How many 
properties does the company manage, what type and where? Some property managers can administer between 500 and 700 condominiums per month, provide they have a back-end support staff such as accounting and a good automated software system. Rental properties are more challenging and require a lower manager to tenant ratio.
Does the manager own a rental or condo themselves? If so, this can work two ways. First, if they are owners, you are competing with them for time; say a vacancy comes up in your apartment at the same time a vacancy comes up in the manager’s property. Guess who gets the best service? Second, it is always a good idea to deal with experienced managers who have first hand knowledge.
Mangers should visit and have access to the facility on a routine basis; once a week for example. Inspections which include interior, exterior and the rental units themselves should be take place on a timely basis. More information is available on inspections here.
Your manager should know what your objectives are and what you want. The best managers are those who know their clients and find ways to streamline operations to meet your goals.
Property management company’s must use an automated tenant management or condominium administration software. These are essential tools of the trade and can’t be overlooked. It’s important to stay on top of things. If they don’t use software to improve efficiency or hesitate to share reports with you, your experience may be less then profitable.
Managers typically charge $35-$40 per door per month for condo management and between seven and fifteen percent of the rents for managing apartments. Is that a percentage of rent collected, or rents that could be collected? Paying a percentage of rents that could be collected, but either due to late payment, insolvency or eviction, aren’t collected, adds up.
Maintenance must be addressed in advance. There are many options available to owners to address and resolve maintenance issues. You can expect that the manager will want to make maintenance decisions up to a certain dollar threshold before they have to obtain your permission. Additionally, managers may add a 10 percent handling surcharge on top of the invoice.
Managers should commit to providing operating income and expenditure reports to you no later then the 6th day of each month. Condominium and apartment projects should have comprehensive and easy to read financial reports at that time, and any rent monies collected for the period transferred to the owner by that time also.
