Thought Leadership
10 Questions To Ask Before Hiring A Property Management Company

When hiring a property management company there are many things to consider. Below we’ve included a list of ten important questions you want to ask yourself prior to hiring anyone to manage your property.

01 – Geography

Does the company have experience or units currently under management that are in the same area as your property?

02 – Maintenance

Does the company employee in-house staff or outsource to maintenance company?

03 – Leasing

Does the company employee in-house staff or outsource to a third party?

04 – Finances

How is the company’s accounting system set up? Is it complimentary to your current accounting system and processes?

05 – Technology

How does the company collect rents? Owner Portal system for visibility. Overall use of technology? The best tenants expect to engage with you the same way they order a cab (Uber) or order a pizza (Domino’s app).

06 – Transparency

How much transparency does the company provide? How involved do you want to be? What do you want to personally approve versus allowing the management company to decide? What type of real time transparency can the company provide with rent collections, delinquencies, etc.?

07 – Relationship With Manager

Who do I get working for me, in the trenches? Do I mesh with the actual property manager working on my account?

08 – Communication

How does the company keep the property owner updated on the operations of the property? What does recurring communication with the owner look like?

09 – Flexibility

Does the company fit the owner into its operating platform or can they customize to suit your specific needs? Is the company nimble enough to match or adapt its offerings to your wants and needs as owner.

10 – Trust

How does the company cultivate trust with its clients?– Ask questions regarding your average client tenure and review the management contract closely. If the company is reputable they should be willing to have a 30 day cancellation provision in their management contract – If you’re not happy, you should be able to cancel without penalty.

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