Questions to Ask Before Hiring a Property Manager
Are you thinking of hiring a property management company? Then you need to ask the right kind of questions. With the right questions, you stand a high chance of selecting an efficient, effective and reputable property management company.
Here are some general questions to ask a property manager before hiring them.
- What areas do you cover, and do you have people on the ground in those markets?
- How many properties do you currently manage?
- What is your tenant placement fee for an SFR?
- What is your monthly % you charge to manage?
- What is your renew fee on current tenant?
- How do you market the property for a new tenant besides MLS and there filtering sites?
- How do you do properties showing?
- What types of properties do you manage?
- What are your normal deposits?
- Do you have a pet deposit required?
- Do you have a money back guarantee for tenant placements?
- When are your landlords’ payments made during the month?
- Do you keep a property reserve?
- Who holds the tenants deposits?
- How long a lease do you normally do?
- Will I have a designated person managing my properties as an account manager?
- Is you firm availability around the clock for the owner and the tenants?
- What is you screening process for new tenants and what is the minimum credit requirements?
- How do you determine the monthly rents, and do you clear that with the owner before presenting to the prospective tenant?
- What is your timeline for evictions?
- On average, what’s your occupancy length for renters?
- Do you keep all late fees?
- How often do you look you do property inspections in-side and out?
- If you make the payment to the HOA each month, is there a fee for that?
- Does you firm have a relationship with the HOA?
- Once the tenant moves out and the utilities need to be turned on. Is there a fee for that?
- Do you require renters to have renter’s insurance?
- Is there an upcharge on you make ready expense from the contractors?
- Do you show the contractors invoices on the portal?
- Are there any accounting fees to prepare year end statements, 1099, YTD Cash-flow statements, Etc.?
- What software do you use for you client portal?
- What are you typical time from on evictions?
- Once evicted explain how your firm collected repairs that were not covered by the deposits?
- When do you issue notices and how long to you require before requesting a rit from the courts?
- Do you promote section 8?
- Can you give a few References?
- How well-versed are you with the Federal Fair Housing Rules?
For More information or if you have any questions, call me anytime at 855-326-6802 or schedule a call with a Loan Specialist.