Questions to Ask Yourself When Considering Hiring a Property Manager

As a real estate investor, hiring the right property manager to assist with caring for your property is essential. As such, it is important to know the right questions to ask property management before you decide to for the job. To that end, here is a look at the top five questions to ask property management as you sort through your options.

Question #1: What Services Do You Offer?

When choosing a property management company, you want to be sure the company can market, lease and manage your property. This means the company should be able to provide maintenance for your property while also being able to complete inspections and in-depth background checks. The company you choose should have an extensive network of professionals from which to draw along with years of experience in property management.

Question #2: How Many Rentals are You Currently Managing?

A property management company should not be spread so thin that it is unable to provide you and your property with the attention that it needs. In addition to finding out how many properties the company manages, you should also find out how many units each manager within the company is responsible for overseeing. While you do want a property manager with experience, you also don’t want one that is so overburdened that you get lost in the shuffle.

Question #3: What are Your Fees?

You will also want to be sure to ask property management companies about their fees. While some companies offer a flat rate, others based their fees on the rent amount. Others will offer levels of pricing based on the services you desire. You will also want to clarify if there are fees when the property does not have any tenants

Question #4: How Do I Cancel My Contract?

While you certainly hope that the company will provide you with great service that you will want to keep, you may decide at a later date that this company simply is not right for you. As such, it is important for you to find out upfront how you can go about getting out of the contract if necessary. If the company makes it seem nearly impossible to cancel the contract, it might be best to look elsewhere.

Question #5: What are Your Procedures?

This final question to ask property management companies is a bit lengthy, as you will want to learn more about the company’s procedures for many different aspects of property management. These include:

• How rent is collected from tenants
• How property inspections are conducted
• How the eviction procedure is completed
• What steps are taken to market the property
• How applicants are screened
• How maintenance needs are addressed

By getting a better idea of how the company completes these tasks, you will be better able to determine if the company’s values and priorities are the same as yours. If so, then you have likely found a company that will serve as a very good partner for years to come!