You’ve researched the right property for your investment, but your due diligence is also required to find the right property manager. Don’t choose blindly, choose someone your trust will help your investment grow. If you haven’t already, you should read the first 20 questions to ask your property manager. If you have, continue reading for the complete list of questions to ask.
21. What is the renewal policy and do you charge?
It’s important to note that some management companies may charge the owner a fee if the tenant decides to renew.
22. What factors determine if the rent will be raised?
There are many factors that could go into raising rent like the market and the actions of the tenants, but property managers are the ones who will have the final decision on if the rent is raised or stays the same.
23. What does the monthly fee cover and/or not cover?
Go over everything that your monthly fee includes then ask what extra fees there will be if any.
24. Who receives the extra fees tenants pay?
It’s crucial to know if you or your property management company will be keeping extra fees like if they pay rent late.
25. What is your strategy to advertise my property?
It’s important to know how your property manager will handle advertising your property. Everyone has a different marketing strategy, so pick the right one for you.
26. Is there any work that should be done on the property to get the highest return?
They are the experts so ask if there are certain things your can upgrade that renters will pay more for.
27. If the property isn’t rented out in a certain time frame is there a termination clause?
Obviously you don’t want to be loosing money on your investment and if a property manager can’t get your rental rented out it’s time to move on.
28. Are there any fees if the house is empty?
Some rentals are only seasonal, but the company could charge for fees that relate to managing the pool or getting the rental ready for another season.
29. Is there a trail period? Or termination policy?
You won’t completely know how the company manages property until you’ve started working with them; so find out what their trail period it. It’s also important to get the details of their termination policy, so that you always have the option of terminating their services.
30. What is your late fee policy, the amount charged, and who keeps that fee?
If tenants are late paying rent then it’s good to know what the consequences will be and how they will be implemented.
Quick tip: At times owners have been charged for late fees, make sure this will not be the case.
31. What is the eviction process like and what are the fees associated with it?
Find out if they conduct the eviction process and when they start it. Learn all of the additional charges because if you aren’t getting paid rent it could be even worse to have eviction fees.
32. What is your screening and approval process like?
It’s important that you have a reliable tenant, so find out what their requirements are and if they include you in this process at all.
33. If a tenant causes damage, how do you charge them?
It’s better to charge as soon as damage happens rather then wait till the end of the leasing term. If the tenant’s damages exceed the security deposit then know who will be contacting the tenant for payment.
34. What are your maintenance fees and policy?
Companies may charge you a percentage on the repair costs. Know their policy on multiple bids for maintenance so you can get the best price.
35. What is your procedure for off-hour emergencies?
Will a voicemail be getting these calls or do they still answer around the clock.
36. What do you consider to be an emergency?
Get specifics as to what they think constitutes an emergency (ie. air conditioning out)
37. If there is an emergency, do you fix it immediately or consult the owner?
Don’t be surprised with an out of the blue bill for an emergency.
38. How long are your vacancy periods once a tenant has moved out?
Know how long your rental will be vacant in between renters.
39. Will you be showing the house while the tenant is still living there?
This is a great way to keep vacancy periods low.
40. What is the move in/out inspection like?
Find out what forms they use and if they document with pictures or videos.
Choosing the right property manager is imperative to protect and grow your real estate investment. These questions will help you choose someone you can trust to manage your property.
Contact SOS Management & Property Services
Local: (858) 273-8800