01 Mar Five questions to ask a property management company
We have complied a list of common questions you should ask prospective property management companies. You want to make sure you p
roperly screen the company who will manage one of your largest assets.
1. What types of properties do you manage?
Find a company that specializes in your type of property whether it’s a single family home, du-plex, tri-plex, quad-plex, apartment or commercial.
2. What type of insurance do you carry?
Ensure they carry errors and omissions insurance and general liability at a minimum.
3. Do you perform regular property inspections?
You want to ensure regular inspections are performed to catch issues before they get out of control. What do they check and how often are they performed?
4. What are your management fees?
Most companies charge a percent of the rent and some will charge a flat fee. 5% to over 10% management fees are common in the industry.
5. What is your repair process?
Is there a maintenance limit they are approved to make repairs without consulting you? Will you receive competitive rates due to volume discounts the company receives from vendors? Will you receive multiple bids if it’s a large repair?