Before choosing a Property Management Company

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Questions to ask before choosing a Property Management Company

127 due diligence questions.

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Top 10 questions

  1. What services do they offer?
  2. How do they differ from the competition?
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Company background

  1. How long have they been in business?
  2. How many clients and how many units do the property management company currently manage?
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Service

  1. Can the property management company help with finding new tenants?
  2. Can they help with financial management?
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Pricing, fee, and billing

  1. Does the property management company charge a flat fee or a percentage of the rent?
  2. Are there any up-front fees that you are to pay when signing an agreement with them?
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Contractual relationship

  1. Can the property management company 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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Communication

  1. Can you contact the property management company after opening hours?
  2. Who will be your primary contact person?
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Scenario and procedure

  1. What kind of accounting controls do the property management company perform?

  2. What is their procedure if a tenant does not pay their rent on time?
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Software and digital solution

  1. What kind of property management software does the company use?
  2. Will they be able to provide online access to their property management software?
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Repair and maintenance

  1. Is there an agreed-upon threshold monetary amount on repairs above that you will always have to approve?
  2. Whom do the property management company use for repairs (electrical, plumbing, appliances, etc.)?
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Negotiation

  1. Will the property management company 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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