Homes. If you have any questions, please drop us a line or give us a call.