As you build your Power Team you may want to have several questions that you ask each potential member.
There is not an exact script to interview your Property Manager, but here are several questions you can consider asking your Property Manager Candidates:
1. What local areas do you manage properties in?
2. What is the average length of time it takes you to fill a vacancy?
3. How many vacancies do you have right now?
4. How many total units do you manage?
5. How do you advertise your units to find qualified tenants?
6. How do you screen prospective tenants?
7. Do you ever offer incentives to rent units? If so please explain.
8. What percentage of your tenants pay the rent late? How do you handle this? Please explain late fees, etc?
9. What percentage of tenants do you normally have to evict?
10. How long does it take to get the tenant evicted?
11. What is the average cost to the landlord in repairs, attorney fees and lost rent?
12. How is your fee structure based?
13. Do you provide itemized monthly statements?
14. Do you have a website and can I access information or updates for my account from your website?
15. Do you access a management fee above and beyond the cost of each repair?
16. Do you personally invest in real estate in the local area?
17. If you have multiple available units within the same area, how do you decide which vacant units to show first?
18. Can you provide me with a list of references? (Remember: Trust but Verify! Also a great way to find other investors in the area)
19. Can I get an email and secondary number (either cell phone number or office phone) to contact you with further questions?
A Property Manager is an extremly important member of your Power Team. When you begin to purchase real estate to hold as rentals, do not try to do it all yourself. Be sure to create a business, not another job for yourself!
Remember every day you need to say and repeat...THIS IS MY BUSINESS! Keep working on ways to make your business better each and every day.
Carpe Diem! - Stacey
Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!
As you build your Power Team you may want to have several questions that you ask each potential member.
There is not an exact script to interview your Property Manager, but here are several questions you can consider asking your Property Manager Candidates:
1. What local areas do you manage properties in?
2. What is the average length of time it takes you to fill a vacancy?
3. How many vacancies do you have right now?
4. How many total units do you manage?
5. How do you advertise your units to find qualified tenants?
6. How do you screen prospective tenants?
7. Do you ever offer incentives to rent units? If so please explain.
8. What percentage of your tenants pay the rent late? How do you handle this? Please explain late fees, etc?
9. What percentage of tenants do you normally have to evict?
10. How long does it take to get the tenant evicted?
11. What is the average cost to the landlord in repairs, attorney fees and lost rent?
12. How is your fee structure based?
13. Do you provide itemized monthly statements?
14. Do you have a website and can I access information or updates for my account from your website?
15. Do you access a management fee above and beyond the cost of each repair?
16. Do you personally invest in real estate in the local area?
17. If you have multiple available units within the same area, how do you decide which vacant units to show first?
18. Can you provide me with a list of references? (Remember: Trust but Verify! Also a great way to find other investors in the area)
19. Can I get an email and secondary number (either cell phone number or office phone) to contact you with further questions?
A Property Manager is an extremly important member of your Power Team. When you begin to purchase real estate to hold as rentals, do not try to do it all yourself. Be sure to create a business, not another job for yourself!
Remember every day you need to say and repeat...THIS IS MY BUSINESS! Keep working on ways to make your business better each and every day.
Carpe Diem!
- Stacey
Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!
Believe and Achieve!
- Joe
Link to the Power Team Question Series:
http://www.deangraziosi.com/real-estate-forums/property-rehab-fixer-uppe...
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