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Selecting a property manager significantly impacts investment returns and owner experience. Comparing multiple managers before hiring helps identify the best fit for your property and management style. Evaluation should consider qualifications, services, fees, and compatibility.

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What to Look For

Verify legal requirements:
  • State real estate or property management license
  • License in good standing
  • Proper business registration
  • Required insurance coverage
Professional designations (optional but valuable):
  • CPM (Certified Property Manager)
  • RMP (Residential Management Professional)
  • MPM (Master Property Manager)
  • ARM (Accredited Residential Manager)
Relevant background:
  • Years in property management
  • Number of units managed
  • Experience with your property type
  • Local market knowledge
  • Staff experience and tenure
New companies aren’t necessarily bad, but track record provides confidence.
Appropriate scale for your needs:
  • Current portfolio size
  • Property types managed
  • Geographic focus
  • Capacity for additional properties
  • Similar properties to yours
Very large managers may not prioritize smaller owners. Very small may lack resources.
Operational infrastructure:
  • Online owner portal
  • Online tenant payments
  • Maintenance request system
  • Accounting software
  • Communication tools
  • Marketing platforms
Modern systems improve efficiency and transparency.
Market perception:
  • Online reviews (Google, Yelp)
  • BBB rating and complaints
  • Owner references
  • Tenant reviews
  • Industry reputation
Check both owner and tenant perspectives.

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Questions to Ask

  • How long have you been in business?
  • How many properties/units do you manage?
  • What types of properties do you specialize in?
  • What geographic areas do you cover?
  • Who will be my primary contact?
  • What is your staff structure?
  • Are you licensed and insured?
  • What services are included in your management fee?
  • What services cost extra?
  • How do you handle maintenance requests?
  • What is your emergency response process?
  • How do you screen tenants?
  • What are your eviction procedures?
  • Do you conduct property inspections?
  • What is your management fee structure?
  • What is your leasing/placement fee?
  • Are there renewal fees?
  • What other fees should I expect?
  • Do you charge during vacancies?
  • What is the contract term?
  • What are the cancellation terms?
  • How often will I receive reports?
  • What information is in your owner reports?
  • How quickly do you respond to owner inquiries?
  • Do you have an owner portal?
  • How do you handle emergencies?
  • What decisions require my approval?
  • What is your average vacancy rate?
  • What is your average time to lease?
  • What is your tenant retention rate?
  • What is your eviction rate?
  • Can you provide owner references?
  • How do you handle underperforming properties?
  • Have you managed similar properties?
  • What would you recommend for rent pricing?
  • What improvements would increase rent?
  • What concerns do you see with my property?
  • How would you market this property?

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Comparing Fees

When comparing quotes:
  • Request complete fee schedules in writing
  • Ask about all potential charges
  • Calculate estimated annual total cost
  • Understand what’s included vs extra
  • Ask about fee increases over time
Use a spreadsheet to compare managers side by side.
Lower fees don’t always mean better value.Consider:
  • What’s included vs extra
  • Service quality
  • Responsiveness
  • Technology and reporting
  • Reputation and track record
  • Vacancy performance
  • Tenant quality
A manager with slightly higher fees but better performance may deliver better net returns.
Property management fees vary significantly by location and provider. Get detailed written quotes from multiple managers for accurate comparison.

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Reference Checks

  • How long have you worked with this manager?
  • What type of property do you have?
  • How is their communication?
  • How do they handle maintenance?
  • Have you had any tenant issues?
  • Are you satisfied with their reporting?
  • Have you had any disputes?
  • Would you recommend them?
  • What could they improve?
  • Reluctance to provide references
  • Only very new relationships
  • Vague or hedging answers
  • Mentions of specific problems
  • Pattern of similar complaints

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Contract Review

  • Contract duration
  • Termination provisions and fees
  • Fee structure and increases
  • Services included vs excluded
  • Authority limits
  • Insurance requirements
  • Liability provisions
  • Dispute resolution
  • Management fee percentage
  • Leasing fees
  • Contract term
  • Termination notice period
  • Cancellation fees
  • Authority limits
  • Reporting frequency
  • Very long initial terms
  • Automatic renewal without notice
  • High cancellation penalties
  • Vague fee descriptions
  • Excessive authority without approval
  • One-sided liability provisions
  • Requirement to use specific vendors

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Making the Decision

Consider weighting factors based on your priorities:
  • Experience and track record
  • Services offered
  • Fee structure and total cost
  • Communication quality
  • Technology and systems
  • References
  • Overall impression
No single factor should dominate. Consider the complete picture.
Beyond objective criteria, consider:
  • Did they listen to your needs?
  • Were they honest about limitations?
  • Did they ask good questions?
  • Do they seem invested in your success?
  • Would you enjoy working with them?
  • Do they return calls promptly?
The relationship matters as much as the metrics.
After selecting a manager:
  • Review contract thoroughly
  • Clarify any questions
  • Document expectations
  • Provide necessary information
  • Introduce to current tenant if applicable
  • Set up communication preferences
  • Schedule first review meeting

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Transition Considerations

Transition process:
  • Review current contract termination requirements
  • Provide proper notice
  • Coordinate tenant notification
  • Transfer security deposits
  • Transfer records and documents
  • Transfer keys and access
  • Update tenant payment instructions
  • Final accounting from old manager
  • How do you handle transitions?
  • What information do you need?
  • How will you introduce yourself to tenants?
  • What’s your onboarding process?
  • When can we expect first report?
Property manager selection checklist:
  • Verify license and insurance
  • Check online reviews and BBB
  • Interview at least 3 managers
  • Ask all key questions
  • Get detailed fee breakdown in writing
  • Contact owner references
  • Review contract thoroughly
  • Compare total estimated cost
  • Consider service quality and fit
  • Trust your instincts on relationship

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