30 Questions to Ask When Shopping for a Management Co.
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.
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