Hiring a property management company is a big decision. You’re trusting a team to oversee your investment, handle your tenants, and protect your property’s long-term value. So how do you know you’re choosing the right one?
Before you sign a contract, here are 10 important questions to ask your potential property management team:
1. How many properties do you currently manage?
This gives you an idea of their experience—and whether they’re stretched too thin or have the capacity to give your property proper attention.
2. What services are included in your management fee?
Not all companies offer the same services. Ask what’s included—rent collection, maintenance coordination, tenant screening, lease renewals—and what costs extra.
3. How do you handle maintenance requests and emergencies?
A good manager should have a clear process for both routine repairs and after-hours emergencies. Bonus points if they work with licensed, vetted vendors.
4. What is your tenant screening process?
Strong tenant screening protects your property. Ask about background checks, income verification, rental history, and how they determine who qualifies.
5. How do you market vacant units?
Vacancy time = lost revenue. Find out where and how they advertise, how quickly they list units, and how they set rental pricing.
6. How often will I receive updates or reports?
Communication is key. Ask what kind of reporting you’ll receive (monthly income statements, maintenance updates, etc.) and how frequently.
7. What are your fees—and are there any hidden charges?
Beyond the monthly management fee, ask about leasing fees, renewal fees, markups on maintenance, and contract cancellation terms.
8. Can I review your management agreement before signing?
Always ask to review the contract ahead of time. Make sure expectations, responsibilities, and fees are clearly outlined.
9. Do you have experience managing properties like mine?
If you own a multi-family building, condo, or short-term rental, make sure they have relevant experience—not just general property management.
10. Can I speak with a current client or see reviews?
A reputable company should be able to offer references or point you to recent client testimonials and online reviews.
Final Thoughts
Asking the right questions up front helps ensure your property—and your peace of mind—are in good hands. A great property management team won’t just answer these questions clearly, they’ll welcome them.
