Questions To Ask Property Management Company
Hi,
I was just wondering what kind of questions I can ask while interviewing Property management companies. I am an out of state landlord. Actually just starting with two new properties.
Any insights will be greatly appreciated
THanks
You can ask them anything you want and I bet they will all say the right answers to make you feel good. The trick is to detrmine fact from fiction.
I would ask landloard that are using the company questions:
- Repairs costs averages
- Timelyness of repairs
- Process for finding tenants
- How long between tenants was the place vacant
- How do they handle evictions- do they give 5 day notices ontime etc.
- Do they contact the landlord for large repairs IAW the contract
Most PM companies are standard. But I would still talk to them after the landlords.
- Do you keep late fees
- How do I get out of a contract
- How much notice do I need to give (some will say 60 days others till the end of the leases of the tenats they placed - be careful)
Just some quick thoughts
You might consider very small management companies. My out of state companies are one or two person operations. One thing you should do is to get a copy of the contract that they want you to sign. This will give you an idea of how well they may look after your interests. One company wanted $75 just to put a for rent sign on my property with a $12 surcharge if it was more than 20 miles from their office, plus $15 for each vacancy. It got worse from there!
You should also talk with other investors in the community to find out which companies may be acceptable.