Real estate investors do their due diligence when finding the right property, but the same care should apply to finding the most qualified property manager. Ultimately, this is your investment and no one else so naturally you are going to put the most effort into protecting your investment.
If you have a busy schedule or simply don’t want to use up your free time with the hassle of being a landlord then finding someone to manage your property is imperative. Here’s a comprehensive list of every question you should ask before you hire a property manager.
1. Do I multiple or one property manager? And who will that be?
Chances are the first person you consult with at a property management company is not your property manager. Make sure you meet them previous to signing a contract to know exactly whom you will be dealing with.
2. Who runs the office?
Property managers are under the licensed umbrella of a broker. So know who the broker in the office is because they are ultimately the head of the office.
3. How much experience do they have as a property manager?
Don’t discount the new kid on the block. Sometimes a fresh PM will put more time and effort into your property because they want to prove themselves in the industry.
4. How many properties are you managing?
Keep in mind that large and small offices have different strengths and weaknesses. Know what you are looking for in a property manager to find the right one for your property.
5. On average, how long do clients use your services?
You want someone who is trustworthy and has a proven track record with other property owners.
6. Do you expect anything out of me as the owner?
Find out the level of involvement they expect you to be at so that you have the same expectations.
7. What is your policy regarding landlords contacting tenants?
In some cases landlords aren’t permitted by the property management company to contact tenants.
8. If we decide to sell is there a requirement to use you? Is the tenant charged if they want to buy the house?
Look over the clause that addresses this issue as it is common for property contracts to involve fees related to buying and selling the property.
9. What can I expect to be notified about?
Communication is key between a property manager and a landlord. Know what they expect to be contacting you about and how often.
10. How long should I expect to hear back from you via phone or emails?
When there is an issue you want handled swiftly it can be frustrating to not get a response. Learn what their average turnaround time is to get back to owners.
11. How much do you charge on a monthly basis?
Every company will have different ways of billing your for their services. Some will give you a quote that covers everything whereas other will give you a seemingly inexpensive quote that doesn’t include other fees.
12. What name will be on the lease?
It could be the owner’s or property management’s name on the lease.
13. Do you incorporate a break-out clause?
If your tenants want to break their lease find out if there will be an extra charge.
14. Do you have a reverse military clause?
If you or your family every want to move back into the home you need to make sure this clause is added to your contract.
15. Is there a rental deductible?
This will ensure that that repairs aren’t slowly eating away at your ROI.
16. Besides wear and tear, is there a clause that will make the tenant pay for damages?
If your tenant breaks things in your home then find out if they will be paying for it or if you will be.
17. Do you help tenants with their problems to avoid service calls?
There can be simple solutions to resolve issues that don’t involve calling a professional.
18. Are “sight unseen” leases permitted?
This is especially important to ask if you like in an area like San Diego, CA where military are prevalent renters.
19. Who will be paying for pest control?
Know who will be responsible for pest control.
20. What is your policy on move out notice?
Find out how far in advance notice tenants need to give in order to move out.
Make sure you know every detail of the contract and service you are signing up for. There might even be some questions you did think of asking before. Keep an eye out for more questions to ask before getting a property manager.
Contact SOS Management & Property Services
Local: (858) 273-8800