Questions to ask a Property Manager

Top 5 Questions when Interviewing a PM Company

 

1.) Do you charge a Setup Fee, Marketing Fee, or a Vacancy Fee?

If their answer is yes, to any of these, continue your search for a property management partner. These are uncalled for fees, better known as “junk” fees. They ensure that the property management company makes money even if you don’t! Select a property management company who is willing to share in the risk and who is only compensated when they perform for YOU the owner.

2.) Do you have a cancelation fee?

If their answer is yes, keep on looking. You should not have to engage in a long-term contact to receive premium service or endure a financial penalty if you are not 100% satisfied with the service you receive.

3.) Can you tell me your occupancy, lease renewal, rent collection, and owner retention percentages?

If they can’t tell you these numbers, then they are not measuring those statistics that are crucial to providing stellar service. If they don’t know these important stats, then how do they ensure that they are providing you the best service and how are they looking out for your bottom-line?

4.) Do you have a Group Property Insurance Plan?

If the answer is no, then the company has likely not focused on creating means to provide better service and save their property owners money. Property Insurance is a major cost related to owning rental properties. Seek a property management partner that offers insurance premium discounts through a group insurance plan.

5.) Do you have an Executive Buyers/Seller Club that offers discounts on other real estate services?

If the answer is no, the company does not place a high value on keeping you as a client. Partner with a property manager that values its relationship with you and who wants to be your one and only choice for all real estate transactions.

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