- What services does your company offer?
It’s important to understand exactly what services the property management company will provide, as this can vary from company to company. Some common services that property management companies offer include advertising and marketing the property, screening tenants, collecting rent, handling maintenance and repair requests, and dealing with legal issues. Make sure you know exactly what is included in the company’s services and what you will be responsible for handling yourself.
- How do you handle tenant screening?
Screening tenants is an important aspect of property management, as it helps ensure that you are renting to responsible and reliable tenants. Ask the property management company about their process for screening tenants, including what criteria they use and how they verify information. It’s also a good idea to ask about their policy for handling evictions and tenant disputes.
- How do you handle maintenance and repair requests?
Maintenance and repair requests are a common part of property management, and it’s important to have a system in place for handling them efficiently. Ask the property management company about their process for handling maintenance and repair requests, including how they prioritize requests and how they communicate with tenants. You should also ask about their policy for handling emergency repair situations.
- How do you handle rent collection?
Rent collection is a crucial part of property management, and it’s important to have a system in place to ensure that rent is collected on time. Ask the property management company about their process for collecting rent, including how they communicate with tenants about late payments and how they handle evictions for nonpayment. You should also ask about their policy for handling security deposits.
- How do you handle legal issues?
Legal issues can arise in the world of property management, and it’s important to have a property management company that is familiar with the relevant laws and regulations. Ask the company about their experience handling legal issues, including evictions, tenant disputes, and property damage. You should also ask about their policy for handling legal fees and whether they have an attorney on staff or work with an external law firm.
- How do you communicate with landlords?
Effective communication is key in property management, and it’s important to have a property management company that keeps you informed about what is happening with your property. Ask the company about their policy for communication with landlords, including how often they provide updates and what methods they use (phone, email, etc.). You should also ask about their policy for handling emergency situations.
- How do you handle financial matters?
Financial matters are an important aspect of property management, and it’s important to have a clear understanding of how the company handles them. Ask the property management company about their policy for collecting and disbursing rent, as well as their policy for handling security deposits. You should also ask about their process for accounting and record-keeping, and whether they provide regular financial reports to landlords.
- What are your fees and how are they structured?
Property management companies typically charge a fee for their services, and it’s important to understand exactly how this fee is structured. Ask the company about their fees, including whether they charge a flat rate or a percentage of the rent collected. You should also ask about any additional fees that may be incurred, such as for advertising or legal services.