What to compare when hiring a manager

Two proposals with the same headline fee can describe very different services. Compare on equal scope, not on price alone.

Scope first

Ask each manager to state, in writing, what is included: marketing and showings, tenant screening, lease preparation, rent collection, maintenance coordination, inspections, financial reporting, and handling of notices or disputes. Anything not listed is usually billed later, so a longer list at a slightly higher fee can be the better deal.

Fees, in the open

Most management is priced as a percentage of collected rent or a flat monthly amount. Ask what triggers each fee: is the management fee charged on scheduled rent or collected rent, is there a separate leasing fee for each new tenant, and how are maintenance, inspections, and renewals billed. There is no single right structure, but there should be no surprises.

Who actually does the work

Meet the people who would run your building, not only the person who wrote the proposal. Ask how many units each team member handles, who answers maintenance calls after hours, and who covers vacations and turnover. Consistency of staffing matters more than most owners expect.

Reporting you will receive

Ask for a sample monthly statement. Look for clarity: income by unit, expenses with backup, arrears aging, and a short written summary of what happened during the month. If a sample is hard to produce, that is an answer.

Questions worth asking any manager

How quickly do you respond to maintenance requests, and how are emergency repairs approved. What is your process for serving notices and handling late rent. How do you set asking rents, and how often do you review them. How do you document unit condition at move in and move out.

The manager who answers these plainly, in writing, is showing you how they will run your building.