Once you’re close to a top 2 list of property managers you’re interested to work with, then move on to questions which determine how hard they're going to work to maximise your investment, to help you make your final decisions:
- What strategies do they use to maximise rent for the first lease?
- Where do they advertise?
- How do they minimise vacancy?
- What is their process for handling arrears?
- What training have their property managers received?
The bottom line is, you're the client, and the property manager is working for you. Having a good working relationship is key to ensuring you get the best results from your investment. So take the time to do your research. Interview at least 4 or 5 potential property managers, and get a feel for which one you believe will provide the best service. If you know people who are renting in the area, ask them about their experiences with their property manager - both landlords and tenants.
Most of all, don't make the mistake of choosing a property manager solely on the management fee they charge.
...In the words of the great Warren Buffet: "Price is what you pay... value is what you get."