When considering hiring a property management company to manage your home, it's crucial to ask questions that help you assess their capabilities, reliability, and fit for your needs. Here are the top 10 questions you should consider asking:
What services do you offer?
Understand the full range of services they provide, such as tenant screening, rent collection, maintenance and repairs, and handling legal issues.
How do you determine rent for properties?
Ask how they assess the rental price to ensure it's competitive yet profitable, and what market data they use.
What is your fee structure?
Clarify all costs involved, including management fees, leasing fees, and any other potential charges.
How do you handle tenant screening and selection?
Learn about their process for checking tenant backgrounds, credit scores, employment verification, and references.
Can you describe your property maintenance approach?
Discuss how they handle routine maintenance as well as emergency repairs, and what processes they have in place for tenant requests.
How do you manage tenant communications?
Understand how they communicate with tenants for both routine and urgent matters, and how they handle tenant complaints.
What is your process for handling late payments or evictions?
Inquire about their methods for collecting late rent and their process for evicting tenants if necessary.
How often will you provide financial and property reports?
Check how frequently they will send you updates on your property’s financial status and any other performance reports.
What is the average duration that units are vacant?
Find out their average tenant turnover rate and how long it typically takes to fill a vacancy.
Can you provide references from other property owners?
Request references to verify their reliability and effectiveness from other clients with similar properties.
Asking these questions will give you a comprehensive understanding of what the property management company offers and how well they can meet your expectations in managing your home.