Next time you are looking for a property management company for your apartments, ask these questions

Next time you are looking for a property management company for your apartments, ask these questions:

1. How long has your company been in business?
2. Do you manage outside this market? How Many? Where?
3. How many properties do you manage in this market? What is the number of units?
4. Do you have ownership in any properties in this market?
5. Would you consider ownership in the right opportunities?
6. Do you manage single family homes?
7. Do you have Regional Managers? How many for this market?
8. Do you special in a specific property class?
9. Do you manage commercial properties?
10. Do you provide due diligence services/support? What?
11. Do you take on value add projects?
12. Do you have a project management team? Is it separate from property management?
13. What’s your value add project process?
14. What are the names of properties you manage in this market?
15. What are the names of properties you manage in other markets?
16. Do you provide training to your managers, maintenance and leasing personnel?
17. Do you offer online services for tenants and owners?
18. How do you collect rent payments?
19. What do you feel is the on-site managers responsibilities?
20. What do you feel is the off-site managers responsibilities?
21. Is my team able to interview on-site personnel and take part in the decision process?
22. What is the relationship between the on-site manager and ownership?
23. Will you provide a management plan?
24. Is your company a CMO (Certified Management Organization)?
25. What is your management fee?
26. What’s included in the management fee?
27. What other fees do you charge?
28. Who files payroll taxes for the on-site employees?
29. What property management software do you use?
30. Does the management software have ownership access?
31. How much time is typical for a make ready?
32. What’s your eviction process?
33. Would you use our eviction attorney?
34. Do you require us to list the property with you upon sale?
35. Will you give me ALL your contact info, including cell phone?
36. Why should we hire you?
37. Can we have at least 3 references in this market from management contracts?
38. What’s your minimum contract term?
39. Is there an exit clause in the property management agreement?
40. Can I have a copy of the agreement for my attorney to review?
41. How long is your typical property management turnover?
42. Are there any additional fees for management turnover?
43. How do you handle the bank accounts?
44. How do you handle tenant deposits?

And if you can speak the code enforcement in the area and possible other owners they have as clients..see alot of owners in our area who get ripped off by a few local companies!!!

Perhaps add to list?:
Have you ever actually 1. Cleaned even part of a unit? 2. Repaired multiple items in a unit? 3. Walked in-First-to a BAD pet odor unit? 4. Dealt with an irate resident named Karen for more than 10 minutes on a phone call?

If a potential client sent me a list with 44 questions to answer I would probably recommend another property manager for them to talk with!

To be their property management company? This should be a very lengthy and thorough process that would go well beyond 44 questions.

If they don’t have a website or a sales team that answers all this first that’s your answer.

OMG - r U the best property manager in the world? When I was in the business, I would have hired you in a split second!

The biggest thing that owners don’t realize is that they need access to the PM software and MUST require reports directly from it, not in spreadsheets.