13 Questions You Should Ask Your Property Manager

There may come a time when you or someone you know will need the help of a Property Management company. Be sure to ask the necessary questions before deciding on which company you choose. Some may offer services that will benefit your property, where others may not.

1. How much is your fee as a Property Manager and how do you collect this fee?

2. Do you keep just the first month's rent and do you use direct deposit?

3. How do you pass the money collected back to the homeowner?

4. Are you licensed, either as a Property Manager, or do you have a Real Estate license?

5. If there are several employees working in the same office, how many of those employees have their own Property Management license? Knowing who has what will save time when asking questions. A licensed employee is required to take continuing education classes.

6. I have property that I want to rent. Do you use MLS (Multiple Listing Service) to market property?

7. Do I pay extra for marketing services, or is it a part of the service you will provide as my Property Manager? Perhaps find out what other marketing services they may offer.

8. How do you take care of my property for me when I'm out of town and do you provide a list of service providers, such as general contractors, landscapers, and HVAC companies that you do use?

9. Who pays for any services rendered on my property? i.e. HVAC repair and upkeep, plumbing, electrical wiring, and any landscaping that needs to be done.

10. Do you cut the check for the homeowners association if it's a town home community, or am I responsible for this monthly/quarterly payment?

11. Will you willingly provide me with the financials of other homeowners in the same association? As their client, you will have the right to these financials.

12. Will the Property Manager be responsible for the tenant if that person is breaking rules that are clearly outlined in any documents provided? For example, parking and pet restrictions, smoking on premises, unruly conduct.

13. Do you use state or proprietary forms and can I take a look at these before making my final decision on which Property Management company I use?

You are putting your trust in a company to take care of your property, therefore do not be afraid to ask these questions. Be sure before you choose a Property Manager that is liable, insured and come with a list of excellent references. Researching the company can save not only time, but also prevent issues from happening once the company is in charge of one of your most valuable assets.