10 Questions to Ask a Property Management Company

Before giving someone responsibility for your rental property, understand exactly how the relationship will work. These are the questions I would ask if I were hiring a manager for one of my own properties.

1. Who will I actually communicate with? Know whether you will have one point of contact or be routed through a call center.
2. How do you market a vacant property? Ask about photos, online advertising, MLS exposure, showings and how the asking rent is determined.
3. How are applicants screened? Understand the process for reviewing income, employment, rental history, credit and background information.
4. What management charges should I expect? Ask for fees and potential extra charges in writing so there are no surprises.
5. Do you add a markup to repair invoices? We do not. Owners can also use their own vendors.
6. Who approves repairs? Decide in advance how you want approvals handled and when the manager can act without waiting.
7. How often is the property inspected? Ask what is documented at move in and whether periodic walkthroughs are included.
8. How is rent collected and reported? Understand where the rent goes, how late payments are handled and what records you receive.
9. What happens at lease renewal or move out? The manager should have a process for renewals, notices, inspections and preparing the unit for the next tenant.
10. What happens if I want to end the management relationship? Read the agreement and understand the notice requirements before signing.

A management agreement should make the relationship clearer, not more confusing. Ask questions until you understand how your property will actually be handled.