Before choosing a Property Management Company

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Questions to ask before choosing a Property Management Company





130 due diligence questions.


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Top 10 questions

  1. What services do they offer?
  2. How do they differ from the local competition?
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Pricing, fees and billing

  1. Do they charge a flat fee or a percentage of rent?
  2. Are there any up-front fees that you are to pay when signing an agreement with them?
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Scope of services

  1. Can they help with finding new tenants?
  2. Can they help with financial management?
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Their background

  1. How many clients and how many units do they currently manage?
  2. How long have they been in business?
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Contractual relationship

  1. Can they share a copy of their standard Property Management Agreement (contract)?
  2. Is it possible to object or add to the contract, so it better suits your needs (if needed)?
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Communications

  1. Can you contact them after hours?
  2. Who will be your primary contact person?
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Scenarios and procedures

  1. What kind of accounting controls do they perform (i.e., expense review and approval by the client, two-signature checks, etc.)?
  2. What is their procedure if a tenant does not pay their rent on time?
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Software and digital solutions

  1. What kind of property management software do they use?
  2. Will they be able to provide online access to their property management software?
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Repairs and maintenance

  1. Is there an agreed-upon threshold monetary amount on repairs above which you will always have to approve?
  2. Who do they use for repairs (electrical, plumbing, appliances, etc.)?
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Negotiations

  1. Will they be able to give a discount if you commit for a more extended period than the standard contract suggests?
  2. Will they be able to give a discount if you refer other businesses to them?
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Other questions

  1. Can they provide examples of the monthly, quarterly, or yearly reports they generate for their clients?
  2. Are they in general tech-savvy?
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