Top 10 Questions to Ask When Choosing a Property Management Company

Marwest Property Management

May 26, 2023

Property Management

Congratulations on becoming a homeowner! Whether you have inherited a property or have invested in one, you’ve taken your first steps toward building a passive income stream for yourself. However, managing a property is no cakewalk – it requires time, effort, and a lot of patience. That’s where property management companies come in.

Property management companies take care of all the hassle involved with managing a rental property. But choosing the right company can be tricky, especially if you’re not sure what to look for. So how do you make sure you picked the right property management company for your needs? Here are the top 10 questions you should ask when choosing a property management company. By the time you finish reading this blog, you’ll be armed with the knowledge you need to select the perfect company to manage your property.

1. What Services Do You Offer?

Before deciding on a property management company, you need to know what kind of services they offer. Some companies might only offer maintenance and repairs, while others will handle tenant screening, lease agreements, and rent collection. Ask the company upfront about the services they offer so you can make an informed decision.

2. What Are Your Fees?

Every property management company charges differently, so it’s important to ask about fees upfront. Do they charge a flat rate or a percentage of your rental income? Are there any additional fees for services like maintenance or marketing? Make sure you know exactly what you’ll be paying before you sign any contracts.

3. Can You Provide References?

Before hiring any company, it’s important to check references. Ask the company for references from current or past clients, and follow up with those references to ask about their experience. If the company is hesitant to provide references, it could be a red flag.

4. How Do You Screen Tenants?

Tenant screening is an essential part of property management. You need to make sure that your tenants are responsible, honest, and have a good track record. Ask the company about its tenant screening process, including background checks, credit checks, and references.

5. How Do You Handle Maintenance Requests?

Maintenance and repairs are an inevitable part of being a landlord. You need a property management company that can handle not only routine maintenance but also emergency repairs. Ask the company about their maintenance and repair services and how they handle emergencies.

6. What Is Your Rent Collection Process?

One of the most crucial aspects of managing a rental property is rent collection. You need a property management company that can handle rent collection in a timely and efficient manner. Ask the company about their rent collection process, including any late fees or penalties.

7. What Is Your Communication Policy?

Communication is key when it comes to managing a property. You want a company that keeps you informed about any issues or concerns related to your property. Ask the company about their communication policy and how often you can expect to be updated about your property.

8. What Kind of Properties Do You Manage?

Make sure the company has experience managing properties similar to yours. If you have a commercial property, for example, make sure they have experience managing commercial properties. It’s important to hire a company that has the right experience for your specific property type.

9. How Do You Handle Evictions?

Evictions can be a challenging and stressful experience for landlords and tenants alike. You want a property management company that handles evictions fairly and efficiently. Ask the company about their eviction process and how they handle difficult tenants.

10. What Sets You Apart from Other Property Management Companies?

Finally, ask the company about what sets them apart from other property management companies. You want a company that has a unique selling point – whether it’s exceptional customer service, cutting-edge technology, or a personalized approach to managing your property.

An Important Decision

Choosing a property management company is an important decision, and it’s one you don’t want to rush. After all, choosing the right property management company can make a world of difference in managing your rental property. By asking the 10 questions we’ve outlined in this blog post, you’ll be able to quickly narrow down your options and find a reliable and experienced company like Marwest Property Management that will meet your specific needs. With the help of a good property management company, you can sit back, relax, and watch your property generate passive income for you. Good luck!