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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.

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