Willamette Meadow Property Management | Salem, OR

Last week, I listed 15 questions to ask a professional management company before hiring them to manage your assets.  Knowing the answers to the most important questions is critical before you sign on the dotted line of the Management Agreement.  By asking these questions, you will be much better prepared to make an educated decision on finding a professional management company that you will enjoy a lasting relationship with.

Always remember that having the right management company to manage your investments is the key to your success.  Here are the remaining 15 questions to ask.  If you have any questions for me, feel free to post them!   Happy investing!

16.   Do they apply the same leasing criteria to Section 8 applicants?

17.   Do they require the tenant to pay a security deposit?

18.   Do they charge the tenant for damages caused by tenant, including Section 8 tenants?

19.   Do they allow tenants to break a lease?  If so, what are they charged?  Who gets that income?

20.   What are their marketing strategies for getting available properties leased?

21.   What is their leasing fee?

22.   What is the average number of days on market before they lease a property?

23.   How often do they check on vacancies?

24.   What software program do they use for keeping track of income & expenses?

25.   Ask to see a copy of a monthly statement that they provide to owners.

26.   When do they send statements to owners each month?

27.   When do they send out checks each month?

28.   Do they require tenants to sign a Lead-Based Paint Addendum for houses built before 1978?

29.   Ask for copies of all documents that they require tenants to sign.

30.   Get a copy of their Management Agreement and read through it or have an attorney review it.

Ever wondered how to screen a professional management company? Knowing the answers to the most important questions is critical before you sign on the dotted line of the Management Agreement.  Having the right management company to manage your investments is the key to your success.  Here are the first 15 questions to ask…check back next week for the second 15 questions!  Happy hunting!

1.      How much is their management fee?

2.      What is their mgmt fee based on? (% of rent, % of total income, or flat fee?)

3.      Do they charge a management fee when the property is vacant?

4.      Do they charge late fees and who gets the late fee income?

5.      Who handles their repairs?

6.      What home warranty company do they recommend?

7.      How long does it normally take to get repairs done?

8.      Have they performed a criminal background check on the contractor or repair personnel?

9.      Do they require their contractors or repair personnel to be licensed and bonded?

10.   Do they have a list of prices or estimates for make-ready repairs and/or turnover costs?

11.   How do they report repairs to owners? (Provide copy of invoice or detailed report?)

12.   Do they get advance approval from owner for repairs over $300?

13.   How do they handle emergency maintenance?

14.   Do they consult with the owner prior to approving tenant applications?

15.   What is their leasing criteria for approving a prospective tenant? (Get a copy of their leasing criteria)

Call today to ask these questions to your current property management company and then call us to compare.

Call 503-507-4248