Questions To Ask Potential Property Managers
How long have you been in business? We recommend hiring a company that has been in business for at least five years. This allows a long enough track record to call references prior to hiring.
How has your business model changed during that time? This will tell you how responsive the company is to industry changes and the evolution of technology.
Which property management services do you currently offer? Not all property management companies offer the same services. Be sure that this company offers a full suite of services that meets your needs.
How many rentals do you currently manage? This will help you to gauge the company’s size and expertise. Be sure that the company isn’t stretched too thin given the size of their staff.
Do you manage any other rental properties in my area? You want to be sure that your property management company understands the nuances of your local rental market.
Which areas do your company service? If you own or are considering investing in properties in multiple cities or towns, having a large coverage area could be beneficial.
Which types of properties do you manage? A property manager who manages single family rentals will have a different approach than someone who manages commercial or retail properties. Be sure to find someone within your market niche.
How do you set your rental rates? Any credible company should be able to run a market analysis that informs rental rates based on a number of variables, including your local market, the unit size, the amenities you offer, etc.
Which strategies do you use to fill vacant units quickly, without sacrificing tenant quality? This provides insight into their leasing strategies when pressed with a deadline.
Can you explain Fair Housing laws? A good property manager should be fluent in all local, state, and fair housing laws.