Judging the performance of a property management company isn’t rocket science—though many companies make it seem that way. I’ve spent twenty-five years in the industry, and I’ve got good news: if you own small-to-midsize multifamily residential buildings without full-time onsite staff, you can measure the effectiveness of your manager by asking just three questions.

These questions reveal whether your manager’s work is spot-on, just average, or if it’s time for a change. If you manage your own property, you can use these questions to evaluate your own work.

1. How fast did you turn my last vacancy?

Get specific by learning dates. Look at what day their last tenant moved out, and the date the next tenant moved into that unit. A detail-oriented manager will know when work started and when it was finished. They’ll know when it was advertised, and how long it took to find a qualified applicant. Knowing this turn time is a basic but important indicator of their performance.

You should also ask your management company if they use licensed real estate agents to show your vacancies. Licensed agents are trained on how to advertise and show properties without violating any fair housing regulations, and they’ll be able to write up the best lease for your protection.

2. When did you last walk through my property?

Don’t settle for an answer about when the gardener or repairman last visited. Ask, “When did a supervisor walk the property last?” Some managers will say they visit your property regularly, but if they can’t provide the date of their last visit, they might be all talk.

If a manager pledges to serve your profits and property, there’s no excuse for them not to visit regularly. Differentiate between whether your manager just did an exterior inspection or viewed every interior. At LAPMG, we send email reports with dates and photos to assure owners of our visits.

3. What was the most recent preventative maintenance measure you took on my property?

Preventative maintenance includes low-cost items like cleaning rain gutters and jetting sewer mains. Simple routine inspections can save tens of thousands of dollars, or extend the lives of building systems by years. If your manager has done any preventative maintenance, it should be documented by an inspection report or bill on a statement. Ask to view these. Weak managers will say, “Don’t worry, we’re quick to respond if there is a problem.” That’s like a heart surgeon saying, “I’ll just wait for you to have a heart attack, and then I’ll take action.”

None of these questions can have inaccurate results because of a one-time accident. The manager either turned the last vacant unit fast, or they didn’t. They either inspect their properties regularly or they don’t. They perform preventative maintenance or they don't. There are no gray areas.

Now you’re ready to assess the job that your current property manager is doing. No matter what you learn, this process will help inform the decisions you make as a property owner and investor.