How should you choose a property manager? When looking for a property manager, always ask about properties currently or formerly under that person's management and make sure they have the appropriate professional certifications.
The first thing I think you might explore is the level of experience of the property manager or management company, depending on what type of property is being discussed. Is it one that's going to have staff? Is it going to be managed completely out of the manager's office? Find out what kind of depth they have in their organization. Is it a one-person shop that is dependent on that one individual? If it is one individual, then you want to be sure to ask questions that will lead you to make a determination of whether that one person has the capabilities that you need.
You want to ask about experience in the particular market where the property is located and the type of property. In another words, you want to know if that property manager has managed your particular type of property in that market where it's located. Ask things like, how many other properties do you have in this market? How well do you know this market? How old are the apartments? One thing we like to think is very important is professional designation and credentials, so ask whether they have certifications from organizations that train and certify managers.
Our organization has three credentials that we offer, so we feel that credentialing is very important. I would also ask for some kind of track record if it is a residential property. I'd want to know about some other residential properties that the property manager has handled and how they have made them more successful. Ask for references. Most managers are proud of the properties they have managed.
It's also important to choose a property management company whose ethics you respect. We certify our property managers both with the certified property manager designation and with what we call the ARM, which is the Accredited Residential Manager designation. With that designation, there are codes of ethics that go along it, and all that relates to the standard of care.
