Choosing a property management company is an important decision. After all, you are entrusting them with one of your most valuable assets – your property. It can be very helpful to have a professional team to manage your property. But before you sign on the dotted line, there are some important questions you should ask first. Here are some of the most important questions to ask a property management company before you hire them.
85 Questions you should ask a property management company:
- Do you have a good reputation?
- How long have you been in business?
- How is your team structured?
- How do you communicate with owners and tenants?
- What accounting software do you use?
- How do you collect rent?
- How do you handle maintenance requests?
- Do you have any specialties or areas of expertise?
- How are emergencies handled?
- Are you licensed and insured?
- What’s your policy on showings?
- How do you market vacant properties?
- Do you offer lease renewals?
- What’s your eviction process?
- How often do you conduct inspections?
- What kind of reports will I receive and how often will I receive them?
- Can you provide me with some references?
- What are your office hours and how can I get in touch with someone after hours?
- What type of properties do you manage?
- How many properties do you manage?
- What is your process for finding tenants?
- How do you screen tenants?
- What types of repairs and maintenance do you handle?
- Who handles repairs and maintenance?
- What’s your communication policy with landlords?
- How do you handle evictions?
- Have you ever been sued by a tenant or landlord?
- What software do you use to track rent payments and maintenance requests?
- Can I see a demo of your software?
- How can I access my account and reports?
- What geographic areas do you cover?
- Can I see testimonials or reviews from previous customers?
- What experience does your staff have in property management?
- What kind of financial reports will I receive and how often do I receive them?
- What happens if I want to cancel my contract with you?
- Can I talk to some of your current clients?
- Do you handle evictions?
- Who handles after-hours emergencies?
- Can I reach someone after hours or on weekends?
- What are the rules for showings and open houses?
- Do you offer any marketing services?
- What is the length of your management agreement?
- Have you ever been sued by a tenant or property owner?
- How do you handle rent collection?
- Are you familiar with the Fair Housing Act and other laws that apply to landlords and tenants?
- Do you have a good relationship with local law enforcement and code enforcement officers?
- What’s your organization’s philosophy regarding property management?
- What’s your policy regarding owner participation in the management of the property?
- What happens if I need to sell the property?
- What happens if I need to move into the property?
- Do you have a website where I can view my account information?
- Can I pay my rent online?
- Can I submit maintenance requests online?
- Can I view my lease agreement online?
- How do you communicate with owners – by phone, email, text, or all of the above?
- Can I meet with someone in person to discuss my property and ask questions?
- Are you familiar with the Landlord-Tenant Act in my state?
- How do you handle disputes between tenants and landlords?
- What’s included in your monthly reports?
- Do you have any certifications or accreditations?
- Are you a member of a professional association that deals with property management?
- Do you carry insurance? If so, what type and what’s the level of coverage?
- How do you handle advertising?
- Who will be my contact person at the company?
- Can you provide me with a sample lease agreement?
- Do you have any tips on how to set the rent for my property?
- Are there any local ordinances I need to be aware of as a property owner?
- How long does it take for a new tenant to move in after signing the lease?
- Have you had any vacancies recently?
- How do you market vacant units?
- When was the last time you raised the rent for existing tenants?
- Are there any plans to raise rents in the near future?
- Do you have any recommendations on how I can improve my property’s appeal to potential tenants?
- Has a client ever canceled their lease with you?
- How soon can you start managing my property?
- What are your fees?
- What services are included in your fee?
- What late fees do you charge?
- Are there any additional fees I should be aware of?
- How do you handle deposits?
- Do you have any promotions or discounts I can take advantage of?
- Do you offer discounts for seniors, veterans, or low-income tenants?
- What other costs should I expect as a property owner?
- Do you have any other tips or advice for me as a property owner/manager?
- Is there anything else I should know about your company or services?
Frequently Asked Questions
How do you interview a property management company?
When you’re looking for a property management company, it’s important to do your research. Ask friends, relatives, and colleagues for recommendations. Once you have a list of potential companies, it’s time to interview them.
It’s best to ask a property management company specific questions about their experience, the services they offer, and how they would handle a particular situation. You also want to get a feel for the company’s culture and find out how well you think you would work with them.
Get everything in writing, including the fees and guarantees they offer. It’s also a good idea to have a lawyer review the contract before you sign it.
What are the core duties of a property manager?
A property manager’s main job is to oversee the day-to-day operations of a property, including the maintenance and safety of the building and its occupants. They also handle the renting and leasing of units, as well as all financial transactions related to the property.
To perform these duties, a property manager must be well organized and have strong interpersonal skills, as he or she often deals with tenants, contractors, and other professionals.
What are the two types of property management?
Property management is about managing and overseeing the day-to-day operations of a property. There are two types of property management: commercial and residential.
Commercial property management includes businesses and other non-residential properties such as office buildings and retail establishments.
Residential property management, as the name implies, focuses on managing houses and apartments. Property managers are responsible for maintaining the property, dealing with tenants, collecting rent, and responding to inquiries or repairs.
What value does a property manager bring?
A property manager is a valuable asset when renting or owning a property. He or she’s responsible for overseeing the property, maintaining it, and promoting it to potential tenants or buyers. They also handle the paperwork associated with renting or selling a property. This includes such things as contracts, leases, and mortgage applications. A property manager can be a great help in managing a property and make the process go much more smoothly.
Conclusion
These are just a few of the questions you should ask a potential property management company before you sign a contract with them. Make sure you do your own research as well, and always trust your gut! If something doesn’t suit you, contact another company until you find the right one for you and your property(ies).
