30 Questions to Ask When Shopping for a Management Company
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
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