How to Interview a Property Manager

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Desert Masters Realty 17645 E. Stacey Rd. Queen Creek, AZ 85142 | 480.888.1288 Desert MastersRealty.com We’re Masters in Arizona Real Estate!

Property Management & Sales Call Us! 480.888.1288 DesertMastersRealty.com

How to Interview a Property Manager

Dear Rental Property Owner / Professional Investor ~

Congratulations on your decision to hire a professional property manager. You are making the right decision – one that will save you money and headaches over the long run.

It can be confusing to compare property management companies and to understand how to choose the best fit for your needs. I’d like to make that a little bit easier for you! This interview template is designed to help you interview each company consistently, document their

responses, and compare “apples to apples” when you make your final decision.

In the end it is important to choose a reputable company, with a proven track record, that you trust and have good rapport with, and that you can afford.

You should interview 4 or 5 companies prior to making your decision. We welcome the opportunity to interview with you ourselves. Please contact us at 480.888.1288 if you’d like to hear what we have to say.

I wish you the best of success in finding the perfect property management company for you! Kimberly Ayers - Realtor® | Broker | Professional Property Manager

DesertMastersRealty.com [email protected]

Proud to be a member of

National Association of Residential Property Managers

How to Interview a Property Manager

National Association of Residential Property Managers

How to Interview a Property Manager

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Know What YOU Want…

Before you begin your property management company search, take some time to understand your own needs. 1. What are your long term goals for your rental property?

2. What is the current state of your rental property? (condition, location, occupancy, cash flow)

3. What do you like / dislike about your current property manager or about managing the property yourself?

4. Do you want a property manager to take care of everything or do you just want help with leasing your rental property?

5. Property management is a relational business. Make a list of character traits that are important to you.

6. How much can you afford to pay a property manager?

Know What YOU Want…

6. How much can you afford to pay a property manager?

Know What YOU Want…

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Phone Interview Notes

Question

Answer Given

Score 1-5

Watch for

1) How long have you been in the

property management business?  Property management is asideline business

 Lack of experience

2) What kind of properties do you

manage?  Too diversifiedLack of experience with your

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Question

Answer Given

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Watch for

3) How many properties do you

currently manage?  Extremely large portfolio,could mean company is

stretched to provide service  Extremely small may indicate

lack of experience or staff 4) Do you have a real estate broker’s or

property management license?  Not able to pass test requiredfor license

 Not an educated professional

5) Do you participate in and have certifications from any industry trade associations? (e.g. NARPM / IREM)

 Lack of interest in professional growth

 Feels they know everything already (laws and best

practices are always changing) 6) What do you know about Fair

Housing and Arizona Landlord / Tenant Laws?

 Discriminatory language  Lack of knowledge of laws

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Question

Answer Given

Score 1-5

Watch for

7) What is your average length of

tenancy?  Short tenancies may indicatetenant retention issues

 Lack of service attitude toward tenants

8) How do you fill market vacancies?  No Internet Marketing

 Old-school tactics – classified ads and flyers only

 Lack of a network, like the ARMLS and other real estate professionals

9) How do you protect my property

when it is vacant?  Property access is not trackedUnlicensed people are able to access property

10) How do you establish a rent rate?  No access to rent comparisons

 Allows you to establish your own rent rate without validation

11) How do you collect deposits / rent and distribute funds to me each month?

 Lack of access to statements  Limited rent collection

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Question

Answer Given

Score 1-5

Watch for

12) How often do you communicate with

property owners?  Discourages regularcommunication

 Limited availability / accessibility

13) What kind of reserve do you require?  Unreasonable reserve amount

 Vague about how reserve is handled

14) How are maintenance & repairs

handled?  In-House vs. Contract RepairAuthorization process – at

what $$ amount will you become involved?

 Lack of access to invoices / receipts

15) What are your fees? Up-front Fee?

Monthly Percentage? Lease-up Fee?

Additional fees (e.g. administrative / listing)

 Large up-front fee

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16) Do you have a guarantee? What happens if I am not satisfied with your services?

 Contract termination fees and penalties

Understanding Property Management Company Fees

Most property management companies charge a monthly fee to watch and maintain your property. This fee is generally between 5% and 20% of the monthly rent. Desert Masters Realty charges 10% monthly management fee.

Additional fees:

 Up-front fee at signing.

Desert Masters Realty does not charge an up-front fee. We do not get paid until your property is rented.  Lease- renewal fee to fill each vacancy.

Desert Masters Realty charges a flat fee of $150.00 for lease renewals.  Administrative fees to cover travel, postage, advertising, etc.

Desert Masters Realty charges the tenants a monthly administrative fee. The fee is calculated at 1.5% of the monthly rent. This fee covers the cost tenant relations, taxes, repairs and maintenance, HOA issues. Owners are charged $1.00 monthly admin fee to cover misc. bank fees.

 Listing Fee

Desert Masters Realty charges a flat fee of $500.00 to list a property.

In-Depth Articles About Property Management Fees:

How to Interview a Property Manager

How to Interview a Property Manager

How to Interview a Property Manager

How to Interview a Property Manager

Know What YOU Want…

Know What YOU Want…

Know What YOU Want…

Company Information

Phone Interview Notes

Question

Answer Given

Score 1-5

Watch for

Question

Answer Given

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Watch for

Question

Answer Given

Score 1-5

Watch for

Question

Answer Given

Score 1-5

Watch for

Understanding Property Management Company Fees