30 QUESTIONS TO ASK BEFORE HIRING A PROPERTY MANAGER
Hiring a property manager can be your biggest asset or worst nightmare. Make sure to do your homework before signing a contract with any company. Listed below are just a few of the items that should be discussed up front in order to find the best company to meet your needs.
Is your property management team licensed, bonded and insured?
How long have you been in the business?
How many employees do you have?
What type of properties do you manage?
How many rental units do you currently manage?
How do you determine market rent value?
How long are your properties typically vacant?
Under what conditions can I cancel my contract?
What steps do you take to market properties?
What are your income and screening requirements for applicants?
What forms of payments are accepted by the tenants?
What is your eviction process?
How long does it typically take to fill a vacancy?
How is the security deposit handled?
How do you collect rent from tenants?
How do you handle tenant delinquency? Late payments?
What is the cost of an average repair bill after move out?
What is your communication response time for owners?
Do you have any other hidden fees? Accounting set-up? Emergency responses? Etc.
What do you charge?
Do you charge when the property has no tenants?
Do you conduct regular property inspections and, if you do, what charge is associated with them?
Do you mark-up maintenance and repairs?
Do you have your own team do the maintenance and repairs or do you hire outside contractors?
What is your fee for filling new tenants or re-leasing an existing tenant?
What your policy for preventative maintenance?
How often do you communicate with me?
Do you provide monthly statements?
Do you provide references?
How do I receive my monthly rental income?