Questions for a Prospective Owner/Client

It is standard practice for landlords to screen potential property managers. Questions relating to holding a valid license, services offered, Management fees and the number of properties you manage are fair game. But what about the prospective Owner/Client? Equally important to the Property Manager is finding the right clients, the rental property owners and real estate investors who will pay your salary in the form of management fees. A demanding or micromanaging owner, or a landlord who does not understand the value property management adds to their investment, can make a manager’s life a waking nightmare.

To find out if your management style & expertise are a good fit for the client, you should ask the following questions:

Have you ever worked with a property management company before?

Some owners are just looking for a new management company, while others are just starting out in real estate. Knowing who they worked with previously and the size of their operation gives great insight into what they expect.

What types of properties do they have?

Managing commercial spaces are much different than managing single-family homes. The type of property can sometimes be the most important factor in deciding whether to work with the owner. Know your strengths and limitations.

Given the above, keep in mind that in property management margins are slim, we therefore need to maximize revenue opportunities and minimize headaches up front, and much of this can be done by asking the above and similar styled questions. These questions will help you to understand the prospective owner/client and make an educated decision about taking them on. Understanding your prospective clients and educating them about what you can do for them are the keys to a harmonious relationship.

How many properties did they own?

While you can make more money taking on a client with an 80-unit residential property who has intentions to grow larger, the key here is self-awareness, knowing the workload you can handle and your comfort zone.

Do they agree to let us provide all preventative and repair maintenance?

Firstly, we do not conduct repairs over $150 without the owner’s authorization. With that said, if the answer is no, a workable business relationship is unlikely. A more ‘hands off’ approach by the client is preferred. It is difficult and frustrating to work with owners who demand that we call them about every maintenance concern before we contact our maintenance team to fix the problem.